Chinese enterprise successfully acquires Kazakhstan's largest automotive industry group

At the signing ceremony of the joint acquisition of Kazakhstan Arul Automotive Industry Group by China National Machinery Industry Corporation and Jianghuai Automobile Group

On the 21st, the signing ceremony for the joint acquisition of Kazakhstan Arul Automotive Industry Group by China Machinery Import and Export (Group) Co., Ltd. (hereinafter referred to as "China Machinery"), a subsidiary of China General Technology Group, and Anhui Jianghuai Automobile Group Co., Ltd. (hereinafter referred to as "Jianghuai Automobile") was held in Kustanay Oblast. After the completion of the acquisition, China National Machinery Industry Corporation and Jianghuai Automobile became the controlling shareholders of the largest automobile industry group in Harbin with a 51% stake.

The acquisition of Arul Group by Chinese enterprises has received high attention from the leaders of Kazakhstan. On the day of the signing, President Tokayev of Kazakhstan made a special trip to Kustana to visit and conduct research at the Arul Group automobile factory. During the visit, he pointed out that the cooperation between CMC, JAC and Arur Group is an important result of the integration and docking of Kazakhstan's "Bright Road" new economic policy and the "the Belt and Road" initiative, and a model of production capacity cooperation. We look forward to both China and Kazakhstan leveraging their respective advantages, actively exploring practical cooperation in more fields on the basis of operating Arul Group's automotive business well, and making contributions to promoting economic and trade exchanges between the two countries.

Ruan Guang, Chairman of China Machinery Industry Corporation, stated that in the future, both China and Kazakhstan will focus on reform, optimization, and internal management work, strive to increase Arul Group's automobile production and localization rate, continuously improve product quality and brand advantages, and achieve a virtuous cycle of enterprise management as soon as possible. Efforts will be made to build a demonstrative joint venture with high starting point, high standards, high quality, and high efficiency. Through mutual benefit and common development, efforts will be made to benefit the people of China and Kazakhstan, and to contribute to the realization of a better future of "consultation, co construction, and sharing".

Xiang Xingchu, General Manager of Jianghuai Automobile, stated that this acquisition has become an important starting point for Jianghuai Automobile's development of the customs union market and internationalization strategy in the Central Asian market. Jianghuai Automobile will continue to provide important impetus for the development of Harbin's automobile industry through the introduction of products, technology, and management, provide the best products for Harbin's consumers, create maximum benefits for shareholders of both China and Kazakhstan, and make important contributions to the long-term cooperation between China and Kazakhstan.

Article source: China Industrial News Network