Share swap
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).