China Grand Automotive Services Co., Ltd. (600297.SH) announced on Tuesday evening it received a letter from the Shanghai Stock Exchange on Monday and revised the draft of its major asset acquisition report according to the letter's requirements.
According to the draft, China Grand Auto will make a tender offer via its wholly owned subsidiary 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. It 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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