BEIJING |
BEIJING Feb 13 (Reuters) – The state parent of SAIC Motor
Corp , China’s largest carmaker, plans to inject
additional assets into its listed subsidiaries as it finalises
its move to float all of its auto-related operations, Chinese
media reported over the weekend.
Huayu Automotive Systems Co , which holds most of
the group’s auto parts businesses, and SAIC Motor both suspended
trading in their shares late on Friday pending further
announcements.
The parent company, Shanghai Automotive Industry Corp
(Group), had already injected its core auto manufacturing assets
into SAIC in late 2006 via a share placement, and will now shift
its service and trading units into the firm, the Shanghai
Securities Journal reported. It cited people with knowledge of
the matter.
Huayu, which went public in 2008, will get more parts assets
from its state parent, the newspaper said.
Many Chinese state firms, including Dongfeng Motor Group Co
, have floated their major operating assets in an
effort to streamline their operations and improve corporate
governance.
SAIC Motor manufactures Buick, Chevrolet, Cadillac and
Volkswagen brands in China through tie-ups with General Motors
and VW
The car company also builds Roewe and MG sedans. (Reporting
by Fang Yan and Don Durfee; Editing by Ron Popeski)