On May 16, 2013, the Fujian Provincial Government and Dongfeng Motor Corporation signed a strategic cooperation framework agreement in Fuzhou. This is another major strategic reorganization incident after Changan Automobile reorganized AVIC Automobile in November 2009 and the auto industry.
According to the reporter's understanding, according to the content of the framework agreement between the two parties, Dongfeng Motor Corporation will hold 45% of the shares of Fuqi Group.
“Dongfeng and Fuqi will cooperate on two levels, including holding shares at the Fuqi Group level and adjusting the equity level of Fuzhou Automobile's Southeast Automotive,†Liu Weidong, deputy general manager of Dongfeng Motor Co., told reporters. The operation status is still relatively good, and it is beneficial to Dongfeng Motor's 'large autonomy' strategy and the development of the Fujian automobile industry."
According to report, when Dongfeng Motor Corporation enters into the holding of Fuqi Group, Dongfeng will establish an investment company with Fuqi Group. The investment company will hold 50% equity of Dongfang Automobile. Dongfeng will hold the transferred Fuzhou Group. Some of Southeast Auto's equity and capital increase methods contributed, accounting for 2/3 of the investment company's equity, and Fuqi Group's shares accounted for 1/3.
“The future Dongfeng will sort out the other holding companies of Fuqi Group,†said Liu Weidong.
“Today is the day when Dongfeng and Fujian Autos are married, and it is also an important time node. 2015 will be another important time node. Both parties will be 'born' first child. The future will be in 2017 and 2020. There is continuous cooperation.†Su Lin, governor of Fujian Province, said at the signing ceremony.
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