RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Auto Tools: Save | Print | E-mail | Most Read | Comment
SAIC revs up diesel bid
Adjust font size:

Shanghai Automotive Industry Corp has signed a letter of intent with Shanghai Electric Group Co Ltd to take over its 50.32 percent stake in a diesel technology company as SAIC revs up efforts towards diesel-powered vehicles.

 

The preliminary agreement, signed on September 26, will make SAIC or its approved affiliates, the biggest shareholder of Shanghai Diesel Engine Co Ltd, the company said in a statement filed with the Shanghai Stock Exchange yesterday.

 

SAIC is the nation's biggest car maker with sales of 1.34 million units last year, up 27 percent from 2005. The trading price is still under discussion and the share sale is also pending government approval.

 

"The move would help SAIC to further streamline its business with stronger support on diesel vehicles," said Zhao Xuegui, chief automotive analyst at Guosen Securities Co Ltd.

 

"Shanghai Diesel Engine's valuable assets are expected to be injected into SAIC, helping boost its profitability."

 

Shares of Shanghai Automotive Group Co Ltd, the listed arm of SAIC, increased 2.22 percent, or 0.62 yuan (eight US cents), to close at 28.60 yuan yesterday while trading in Shanghai Diesel Engine remained suspended from its previous 18.17 yuan closing.

 

Shanghai Diesel Engine is one of China's leading diesel technology suppliers, including diesel engine and diesel powertrains. Sales revenue rose 27.8 percent to 4.9 million yuan in the first half, fueled by surging demand for diesel engines for trucks, buses and pickups.

 

(Shanghai Daily September 28, 2007)

 

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- SAIC, Nanjing Auto Set to Join Forces
- SAIC Plans Bonds Issue to Develop Own Auto Brand
- SAIC Plans Convertible Bond Issue to Finance Brand Development
Most Viewed >>
-China set to hit the brakes on rising yuan
-Macao's gaming market expands further
-Snow's economic toll temporary: economist
-Power to resume shortly in worst-hit area by snow
-Online operators are on top of the game

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号