FAW transfers part of the shares of FAW Jiefang for free to help FAW Pentium

Recently, FAW Jiefang announced that FAW Jiefang, the controlling shareholder of FAW Jiefang, intends to transfer its 784,500,000 restricted shares of FAW Jiefang to its wholly-owned subsidiary FAW Besturn for free. The number of shares to be transferred this time accounts for the company’s total 17.02% of share capital. After the completion of this transfer, FAW shares will hold the same number of shares directly and indirectly.

According to the third quarterly report of FAW Jiefang, its net profit attributable to its parent was 2.651 billion yuan, a year-on-year increase of 48.56%. This is mainly due to the excellent sales of FAW Jiefang Commercial Vehicles this year. Its cumulative sales in the first November were 470,000, of which sales exceeded 30,000 in November, an increase of more than 40% year-on-year.

At this time, FAW will transfer its 17% FAW Jiefang shares to FAW Bestune for free, which will undoubtedly provide huge financial support to the latter and help FAW Bestune accelerate its development.