Shares in the listed arms of two of China’s “big four” automotive manufacturers were suspended yesterday amid reports of a possible merger to create a new top 10 global carmaker.
Dongfeng and FAW halted trading in their listed subsidiaries after media reports said a change of the chairmen at the state-owned enterprises might preface a combination of the companies.
The ruling Communist party is keen to shake-up its state-owned enterprises and make them more competitive on the global stage, partly through a wave of mergers and spin-offs.
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