Chinese automaker FAW signs deal to acquire stake in Zhuoyu

About this update from Faw Jiefang Group Co., Ltd Class A

Chinese automaker FAW SZSE:000800 signed a deal to buy into local driving assistance technology firm Zhuoyu, the country's market regulator said on Monday in a notice seeking public comment on the investment through October 1.FAW plans to acquire holdings now held by New Territory Technology Company. After the deal, FAW will take a 35.8% stake in Zhuoyu, while Hong Kong-based New Territory's stake in Zhuoyu will drop to 34.85% from the current 70.65%.

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