FAW's Strategic Move into Driving Assistance: A Bold Acquisition

Chinese automaker FAW plans to acquire a 35.8% stake in the local driving assistance technology firm Zhuoyu. This acquisition will significantly reduce Hong Kong's New Territory Technology's stake to 34.85%. The public can comment on this investment through October 1, as announced by China's market regulator.

In a strategic expansion into the driving assistance sector, Chinese automaker FAW has announced plans to acquire a significant stake in Zhuoyu, a local technology firm. The acquisition, reported by the country's market regulator on Monday, is open for public commentary until October 1.

FAW intends to purchase 35.8% of Zhuoyu's holdings from Hong Kong-based New Territory Technology Company, which currently holds a 70.65% stake in Zhuoyu. This move will reduce New Territory's stake to 34.85%, marking a major shift in the ownership structure of Zhuoyu.

The acquisition underscores FAW's ambitions to strengthen its position in the rapidly evolving driving assistance technology sector, fostering significant development opportunities in the industry.

(With inputs from agencies.)