SAIC shuffling subsidiaries, injecting the chassis branch SHAC into Huayu Auto
Gasgoo.com ĘCOn Mar. 26th, SAIC group announced Shanghai Huizhong Automotive Manufacturing Co., Ltd. (SHAC) will participate in the private placement of Huayu auto by 100% stock right.
The related data shows that SHAC is a subsidiary of SAIC group, which focuses on manufacturing chassis and researching & developing chassis components. The chassis of SHAC covers A to C segment car, SUV and MP. SHAC is the key suppliers of Shanghai Volkswagen, Shanghai GM and Shanghai Auto. Its products are also equipped with the automobiles of Beijing Auto, Guangzhou Auto, Changan Ford and FAW Volkswagen etc.
In accordance with the announcement, the total property of SHAC is 9.864 billion Yuan and net asset is 2.882 billion. The operating revenue of SHAC in first 3 quarters is 10.498 billion Yuan. The final scheme should be subject to related announcements of Huayu Auto.
The principal of Huayu Auto says the purchasing is to implement related strategies of SAIC group. Analysts figure the chassis system operation platform would be the core business of Huayu Auto. The assessment of the project is in the process.
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