SAIC Motor Corporation Limited (SHSE:600104) won the auction to acquire 71.04% stake in Shanghai Dongzheng Automotive Finance Co., Ltd. (SEHK:2718) from China ZhengTong Auto Services Holdings Limited (SEHK:1728) for CNY 1.6 billion on May 19, 2022. As per the transaction, SAIC Motor Corporation Limited will acquire 1.52 billion shares. In a related transaction, SAIC Motor Corporation Limited made the offer to acquire 28.96% stake in Shanghai Dongzheng Automotive Finance Co., Ltd. on May 19, 2022.

The transaction will be funded through internal resources. The transaction is subject to certain conditions including approval from the China Banking and Insurance Regulatory Commission, filing of the Transactions with the Shanghai State-owned Assets Supervision and Administration Commission, the registration of the transactions with the State Administration of Foreign Exchange, and the filing of the Transactions with the National Development and Reform Commission, obtaining applicable governmental approvals, issuance and delivery of the Ruling on the Conclusion of the auction to the Offeror by the Shanghai Financial Court and tax filing, withholding, deduction and clearance procedures with the State Taxation Administration.