China's leading carmaker SAIC Motor Corporation Limited (600104.SH) announced last Friday that its general meeting of shareholders passed the private placement proposal, the Xinhua-run cnstock.com reported.
SAIC released the proposal on Nov. 6, which says the company will issue no more than 964 million shares to no more than ten specific investors via private placement, to raise no more than 15 billion yuan.
The raised fund will be used in energy and new energy vehicle business, smart manufacturing business, fuel-cell vehicle business, intelligent driving business, Internet car business, cloud computing and big data business, e-commerce business and automobile finance business.
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