FAW Jilin mixed ownership reform, introducing external investors

In order to get out of trouble and divest non-performing assets, FAW Group carried out mixed ownership reform of FAW Jilin and introduced an external investor, Shandong Baoya New Energy Automobile Co., Ltd. Although FAW Jilin employees were initially reluctant, believing that Shandong Baoya produced and operated low-speed electric vehicles and had a complex equity structure, Shandong Baoya eventually acquired 70.5% of the shares for 1.5 billion yuan, and FAW Group's shares were reduced to 29.5%.