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The Chinese company is under the wing of Sichuan Huatong Investment Holding Co., Ltd., 98.5 percent owned by Suolang Duoji (transliterated). Suolang Duoji is known as chairman of the leading mirabilite producer Lumena Resources Corp. (SEHK: 0067). The chairman owns 63.9 percent of the Hong Kong-listed mirabilite producer through his wholly-owned subsidiary NiceAce Technology.
It is Suolang Duoji that stands behind Tengzhong Heavy Industrial Machinery in pursuit of the Hummer brand, said some reports. Previously, the company disclosed that it was negotiating with GM about purchase of the brand.
Recently, both the Chinese private heavy machinery producer and the US auto giant announced in succession that Tengzhong Heavy Industrial Machinery preliminarily reached accord with GM about the purchase.
The deal will possibly be completed in the third quarter of 2009. After that, the Chinese private heavy machinery producer is expected to obtain the utilization right of enjoy the Hummer trademark, lead the existing top management and operation team, and undertake all contracts upon the Hummer distribution.
The US auto giant stressed that the deal would possibly ensure more than 3,000 jobs concerning the production, development, and distribution of the Hummer brand across the US.
Tengzhong Heavy Industrial Machinery was incorporated in January 2005 in Chengdu, capital of the southwestern Chinese province of Sichuan. It has made a strong presence in several fields, such as road and bridge, engineering machinery, and energy equipment.
Notably, the US President Obama announced the bankruptcy of GM, said earlier reports. However, as one of its joint ventures, Shanghai General Motors Co., Ltd. (Shanghai GM | Quote | Chart | News | PowerRating) will push forward its business and investment projects as planned.
Shanghai General Motors General Manager Ding Lei predicted that at least 10 million complete cars would be sold across the country in the entire 2009, in case of no considerable fluctuations in the global macro-economic situation.
Notably, General Motors (GM) China Group will double its sales in China in the following five years to more than 2 million vehicles, said its president and managing director Kevin E. Wale.
In March 2009, sources said that GM would likely peel off its Buick brand, which fails to catch up with other three brands of GM, including Chevrolet, Cadillac, and GMC, in terms of sales in the US. Later, however, Shanghai General Motors is reported to take over the Buick trademark usufruct in China.
(USD 1 = CNY 6.83)
Source: www.cnstock.com (June 05, 2009)
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