16 February 2019

Huachen Auto mulls a fifth listed firm, chairman says

Huachen Auto Group, the parent of Brilliance China Automotive Holdings Ltd. (01114.HK), is considering a public listing for its fifth firm to raise capital for its development in the next five to 10 years, group chairman Qi Yumin {祁玉民} said in a media conference in Hong Kong Thursday.

The automaker already has four listed subsidiaries, namely Brilliance China, Shanghai Shenhua Holdings Ltd.( 600653.CN), Shenyang Jinbei Automotive Co. Ltd. (600609.CN) and Xinchen China Power Holdings Ltd. (01148.HK).

The company aims to launch a pure-electric passenger car together with its partner BMW A.G. as early as next year. Also, it would launch its first Euro 6 vehicles in two years, Qi said, referring to diesel engines that comply with the latest European Commission emission standards.

Currently, domestic automakers have only secured 30 percent of Chinese market, and they still rely heavily on leading foreign rivals for key technologies such as engines and key parts.

– Contact HKEJ [email protected]



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