GAC GROUP(SH:601238) Zhong Guo Jing Ying Bao·2025-11-12 02:33Core Viewpoint - GAC Group is enhancing its core component supply and cost control capabilities through a significant capital operation involving its joint venture GAC Honda, which includes a share acquisition and capital increase to fully integrate its engine business segment [1][2]. Group 1: Transaction Details - GAC Honda will acquire a 50% stake in Dongfeng Honda Engine Co., Ltd. from Dongfeng Motor Group for 1.172 billion RMB and will simultaneously implement a capital increase plan of 326 million USD (approximately 2.544 billion HKD) [1]. - Following the completion of the transaction, GAC Honda will achieve 100% control over Dongfeng Honda Engine, meaning GAC Group will indirectly hold a 50% interest in the engine company [1][2]. - The capital increase will raise GAC Honda's registered capital from 541 million USD to 867 million USD, with the total capital increase amounting to 326 million USD (approximately 2.544 billion HKD) [1]. Group 2: Shareholding Structure - GAC Group will contribute 50% of the capital increase, amounting to 16.31 million USD (approximately 1.172 billion RMB), while Honda and Honda China will contribute through their existing stakes in Dongfeng Honda Engine, valued at 13.05 million USD and 3.26 million USD (approximately 93.8 million RMB and 23.4 million RMB) respectively [2]. - Post-transaction, the shareholding ratios of GAC Group, Honda, and Honda China in GAC Honda will remain unchanged at 50%, 40%, and 10%, respectively, while GAC Group's equity in the core powertrain asset will increase to 50% [2].