Shougang shares set up Beijing automobile Company to enter auto industry

Shougang shares (000959.　　SZ) 21st announced that the company intends to hold the Beijing Auto Investment Co., Ltd. 23.62% of the equity and cash, a total of 1.949 billion yuan, investment in "Beijing Automobile Co., Ltd.".　　20th, Shougang shares announced that the company intends to hold the Beijing Auto Investment Co., Ltd. (hereinafter known as BAIC) all the equity and part of the cash investment, to participate in the launch of the "Beijing Motor Company" (provisional name, hereinafter called BAIC), is expected to share 18.31%.　　21st, Shougang shares continued to disclose the participation in the investment Baic shares details. The announcement said that the North automobile shares by the North Auto investment existing five shareholders, and Beijing state-owned Capital Management Center (hereinafter referred to as the National Control Center) jointly initiated the establishment of the registered capital of 5 billion yuan, the sponsors of the total contribution of 10.643 billion yuan. Among them, Shougang shares to BAIC investment of 23.62% equity capital of 1.678 billion yuan, the cash contribution of 271 million yuan, total capital contribution of 1.949 billion yuan, shareholding 916 million shares, the shareholding ratio of 18.31%, as the second largest shareholder.　　Companies have also been involved in the large passenger car market. In addition, BAIC will be the total contribution of 5.427 billion yuan to hold 2.55 billion shares, the shareholding ratio of 51%.　　State-owned companies, modern innovation, national Management Center, Beijing Energy Group, respectively, 1.403 billion yuan, 826 million yuan, 532 million yuan, 506 million yuan of total capital holdings of Baic shares 13.18%, 7.75%, 5%, 4.76% shares. The company's business scope will include manufacturing and selling cars (including cars, light off-road vehicles, light and micro-vans, multi-function vehicles, special vehicles), automotive internal combustion engines, gearbox and all kinds of powertrain and auto parts, the bulletin said.　　BAIC intends to apply for public offering and listing when conditions are ripe. Shougang shares in the bulletin said that over the years, Shougang has always been the development of the automotive industry as an important goal. Since 2007, the company has cooperated with BAIC in the Beijing Auto Investment project and the cold-rolled sheet project of Shougang.　　At present, the company's automotive board with Baic Limited, North automobile Futian, Beijing Hyundai and other 27 car companies established a cooperation. Shougang shares 23rd in a straight line soaring, about 10 points once impact trading board 4.39 yuan position. As of closing, Shougang stock trading, reported 4.39 Yuan.