Third-Largest Automaker FAW Moves Toward Listing

(Beijing) -- China FAW Group Corp., the third-biggest automaker in China by sales, moved a step closer to a public listing on a mainland stock exchange by transferring its stake in two holding companies to a newly-established company.

According to a July 12 announcement made by FAW Car Co. and Tianjin FAW Xiali Automobile Co., FAW established a China FAW joint-stock company to take over its controlling stake in the two companies.