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BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED
€ശોʕӛԓછٰϞࠢʮ̡
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(Incorporated in Bermuda with limited liability)
(Stock Code: 1114)
VOLUNTARY ANNOUNCEMENT
UPDATE ON THE DISPOSAL OF 49% EQUITY INTEREST IN SHENYANG BRILLIANCE JINBEI AUTOMOBILE CO., LTD.
Reference is made to the announcements (the "Announcements") of Brilliance China Automotive Holdings Limited (the "Company") dated 23 June 2017 and 4 July 2017 and the circular of the Company dated 18 September 2017 (the "Circular") in respect of the Acquisition and Disposal. Capitalized terms used herein shall have the same meanings as those defined in the Announcements and the Circular, unless the context requires otherwise.
The Board is pleased to announce that in satisfaction of one of the conditions precedent under the Framework Cooperation Agreement, JBIH, an indirect wholly-owned subsidiary of the Company, and Renault have entered into an equity joint venture contract (the "JV Contract") with respect to the Target Company which, upon Completion, will engage in the manufacture and sale of LCV products under the Jinbei, Renault and Huasong brands with the goal of achieving 150,000 sales annually by 2022 and an acceleration of electrifying powertrains.
According to the JV Contract, the Target Company will be named as "Renault Brilliance Jinbei Automotive Co., Ltd. (ശોཤፕږ؎ӛԓϞࠢʮ̡)" with its key manufacturing operations in Dadong District, Shenyang. The Target Company's first goal will be to try to invigorate the Jinbei brand and then to manufacture the Renault LCVs in the PRC by 2020.
Completion is expected to take place by the end of 2017, subject to the fulfillment of the remaining conditions precedents of the Framework Cooperation Agreement. Upon Completion, the Target Company will be beneficially owned as to 51% and 49% by the Group and Renault, respectively. Further announcement(s) in relation to the progress of the Disposal will be made by the Company in compliance with the Listing Rules as and when appropriate.
As at the date of this announcement, the Board comprises four executive Directors, Mr. Wu Xiao An (also known as Mr. Ng Siu On) (Chairman), Mr. Qi Yumin (Chief Executive Officer), Mr. Qian Zuming (Chief Financial Officer) and Mr. Zhang Wei; and three independent non-executive Directors, Mr. Xu Bingjin, Mr. Song Jian and Mr. Jiang Bo.
By order of the Board
Brilliance China Automotive Holdings Limited
Wu Xiao An
(also known as Ng Siu On)
Chairman
Hong Kong, 15 December 2017
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For identification purposes only