Shanghai (ZXZC)- It is said that Baoneng Group, Chinese property and financial services conglomerate, is working on setting up a European technology center, in order to accelerate to deploy in alternative fuel vehicles.

On May 15, Yao Zhenhua, chairman of Baoneng Group, together with Li Feng, executive vice president of Baoneng and CEO of Qoros, as well as Robin Wu, director of Baoneng R&D Institute, visited companies like Bosch in Stuttgart and also discussed the future cooperation and key technologies in alternative power, intelligent connected vehicles and new materials. One of the visit's purposes is to promote the establishment of Baoneng and Qoros's European technology center. 

It is known that Yao Zhenhua and his team conducted deep research on setting up a European engineering and technology center for Baoneng Auto and Qoros Auto during the visit to Stuttgart. Yao Zhenhua stated that the group will recruit international and domestic talents to build up a world-leading automotive R&D system in the future.

Local media think that Baoneng's automotive R&D system can obtain substantial supports in projects, experience and talents from its European technology center, which is based in the most high-tech area worldwide.

It is rumored that Baoneng Group plans to acquire stake of Chery Auto with a total of RMB 25-27 billion, and aims to be the biggest shareholder of the automaker in recent days. It is said that both parties will announce the merger and acquisition (M&A) as early as next month. Once the acquisition is finished, Chery Auto will transform from a state-owned company to a private automaker.