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China Automotive Industry News
- Dongfeng, Hafei Auto are in talks for partnership --- company announcement
- February 26, 2008 | Categories:
- Shanghai. February 26 (Gasgoo.com) – After 40-days of stock trading suspension, the Shanghai-listed Harbin Dongan Auto Engine Co. announced yesterday that its parent company AviChina Industry & Technology Company is in talks with China's third largest automaker Dongfeng Motor for a possible tie-up.
The announcement said that AviChina and Dongfeng will form a joint venture and AviChina will finance the venture with restricted circulating shares of Dongan, and parts of assects from its subsidiary minivan manufacturer Harbin Hafei Automobile Industry Group.
The restricted circulating shares of Dongan to be transferred to the prospective joint venture account for 58.77 percent of Dongan's total capital stock; Hafei Auto's production and sales network assets in Harbin will also be transferred to prospective joint venture...
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