Changan Automobile's Unit to Buy Stake in Smart Driving Venture With Huawei for 11.5 Billion Yuan

MT Newswires Live08-21

Chongqing Changan Automobile's (SHE:000625, SHE:200625) unit, Avatr Technology, proposed to acquire 10% of smart driving firm Yinwang Intelligent Technology for 11.5 billion yuan, according to a Tuesday filing on the Shenzhen Stock Exchange.

Yinwang Intelligent Technology is the Chinese automobile maker's joint venture company with Huawei.

After the transaction, Avatr will hold 10% of Yinwang and Huawei will own 90%.

Changan Automobile's board approved the proposal, the filing added.

The company's B shares slipped less nearly 2% in recent trade.

Price (RMB): Â¥12.36, Change: Â¥-0.090, Percent Change: -0.72%

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