Development and Reform Commission said after the completion of equity transfer, Beijing New Energy Automobile Co., Ltd. Chinese shares shall not be less than 50% of the proportion.
The following is the full text of the official website of the NDRC:
Beijing Development and Reform Commission:
It was reported that "Letter on the Transfer of Daimler Greater China Investment Co., Ltd.'s Participation in the Application Materials for Approval of Capital Increase in Foreign Capital M & A Projects of Beijing New Energy Automobile Co., Ltd. (No.2029 [2017] No.2029) Complex as follows.
Pursuant to the relevant provisions of the Automobile Industry Development Policy and Guiding Catalog of Foreign Investment Industries (Revised in 2017), Daimler Greater China Investment Co., Ltd. agreed to acquire the shares of Beijing New Energy Vehicle Co., Ltd. held by Shenzhen Jinggangshan New Energy Investment Management Co., Ltd. Part of the shares, equity transfer should be strictly in accordance with the "State-owned Assets Supervision and Management Measures" and other relevant provisions in accordance with laws and regulations to ensure that state-owned assets are not lost after the completion of equity transfer, Beijing New Energy Automobile Co., Ltd. Chinese shares shall not be low proportion At 50%.
Beijing New Energy Vehicle Co., Ltd. should adhere to the development of its own brand of new energy automotive products, enhance the capacity of independent development, improve product technology, enhance the overall competitiveness of enterprises.
Hereby reply.
National Development and Reform Commission Office
February 7, 2018
CC: Ministry of Industry and Information Technology, Ministry of Commerce