Shanghai Maple Guorun Automobile Company Limited operates as a manufacturer of luxury cars. The company offers stamping, welding, painting and assembly facilities and supporting production and testing lines for engines and gearboxes. Shanghai Maple Guorun Automobile Company Limited is based in Shanghai, China. The company operates as a subsidiary of Geely Automobile Holdings Ltd.
Fengjing Industry Zone
Founded in 2003
Kandi and Geely Enter into Joint Venture Contract to Establish Zhejiang Kandi Electric Vehicles Co, Ltd
Mar 25 13
Kandi Technologies Group, Inc. announced that on March 22, 2013, the company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co. Ltd. ('Kandi Vehicles') entered into a Joint Venture Agreement with Shanghai Maple Guorun Automobile Company Limited ('Shanghai Maple') to establish a joint venture company of Zhejiang Kandi Electric Vehicles Co. Ltd. Pursuant to the JV Agreement, the registered capital for the JV Company is CNY 1 billion (approximately $160 million) and each party will contribute 50% of the registered capital in cash and will each own 50% of the JV Company. The business scope of JV Company is to develop, manufacture and sell electric vehicles (the "EVs") and to develop, purchase, manufacture and sell auto parts, and invest in other companies which engage in such businesses.
Shanghai Maple Guorun Automobile Company and Kandi Vehicles to Establish Joint Venture Company; Announces Management Appointments
Feb 2 13
On February 203, Shanghai Maple Guorun Automobile Company Limited, an indirectly 99% owned subsidiary of the Company, entered into the Framework Agreement with Kandi Vehicles, an indirect wholly-owned subsidiary of Kandi Technolgies Group, Inc., pursuant to which the parties agreed to establish the JV Company to engage in the investment, research and development, production, marketing and sales of electric vehicles in the PRC. The JV Company will be owned as to 50% by Shanghai Maple Guorun and as to 50% by Kandi Vehicles. The JV Company will not become a subsidiary of the Group or Kandi Group and its financial results will not be consolidated into the financial statements of either the Group or Kandi Group or their respective subsidiaries. The JV Company will be principally engaged in the investment, research and development, production, marketing and sales of electric vehicles in the PRC. The total registered capital of the JV Company will be RMB 1,000,000,000, and will be contributed as to 50% (RMB 500,000,000) by Shanghai Maple Guorun and as to 50% (RMB 500,000,000) by Kandi Vehicles. Upon the establishment of the JV Company, the JV Company will acquire certain assets from each of the Group and Kandi Group so that the JV Company will possess the necessary properties, assets and technologies to commence the electric vehicle business. To enable the proposed acquisitions to take place, both the Group and Kandi Group will establish new wholly-owned subsidiaries and inject certain assets into these companies. The JV Company will then acquire all the equity interests in each of these companies. The transfer of the equity interest in the newly established subsidiary of the Group to the JV Company will constitute a disposal of a subsidiary by the Group. As the principal terms of the Potential Disposal are yet to be finalized, the Company will make further announcement in relation to the Potential Disposal pursuant to the requirements of the Listing Rules as and when appropriate.
The board of directors of the JV Company will consist of four directors, of which two will be nominated by Shanghai Maple Guorun and two will be nominated by Kandi Vehicles. The first chairman of the JV Company will be Mr. Li and the chairman will have tenure of three years. The board of directors of the JV Company will elect a new chairman every three years. The first general manager of the JV Company will be Mr. Hu and the general manager will have tenure of three years. The board of directors of the JV Company will approve the appointment of a new general manager every three years.