FAW Bestune completes name change, registered capital reduced to 2.5 billion yuan

According to reports, "FAW Bestune Sedan Co., Ltd." has been renamed "FAW Bestune Automobile Co., Ltd.". Prior to this, the registered capital of FAW Bestune had been reduced from 8.425 billion yuan to 2.5 billion yuan. FAW Bestune said that this adjustment was to meet the relevant requirements of the shareholding system reform and to include part of the funds in the company's capital reserve. At present, FAW Bestune is held by China First Automobile Co., Ltd., FAW Equity Investment (Tianjin) Co., Ltd., and Jiangsu Yueda Automobile Group Co., Ltd., holding approximately 86.16%, 11.87%, and 1.97% of the shares, respectively. China FAW plans to achieve an independent sales target of 900,000 vehicles in 2024, and strive to exceed 1 million vehicles.