Simbo Hafei Auto - Chinese Car
IRITO Group launched sales of cars made Hafei Simbo Hafei Motor and Hafei Princip, the company's price is set at 19 to October 18, 19 relative to the engine is under the Harbin Aviation Corp and is a leader by car output China has been set up to group participation worth of foreign capital is a leading Russian importer of cars made in China it represents the Great Wall, FAW, BYD Auto, Foton, Hafei and DFM market Russian the Company's network includes 120 autoshops in 53 cities in Russia in 2007, it counts on cars in the 10th volume of sales.
Harbin Hafei Motor Co LTD hereinafter referred Hafei Motor is a subsidiary of Harbin Aircraft Industry Group Ltd, which in turn belongs to the China Aviation Industry Corporation II, which also controls controlled by the state and Changhe Hanjiang The company is a leading manufacturer minivan and a national source of small motor vehicles in China in 1998, Daewoo Tico under license and later a minivan designed Pininfarina called Zhongyi was added to the Mitsubishi Dingo range was renamed as HFH 6390 Saima and is being assembled since 2000. Its engine is also produced locally in Harbin Dongan automotive engine Mfg Co Ltd the 2002 Beijing motor Show the company introduced the Lobo treasure on the road that entered production in November this minicar Pininfarina designed salute a new era in the history of Hafei company occupies an area of 1,050,000 m2 and has an area of 350 000 Additional m2 upgrade enabled accomplished welding, painting and final assembly su pport two production lines operating in parallel with an annual output of 200,000 units Hafei Motor has 5,000 employees, including 104 senior engineers and staff for the administration and more than 600 intermediate engineers and administration staff, who are mainly engaged in the development, production, marketing and sale of Songhuajiang small vehicles in series and their spares and parts.
AviChina Industry Technology, a manufacturer of aircraft engines and civilian vehicles, said it will transfer its interest in Hafei Auto to nearly 900 million yuan to 847 million HK one of its vehicles motor units to reduce manufacturing costs .
The unit of Aviation Industry Corp II China, or AVIC II, will sell its entire 74 81 percent stake in Hafei Auto automaker to its subsidiary Harbin Dongan Auto Engine listed Shanghai, which is 70 01 percent AviChina for 898 95 million yuan.
Dongan Auto will take full control of Hafei Auto by acquiring the remaining 25 percent stake of 19 China Aero, Dongan Group, CATIC China National Aero-Technology Import Export and Shenzhen 302 Shenhang Avionics for 69 million yuan.
AviChina said in a statement that if car Dongan manufactures cars and Hafei engine produces mini-companies and sedans vehicles, it will be more efficient to combine certain management functions, since both companies are based in Harbin.
This would increase the management efficiency, lower administrative and general expenses, improve profitability of the vehicle, as well as shorten the research cycle and development of new vehicles, he said .
To finance the acquisition of Hafei Auto, Dongan Auto proposes to issue eight rights shares for every 10 existing shares.
Assuming the rights issue price is determined 10 to 40 percent over the average closing price of one month before the announcement, Dongan automatic increase to 1 billion 51 billion yuan of the issue Rights.
Transactions are awaiting approval AviChina shareholders.
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