China Grand Auto (600297.SH) announced a plan on Monday to buy up to 75 percent equities of HK-listed auto dealer Baoxin Auto Group (01293.HK) for no more than 9.5 billion yuan.
Baoxin Auto focuses on high-end and luxury auto brands. The company is the largest dealer of BMW in China and its operation has covered 19 passenger brands including Ferrari and Maserati. As of the end of September, Baoxin Auto's total assets stood at 19.616 billion yuan.
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