Beijing Automotive transferred 51% of its overseas sales subsidiary to its parent company, pre-tax profit of 2.2 billion RMB

BAIC MOTOR (01958.HK) announced the sale of a 51% stake in its wholly-owned subsidiary, BAIC International, to its controlling shareholder, BAIC Group. The latter primarily engages in the overseas sales and distribution of the group's own brand passenger vehicles, with a cash consideration of RMB 1.608 billion. It is expected to recognize a pre-tax sale gain of approximately RMB 2.2 billion