Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens Rimi Ishihara for the delivery of the clue to happiness! CTOnews.com June 26 news, SAIC issued a notice, saying that "SAIC MG India company was forcibly bought shares at a low price, lost control" related content seriously deviated from the facts. Equity transactions involving MG India companies need to be approved by the Chinese government and official information will be released in due course.

Original text of the announcement:

Recently, there have been self-media reports that "SAIC MG India has been forcibly acquired shares at a low price and lost control", which is a serious departure from the facts. Under the guidance of national policy, SAIC began to export its own brand cars in bulk in 2007. The independent brand products represented by the MG brand have entered more than 90 countries and regions around the world. Chinese technology, products and services have won the favor of local consumers. This year, SAIC's total sales in overseas markets are expected to exceed 1.2 million vehicles, and achieve large-scale profits. SAIC's international operation strictly abides by the policies and regulations of China and the countries where its overseas business is located, fully respects the laws of the market, and fully grasps the autonomy. SAIC controls MG India. Equity transactions involving MG India companies need to be approved by our government, and we will release official information in due course.

Previously on CTOnews.com:

There are media reports that India's Jindal Southwest Group (JSW) is trying to acquire a stake in MG Automotive India, with strong support from the Indian government. After the acquisition, JSW will hold 45-48 per cent, while dealers and Indian employees will hold 5-8 per cent, surpassing the Chinese stake, and SAIC will lose control of its Indian subsidiary.

SAIC was initially valued at $8 billion-$10 billion, but was pushed down to $1.2 billion-$1.5 billion.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.