FAW Jiefang receives payments for asset sale

FAW Jiefang Group (SZSE:000800) announced progress in its major asset sale and related-party transaction involving the transfer of its 21.8393% equity stake in FAW Finance to China First Automobile Co., Ltd. The company has now received RMB 492,388.61 thousand, representing both dividend payments from FAW Finance and the equity transfer consideration. The asset sale was approved at the company's board and shareholder meetings in October and November 2024. Next steps include a transitional audit of FAW Finance, adjustments to the final price based on that audit, completion of business registration changes, and continued fulfillment of obligations under the transaction agreements.