Brilliance Automotive Indirectly Increases Over 49% of Brilliance BMW Shares
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Brilliance Automotive indirectly increases holdings of BMW Brilliance's shares by more than 49% (2003-12-24) Brilliance Auto's holding of Brilliance BMW shares through indirect control, and its stake in Brilliance BMW has exceeded 49%. Recently, Brilliance Automotive (1114.HK) announced that Its wholly-owned subsidiary Shenyang Xing Yuandong successfully acquired another 9% stake in Shenyang New Gold Cup Investment Development Co., Ltd. (hereinafter referred to as “New Gold Cupâ€). As a result, Brilliance Automotive indirectly increased its stake in BMW Brilliance to 49.005% through the tie-up of its holdings, increasing its power of speaking. This is a somewhat complicated equity chain reaction. It is understood that 90% of the "New Gold Cup" shares are held by Shenyang Xingyuandong and the other 10% are held by Shenyang Automobile Industry Asset Management Co., Ltd. (hereinafter referred to as "Shenyang Automobile") before the release of the Brilliance Auto's share acquisition statement. The latter belonged to the Shenyang Municipal Government Enterprise. The transfer of the 9% stake in the “New Gold Cup†held by “Shenyang Automobile†resulted in a payment of RMB 135 million for Shenyang Xingyuan East. At the same time, another 1% of the “New Gold Cup†held by “Shenyang Automobile†was also transferred to Shenyang Jinbei Automobile (hereinafter called “Shenyang Gold Cupâ€), another subsidiary of the Shenyang Municipal Government. After the transfer of the two shares is completed, the “Shenyang Automobile†under the Shenyang Municipal Government will no longer hold “New Gold Cup†shares. Since “New Gold Cup†holds 99% of the shares of Shenyang Jinbei Automobile Industry Holdings Co., Ltd. (hereinafter referred to as “Jinbei Autoâ€) (another 1% share of “Jinbei Auto†is also held by “Shenyang Gold Cupâ€), and “Golden Cup Auto†It also holds 50% of the Chinese shares in the Brilliance BMW joint venture. Prior to the completion of the acquisition of shares by Shenyang Xing Yuandong, Xing Yuandong has indirectly held a 44.55% stake in BMW Brilliance through the “New Gold Cup†and “Golden Cup Autoâ€. The addition of 9% of the “New Gold Cup†shares increased the stake in Shenyang Xingyuan East’s indirect ownership of BMW Brilliance to 49.005%. The other 0.995% of the 50% stake in Brilliance BMW China was held by Shenyang Gold Cup, which is owned by the Shenyang City Government.