SAIC-funded tens of billions of dollars in targeted additional projects approved

November 30, Shanghai Auto (600104.　　SH, hereinafter said SAIC issued a notice, the SFC on November 26 to review through its issuance program, approved its target to a specific object of non-public offerings of not more than 900 million shares. This June, SAIC announced a targeted additional plan, that is, including the controlling shareholder SAIC Group in no more than 10 specific objects issued no more than 900 million shares of shares.　　Among them, SAIC invested not less than 1 billion yuan, subscribed to not less than 10% of the total issue shares. According to the plan, the issue price is not less than 11.47 yuan/share, raise the total amount of capital of up to 10 billion yuan, the additional purpose is to strengthen the company's own brand passenger car competitiveness, and enhance the new energy vehicle research and development capabilities.　　Raise funds, 5.53 billion yuan will be used for independent brand passenger car projects, of which 3.51 billion yuan to two phase capacity construction, another 2.025 billion yuan for the development of "Rong", "MG" two brands of eight series of products. Hualong Securities researcher Wang Xiaojuan that raising funds to the independent brand in line with the country's Twelve-Five car planning.　　With the promotion of its independent brand competitiveness, the independent brand business is expected to become the Shanghai GM and SVW, SAIC Group, another major source of profit. SAIC's fundraising will also be used to develop plug-in and all-electric new-energy car models. Wang Xiaojuan that during the Shanghai World Expo, SAIC's electric, hybrid and other new energy vehicles have been unveiled in the Expo Park, the injection will help them to further promote the new energy vehicle business.　　She said the new model of the 20%-percent-mixed-fuel-oil, which was to be put into the market by the end of the year, could reach a higher percentage of the market for new energy vehicles by 2012. Since 2009, SAIC sales ranked first in the country, the current domestic market share of 20.2%, passenger car sales above the industry average growth, the first three quarters of this year to achieve total operating income of 229.2 billion yuan, net profit of 9.584 billion yuan, the year-on-year increase of 1.4 times times.