Originally Posted by dmitra
Chongqing Sokon Industry Group Co., Ltd., which owns 50% of the joint venture Dongfeng Sokon Automobile Co., Ltd. (DFSK), is acquiring the other 50% stake in the JV from Dongfeng Motor Group Corporation Ltd. (DFMC), which will make DFSK a wholly-owned subsidiary of Chongqing Sokon Industry Group Co., Ltd.
In return, DFMC will be offered a 26.01% shareholding in Chongqing Sokon Industry Group Co., Ltd., which is listed on the Shanghai Stock Exchange. Currently, 60.2% of Chongqing Sokon Industry Group Co., Ltd. is held by Chongqing Sokon Holdings Co., Ltd., a holding company of the Sokon Group. The Sokon group is controlled by Forbes-listed billionaire Zhang Xinghai of Chongqing's better-known Zhang family (not to be confused with the namesake Zhang family, also of Chongqing, that controls Yinxiang group).
The above swap has been completed (the plan was temporarily suspended in July 2019). DFSK is now a wholly owned subsidiary of Chongqing Sokon Industry Group Co., Ltd. In exchange, Dongfeng Motor Group has got a 30.95% stake in Sokon Industry Group, while Zhang Xinghai's share (via Chongqing Sokon Holdings Co., Ltd. and Chongqing Yu'an Automobile Industry Co., Ltd.) comes down to 46.01%.