Shanghai (ZXZC)- On November 20, FAW Xiali announced that FAW Group decided to drop its stake sale plan since it failed to find a qualified buyers for its 24.73 percent stake during the open offering period. The company will resume trading activities after it holds an internet explanation meeting on November 22.  

According to an announcement on November 7, FAW Group, FAW Xiali’s controlling shareholder, had been approved by SASAC (State-owned Assets Supervision and Administration Commission of State Council) to transfer its 24.73 percent in FAW Xiali by public solicitation of buyers. The public solicitation period spans from November 7th to November 20th.

In the statement, FAW Xiali made it clear that the buyer, or its controlling shareholder, or its actual controller should have a background in traditional auto industry or new energy segment, boasts core technologies in new energy vehicle power battery, key assemblies, new energy integration, etc. Besides, the potential buyer should have experiences in the development and industrialization in new energy segment. The ability to expand market is also essential.

A personnel change came with the announcement. Luan Guangchen resigned as vice general-manager of Tianjin FAW Xiali and will not take other positions in the company.