Geely can be said to have embarked on the road of buying and buying in recent years, and overseas brands such as Volvo, Lotus, and Proton have been included in the bag, and have also become the largest single shareholder of Daimler, the parent company of Mercedes-Benz.
And now Geely struck again and held out a big hand to Renault.
Geely Automobile Holdings Limited announced today that Centurion Industries Limited (CIL), a wholly-owned subsidiary, will subscribe for 4,537,55,000 target shares of Renault Korea Motors for 264 billion won (about 1.376 billion yuan). After the completion of the transaction, Geely Automobile will hold a 34.02% stake in Renault Korea Automobile through CIL.
Renault Group will remain the majority shareholder, and Renault Korea Auto will continue to be consolidated by Renault Group.
In fact, Geely and Renault have a long history of cooperation, and in August last year, Geely and Renault jointly announced that they had signed a Memorandum of Understanding (MoU) to establish an innovative partnership. The two sides will share resources and technologies, and cooperate in key markets of China and South Korea, focusing on the deployment of hybrid products.
In January this year, the two sides again signed a framework agreement to produce and sell Renault-branded fuel vehicles and hybrid vehicles in Korea based on Geely Automobile's CMA structure and hybrid technology, and export them to markets outside Of Korea.
In addition, according to Tech Planet, Hubei Xingji Times Information Technology Co., Ltd. and Hubei Xingji Times Network Technology Co., Ltd. were established with a registered capital of 10 million yuan, both of which were legal representatives, executive directors and general managers, and both companies were wholly owned by Geely Mobile Phone Company Hubei Xingji Times Technology Co., Ltd.
From the perspective of business scope, the business scope of the two companies includes the second type of value-added telecommunications services; big data services; data processing and storage support services; information system integration services, etc., while the business scope of Hubei Xingji Times Network Technology Co., Ltd. also includes Internet live broadcast technology services and Internet game services.