Briefing: Automaker JAC to Raise Nearly $700 Million to Fund Project With Huawei
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A run-down of key developments in China over the past 24 hours:
Smart cars: State-owned Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) is aiming to raise 4.9 billion yuan ($698.4 million) through a share placement (link in Chinese) to fund its automaking project with Huawei Technologies Co. Ltd. The luxury brand, named Zunjie in Chinese, is part of Huawei’s Harmony Intelligent Mobility Alliance, through which the Chinese tech giant supplies partner automakers with smart driving technologies. JAC is building a dedicated plant to produce the new cars and sources told Caixin the first model planned under the brand is set to be released next year. JAC’s stock rose by the 10% daily limit on the Shanghai Stock Exchange on Tuesday.
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- Anhui Jianghuai Automobile Group (JAC) plans to raise 4.9 billion yuan ($698.4 million) to fund a smart car project with Huawei.
- JAC's new luxury brand Zunjie, part of Huawei’s Harmony Intelligent Mobility Alliance, will debut its first model next year; JAC’s stock rose 10% on this news.
- Li Gang, a top official in the Chinese Communist Party's human resources department, is under investigation for corruption amidst a CCDI campaign started in February 2023.
- Anhui Jianghuai Automobile Group Corp. Ltd. (JAC)
- Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) is a state-owned Chinese automaker aiming to raise 4.9 billion yuan ($698.4 million) through a share placement to fund a luxury car project with Huawei. The brand, Zunjie, is part of Huawei’s Harmony Intelligent Mobility Alliance, and JAC is building a dedicated plant to produce these smart cars, with the first model slated for release next year. JAC’s stock rose by 10% on the Shanghai Stock Exchange on Tuesday.
- Huawei Technologies Co. Ltd.
- Huawei Technologies Co. Ltd. is partnering with Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) on a luxury smart car project named Zunjie, under its Harmony Intelligent Mobility Alliance. Huawei supplies partner automakers with smart driving technologies for this initiative.
- Feb. 2023：
- CCDI launched a campaign to root out corruption among its own members.
- 2024-10-01：
- JAC's stock rose by the 10% daily limit on the Shanghai Stock Exchange.
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