According to the Zhitong Finance App, Longzhou Co., Ltd. (002682.SZ) announced that the company plans to transfer 51% of the holding Sun Company Dongguan CAAC Hongyuan Automobile Co., Ltd. (hereinafter referred to as FAC Hongyuan) and all claims of the company and Longyan Xinyu Automobile Sales & Service Co., Ltd. (hereinafter referred to as Xinyu Automobile) against China Automobile Hongyuan through a public listing. The total initial listing reserve price of the above shares and claims is 1.31 billion yuan.

China Automobile Hongyuan specializes in R&D and manufacturing of new energy vehicles. It mainly produces new energy vehicle products such as 6-12 meter pure electric city buses, pure electric commercial buses, and pure electric logistics vehicles. In recent years, due to factors such as the slowdown in NEV market updates, CAAC Hongyuan temporarily stopped production on January 1, 2024 in response to insufficient orders.

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