On February 11, 2015, China South Industries Group Corporation (CSIGC) and its subsidiary China South Industries Group Finance Co., Ltd., represented by Beijing-based senior partner Wu Libei, associates Zhao Yingnan and Chen Hongjun, sealed the deal of injecting capital into Chongqing Auto Finance Co., Ltd.. Following the injection, the registered capital of Chongqing Auto Finance would be RMB2.5bln, up from RMB500mln. The agreement signing ceremony was witnessed by, among others, Weng Jieming, the standing committee member of the Municipal Party Committee of Chongqing and Xu Liuping, general manager of CSIGC.
The attorneys were responsible for conducting due diligence in connection with the capital injection project, designing transaction structure, drafting transaction agreements, participating in negotiations and executing shareholding rights transfer. The team has been acting as standing legal counsel and has advised on specific matters for China South Industries Group Finance Co., Ltd. and is familiar with laws, regulations and transaction rules applicable to the auto finance sector. They have also accumulated rich practical experience.
CSIGC is a state-owned key enterprise administered directly by the Central Committee of CPC and a core force in national defense science & technology. It shoulders the strategic mission of defending the army and the nation and bringing prosperity to Chinese people. CSIGC is one of the most dynamic giant-size defense industry groups in China.
China South Industries Group Finance Co., Ltd., established with approval from China Banking Regulatory Commission (CBRC) and a subsidiary of CSIGC, is a non-bank financial institution managing capital for CSIGC to improve capital usage efficiency and providing financial services for affiliates.
Chongqing Auto Finance Co., Ltd. is the only licensed auto finance service provider authorized by CBRC in West China. After CSIGC injects capital into the company, its volume of business is expected to increase by more than RMB10bn annually and the advantage combining industrial strength and auto finance license will be fully tapped.
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