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It was recently learned that Liuzhou Wuling Group has reached an agreement with General Motors and General Motors of China and Wuling Group will transfer 10% of the 15.9% shares of SAIC-GM-Wuling to GM. After this share transfer is completed, GM holds shares in SAIC-GM-Wuling. From the original 34% to 44%, it is still the second largest shareholder of SAIC-GM-Wuling. SAIC-GM-Wuling’s shares are still 50.1% as the largest shareholder, while SAIC-GM shares held by Wuling Group are the same. 15.9% fell to 5.9%.
According to GM’s recent IPO documents filed with the Securities and Exchange Commission (SEC), GM also confirmed that it has reached an agreement with Wuling Group, Wuling will transfer 10% of SAIC-GM-Wuling shares to GM, and General Motors will Wuling paid USD 51 million in cash and provided technical services until 2013. This share transaction also needs the approval of the China Securities Regulatory Authority.
It is understood that, as a subsidiary of the Guangxi State-owned Assets Supervision and Administration Commission, Liuzhou Wuling Group is willing to transfer SAIC-GM-Wuling’s shares to GM. One of the most important reasons is that General Motors promises to fully support SAIC-GM in terms of technology, engineering and marketing. Wuling and even the development of the automotive industry in Guangxi. On November 22, 2010, General Motors' strong support for SAIC-GM-Wuling's first self-owned brand, the Baojun 630, will officially go offline in Liuzhou, and Guangxi Autonomous Region, which is highly anticipated by the auto industry, will also be on the road. Formally laid the foundation.