According to a notice from Shanghai Automotive Industry Corporation (Group) Co., Ltd. (SAIC), the controlling shareholder of the company, the share transfer under a corporate share transfer agreement signed on 26 Dec 2007 between SAIC and Yuejin Group (YG) has been approved by the Shanghai State-owned Supervision and Administration Commission.

320 mln shares of the company, currently held by SAIC, will be transferred to YG without consideration. Meanwhile, YG has pledged not to buy or sell its stake in the public market within the 20 months following the completion of the share transfer.

Following the transfer, the total shares of the company outstanding will still be 65,510,209,090, of which SAIC will hold 5,171,549,456 shares, equal to a 78.94% stake, while YG will hold 320 mln shares, equal to a 4.88% stake.