Faw Car Co., Ltd. (SZSE:000800) signed an agreement to acquire FAW Jiefang Automotive Co., Ltd. from China FAW Group Corporation on April 11, 2019. As per the terms, Faw Car will acquire all the assets of FAW Jiefang through issuance of shares, convertible bonds, cash payment. Faw Car will exchange all its assets and liabilities excluding equity in First Automobile Finance Co., Ltd., Sanguard Automobile Insurance Co., Ltd. and some retained assets. As of August 30, 2019, Faw Car Co., Ltd. signed an agreement to acquire FAW Jiefang Automotive Co., Ltd. from China FAW Group Corporation for CNY 27 billion. The consideration will be paid in the form of cash, stock and assets. As of November 28, 2019, Faw Car Co., Ltd. will pay CNY 2 billion in cash, CNY 19 billion will be paid by the issue of 2.9 billion shares at CNY 6.71 per share and CNY 5 billion will be paid by selling FAW Bentune Car Co., Ltd. for CNY 3.5 billion and convertible bonds to not more than 10 specific investors to raise supporting funds which will be used for the payment of the cash consideration, swapped-in asset’s project construction, payment of intermediary institution fees, repayment of liabilities, replenishment of working capital. The convertible bonds to be issued has a par value of CNY 100 per share, and will be issued at par. As on December 11, 2019, the raising funds transaction is cancelled. Faw Car will issue Faw Car will issue shares 2,982.17 million shares at CNY 6.68 per share. For the year ending December 31, 2018, FAW Jiefang had total assets of CNY 60.48 billion, net assets of CNY 19.3 billion, revenues of CNY 77 billion and net income of CNY 2.35 billion. The transaction is subject to the approval in principle of the state-owned asset supervision administration department, approval of State Administration of Science, Technology and Industry for National Defense, approval of the formal plan by Faw Car’s directorate, approval of the formal plan from State-owned Assets Supervision and Administration department, approval from China Securities Regulatory Commission and the approval from Faw Car’s shareholder’s meeting. The transaction has been approved by China FAW Group’s internal decision making body and the Board of Directors of Faw Car at the 5th session of its 8th directorate, 8th meeting of 8th directorate. As of August 29, 2019, the transaction plan has obtained the principle consent of the State-owned Assets Supervision and Administration Commission of the State Council and National Defense Science and Technology Bureau for military affairs. The transaction was approved by the board of director of Faw Car on the 12th Meeting of the Company’s 8th Directorate. On February 4, 2020, the transaction has obtained approval from the State-Owned Assets Supervision and Administration Commission of the State Council and approval from the Company's shareholders. The transaction is still subject to approval from China Securities Regulatory Commission. As of February 18, 2020 the transaction was approved by China Securities Regulatory Commission. Wang Ling, Song Yongxin, Li Li, Jiang Wenxiang, Si Han, Gao Shibo, Ma Bofei, Liu Yang, Gu Yongliang, Feng Ziqiang, Liu Yao, Li Haosheng, Lai Sen, Fan Pengfei, Yao Yiyu, Qian Wenrui and Qian Yunhao of CITIC Securities Company Limited (SHSE:600030) acted as the independent financial advisor to Faw Car Co., Ltd. Tang Lizi, Han Jie, Liu Hu and Sun Yong of King & Wood Mallesons acted as a legal advisor to Faw Car Co., Ltd. Zhang Fugen, Liang Zhigang, Dong Jianzhong and Wang Guixiang of ShineWing Certified Public Accountants Co., Ltd. acted as an accountant to Faw Car Co., Ltd. Faw Car Co., Ltd. (SZSE:000800) completed the acquisition of FAW Jiefang Automotive Co., Ltd. from China FAW Group Corporation on March 18, 2020. On March 18, 2020, the Market Supervision Administration of Changchun City issued the “Notice of approval of change in registration” and the change in business registration procedures for the share transfer matter of FAW Jiefang Automotive Co., Ltd. were completed. As a result, FAW Jiefang became a wholly-owned subsidiary of Faw Car.