Guangzhou Auto’s EV Unit Completes Ownership Overhaul

What’s new: GAC Aion lined up strategic investors in an ownership restructuring to clear the way for a public share sale, the electric vehicle subsidiary of Guangzhou Automobile Group Co. Ltd. (GAC) said Tuesday.

GAC Aion didn’t disclose the new shareholder structure. The company put 15% of its equity on the Guangdong United Assets and Equity Exchange Aug. 26, seeking as many as 70 investors. State-owned GAC remains the controlling shareholder after the placement.