Guangzhou Automobile Group Co (HK:2238) has released an update.
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Guangzhou Automobile Group Co., Ltd. has announced a potential capital increase for its subsidiary, GAC Leasing, aimed at identifying a strategic investor to acquire a 50% stake post-capital expansion. The minimum capital raise will be based on GAC Leasing’s appraised value, with a preliminary valuation at RMB 2.13 billion. This move is intended to bolster the company’s auto financing services and support vehicle sales, but the final decision is pending a successful bid and formal agreement post-tender.
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