Dongfeng Motor to Form JV Firm for Smart Automobile Development, Sales

MT Newswires Live

Sep 17

Dongfeng Motor Group (HKG:0489) will form a JV firm with deemed subsidiary Dongfeng Motor, Xiangyang Urban-Industrial Integration Development, and Hubei Xianggao Hengshi Technology Investment, a Wednesday Hong Kong bourse filing said.

Through the JV, the parties will cooperate on the development and sale of smart automobiles.

The joint venture will have a registered capital of 8.47 billion yuan, of which Dongfeng Motor and Dongfeng Motor will contribute 3.55 billion yaun, or 41.9%, and 920 million yuan, or 10.9%, respectively, by way of right-of-use intangible assets.

Xiangyang Urban-Industrial Integration Development and Hubei Xianggao Hengshi Technology Investment will contribute 2.88 billion yuan and 1.12 billion yuan in cash, accounting for 34% and 13.2% of JV company's registered capital.

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