On the evening of September 28, GAC GROUP (SEHK: 02238) announced that the company intends to acquire a 50% equity interest in FAW Toyota Motor Co., Ltd. held by China FAW Corporation Limited through the issuance of shares.

The company will also raise matching funds through the issuance of shares to no more than 35 eligible specific investors.

This transaction constitutes a related-party transaction and a major asset restructuring, but does not constitute a restructuring listing. The audit and evaluation of the target assets have not yet been completed, and the transaction price has not yet been determined.