FAW Group Releases Equity Adjustment Announcement on Listing Plan




Recently, FAW Group issued an external announcement stating that FAW Group intends to transfer the first half of the 2009 medium-term notes that have not yet expired in the public offering of RMB 10 billion on March 9, 2009 to FAW shares, and that FAW will inherit the above Medium-term notes all rights and obligations.

Prior to this, the related plan for FAW Group to carry out an overall reorganization and domestic listing has been approved by the State-owned Assets Supervision and Administration Commission of the State Council. In accordance with the restructuring plan, FAW Group, together with its wholly-owned subsidiary, FAW Asset Management and Management Co., Ltd., jointly initiated the establishment of China First Automobile Co., Ltd. ("FAW").

According to the plan, FAW Group will hold 99.62% of the shares of FAW Co., Ltd. and FAW Asset Management Co., Ltd. holds 0.38% of the shares. FAW Group will invest the assets of the main business such as vehicle production and key auto parts and some cash into FAW.

FAW Group stated that due to the reorganization of the debt financing instruments, it will be responsible for the transfer of debts. According to the relevant provisions of the “Procedures for Meetings of Non-financial Corporate Debt Financing Instruments Holders of the Interbank Bond Market”, the Group will hold 09 FAW MTN1 on the 18th of this month. The meeting of holders was held by 09 FAW MTN1 holders to discuss and vote on matters related to the overall reorganization and restructuring of FAW Group.

The overall listing is a task that FAW Group must accomplish this year. Although from the current point of view, FAW Group has taken actions, but the unbearable performance of FAW Cars, a subsidiary of FAW Group, also caused a lot of concerns in the market. The data shows that in the first three quarters of this year, a number of FAW sedan's indicators have declined year-on-year, including operating income, net profit, and net cash flow from operating activities.

FAW Group is the only company that has not yet been listed on the market among the top four auto groups in China. Since the beginning of this year, with the finalization of the overall listing plan of SAIC, the news about the overall listing of FAW Group has attracted attention. Although the desire for the listing of stock companies at the end of last year failed to materialize, the news and rumors about the overall listing of FAW Group are looming. According to the "12th Five-Year Plan" of FAW Group, its own brand production target in 2015 will reach 2 million. However, from the current situation, this is not easy for FAW.

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