The subsidiary company became the new owner
Geely Automobile Group announced today that it has entered into an agreement to sell its portion of Ruilan Auto and transfer its existing shares to Geely's subsidiary Qizheng. The amount was $70 million.
The announcement stated that the group would no longer hold shares in Ruilan Auto after the sale was completed, and the company's performance had already been removed from the January sales report.
Ruilan Automobile was founded on January 24, 2022 by Geely Automobile and Lifan Technology. It is primarily engaged in providing battery replacement and maintenance services for electric vehicles. 55% and 45% of shares belong to Lifan Technology and Geely Automobile Group, respectively.
After completion of the sale, Geely Automobile Group will no longer hold any stake in Ruilan Automobile. Lifan Technology and Geely Qizheng will own 55% and 45% of Ruilan Automobile shares respectively.
The announcement also notes that Geely Qizheng is primarily an investment holding company and is wholly owned by Geely Automobile Group.