State-owned giants are facing growing challenges amid competition from privately owned EV makers like BYD and Xiaomi
The company – based in Wuhan, the capital of central Hubei province – is offering shareholders HK$6.68 (US$0.85) per share, valuing the listed unit at HK$55.1 billion, according to a filing with the Hong Kong stock exchange late on Friday.
The offer represents an 11.9 per cent premium over the closing price of HK$5.97 on August 8, before trading of the stock was suspended.
The asset restructuring follows a similar move by another major Chinese automaker less than a month earlier, highlighting the challenges faced by state-owned giants amid increasing competition from privately owned companies like BYD and Xiaomi.
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