China Automotive Research Institute and its affiliates jointly invest in Southern Proving Ground

China Automotive Research Institute (CARI) announced that it plans to jointly invest in the Southern Proving Ground with its affiliated company, Certification Center, in order to strengthen its localized service capabilities and enhance its overall competitiveness. Certification Center intends to acquire part of the equity of the Southern Proving Ground held by GAC Group, with the transaction price being RMB 437,875,900. At the same time, CARI intends to use its own funds and other compliant funds to invest RMB 741 million in the Southern Proving Ground. After the capital increase, CARI and Certification Center will hold a total of 55.92% of the equity of the Southern Proving Ground, and the Southern Proving Ground will become a holding subsidiary of CARI.