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Old 11-15-2018, 01:24 PM   #28
dmitra
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Quote:
Originally Posted by Lawrence View Post
Thank you.
And I was wrong in referring to "DFL", since neither ZNA, nor its parent DFAC, is a part of that Nissan-Dongfeng Motor Group partnership established in 2002.
People are confused because there are four companies that have similar names in Chinese but different roles, and the translations of their names are often misleading (and similar too).

Let me attempt to set the record straight. I am not including a diagram now but may add one later.

SASAC owns 100% of Dongfeng Motor Group Corporation Ltd.. This was till recently called "Dongfeng Motor Corporation" and is the overarching parent company. Let's call this DFMC.

One step below, Dongfeng Motor Group Corporation Ltd. [DFMC] owns a special-purpose investment vehicle or intermediate holding company called Dongfeng Motor Group Company, Ltd. Dongfeng Motor Group Corporation Ltd. owns 66.86% of this company (100% of all unlisted shares) and 33.14% is widely-owned stock ("H" shares) on the Hong Kong Stock Exchange. We'll call this DFMG.

Next, Dongfeng Motor Group Company, Ltd. [DFMG] and Nissan (China) Investment Co., Ltd. own 50:50 of the joint venture called Dongfeng Motor Company, Ltd. This is the company commonly known as DFL or Dongfeng-Nissan.

Next down, Dongfeng Motor Company, Ltd. [DFL] owns 60.1% of Dongfeng Automobile Company, Ltd. This is the company making many of the light commercial vehicles we know of. This is listed on the Shanghai Stock Exchange. We call this DFAC.

Zhengzhou Nissan Automobile Co., Ltd. [ZNA] is 100% owned by Dongfeng Motor Company, Ltd. [DFL] since mid-2017. Immediately prior to this, it was owned by DFAC (51%), DFL (28.65%) and Nissan (China) Investment Co., Ltd. (20.35%).

So, ZNA and DFAC are both owned by DFL or Dongfeng-Nissan.

__________________________________________

The Chinese names of the companies are:

1. Dongfeng Motor Group Corporation Ltd (DFMC): 东风汽车集团有限公司 (dōngfēng qchē jtun yǒuxin gōngsī). Till November 2017, it was known simply as Dongfeng Motor Corporation [东风汽车公司 dōngfēng qchē gōngsī]

2. Dongfeng Motor Group Company, Ltd. (DFMG): 东风汽车集团股份有限公司 (dōngfēng qchē jtun gǔfn yǒuxin gōngsī). The "gufen" indicates it is a joint stock company.

3. Dongfeng Motor Company, Ltd. (DFL): 东风汽车有限公司 (dōngfēng qchē yǒuxin gōngsī). This is a Sino-Foreign JV. The "Group" or "jituan" part is missing from its name.

4. Dongfeng Automobile Company, Ltd. (DFAC): 东风汽车股份有限公司 (dōngfēng qchē gǔfn yǒuxin gōngsī). Here too, the "gufen" indicates it is a joint stock company.

DO NOT translate the Chinese names with Google Translate. It will turn up the wrong names in English and confuse you even further.

Hope this helps

Last edited by dmitra; 11-15-2018 at 01:34 PM.
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