FAW Jiefang advances asset sale, plans share release

FAW Jiefang Group (SZSE:000800) is moving forward with its major asset sale to China First Automobile Co., with total proceeds of CNY 492,388.61 received from the equity transfer, though stipulations regarding the transitional period’s profit and loss allocation remain. Simultaneously, FAW Jiefang announced the upcoming release of 298,507,462 restricted shares, representing 6.06% of the company's total share capital, for trading on April 21, 2025. This release stems from the 2023 private placement and involves nine specific investors, including the National Manufacturing Transformation and Upgrade Fund. Additionally, the company is set to reduce its registered capital by cancelling 1,090,201 shares due to unmet vesting conditions from its equity incentive plan, requiring notification to creditors who have 45 days to claim debt repayment or request collateral. This cancellation will reduce the total share count to 4,921,280,975, contingent on regulatory completion.