Shanghai (ZXZC)- GAC Group announced that the 80th meeting of the group's fourth board of directors examined and approved the proposal on HG model project under GAC Honda's H brand on Aug. 10, agreeing GAC Honda to implement the HG model project under its H brand. The project will involve around RMB 400 billion, which will be raised by GAC Honda.

In addition, the board of directors of GAC Group examined and approved the proposal on capital increase of GAC-Sofinco Auto Finance, agreeing the JV to add RMB 1.4 billion registered capital, which will be half-half raised by shareholders and GAC Group.

The board of director also approved the proposal on capital increase of GAC Hino, agreeing to increase a total of RMB 500 million registered capital for GAC Hino in project investment. The RMB 500 million registered capital will be half-half raised by shareholders and GAC Group.