BYD announced that the Board of Directors reviewed and approved the "Proposal on GAC BYD New Energy Bus Construction Project" and agreed that the Group and GAC signed the "New Energy Bus Construction Project Shareholders Agreement". The two parties jointly funded the establishment of Guangzhou GAC BYD New Energy Bus Co., Ltd. The registered capital of GAC BYD was RMB 300 million (RMB, the same below). BYD and GAC were injected in installments at 51% and 49% respectively. The first phase of the capital contribution was 120 million. The two sides used cash to invest in the equity ratio, which was used to start the project and other related work.
As for the second phase of capital contribution, BYD will inject capital in cash, and GAC will use its own holdings of Guangzhou Auto Group Bus Co., Ltd. and cash (equity value as a proportion of the amount of capital investment is insufficient to make up the cash) in the form of capital injection. The final amount of capital is actually contributed. The amount prevails.
The announcement pointed out that in order to promote the construction of new energy bus projects, the BYD Board of Directors authorized the management to advance the procedures for the establishment of the GAC BYD New Energy Bus Company and the capital injection (including adjustments to the total amount of capital) in accordance with the procedures, and to file the relevant government filings (or approvals). The evaluation price of GAC will be used as the basis for GAC to inject capital into GAC Bus and adjust the total amount of capital to accelerate the formal operation of the New Energy Bus Company.
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