FAW Group's overall market fell again postponed for three years

Posted on 6/7/2016 9:47:23 AM

The original formulation of the solution of the same competition before June 28 China First Automobile Co., Ltd. (referred to as "FAW shares") "reneged" the. On Friday sent a letter under FAW shares, inform its FAW Car and FAW Xiali said the company intends to urge shareholders approved the commitments expiring extended for a further three years.
This also means that the FAW shares originally planned five years to solve its subsidiary FAW Car, FAW Xiali competition with the commitment may not be able to perform, while the FAW Group's overall market will work again delayed. In this news, on the 6th opening, FAW Car, FAW Xiali two listed company's share price will be sealed daily limit to close at 11.87 yuan, respectively, 6.41 billion yuan.
FAW shares in the letter that since made the commitment, first, due to changes in the macroeconomic environment, the automotive industry slowdown, the company's internal operations is also under pressure; Second, since 2015, the stock market a major fluctuations, it is difficult to grasp the window period capital operation; the third is the company's internal management also significant changes in 2015. Although so far, we have not fulfilled the above commitments, but the FAW shares resolve intra-industry competition mind has not changed. Therefore, in this case, we ask the shareholders' meeting agreed to further delay the commitment period of three years as a transitional period.
In 2012, two vehicle listed companies FAW subsidiary FAW Car, FAW Xiali, FAW shares were injected. Under regulatory requirements, FAW shares made a commitment five years to resolve intra-industry competition. It is worth noting that the commitment is irrevocable commitments. However, for many years has started work FAW Group's overall market has been advancing slowly.
Reporters found no shortage of private equity chiefs in these funds, which Yawei in charge of the private equity products also involved in two listed companies. According to a quarterly show, Yawei FAW's products together hold 4353.57 million shares, representing 3.09% of the outstanding shares of the company; FAW Xiali holds 7445.16 million shares, representing 4.4% of the company's outstanding shares. A rough estimate, the 6th FAW Car and FAW Xiali both limit, let the private equity chiefs of its products in a single day Fukui over billion.

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