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FAW Car announced today that the FAW Co. has received the “Approval of China FAW Motor Co., Ltd. to approve the acquisition report of FAW Car Co., Ltd. and waive its tender offer obligation†from the China Securities Regulatory Commission.
According to the approval, the SFC had no objection to the FAW Co., Ltd. announcement of the acquisition report of FAW Car Co., Ltd.; and it approved the exemption from the agreement of the FAW shares for the transfer of 86.298 million shares of FAW Car Co., Ltd., which accounted for approximately 53.03% of the company’s total share capital. The obligation to perform the tender offer. After the completion of this acquisition, the controlling shareholder of FAW Car will be changed to FAW Co., Ltd. The actual controller has not changed and remains the State-owned Assets Supervision and Administration Commission of the State Council.
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FAW Car is located in Changchun High-tech Industrial Development Zone, adjacent to Changchun Automobile Industry Development Zone. It was completed and put into operation in July 2004. The first-phase planning covers an area of ​​880,000 square meters and has stamping, welding, painting, assembly, etc. The big process starts with the production capacity of 120,000 vehicles. FAW Car's current main products are Hongqi HQ3, Pentium, Mazda6 and other car series.
FAW shares are exempted from the acquisition of FAW Cars shares