Chongqing Yufu Capital Operation Group Co., Ltd. agreed to acquire 15.52% stake in Loncin Motor Co., Ltd. (SHSE:603766) from Loncin Holdings Co., Ltd. for CNY 2.1 billion on July 11, 2024. Chongqing Yufu will acquire 318.7 millio shares at CNY 6.6361 per share. As part of another transaction, Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd. will acquire 24.5513% stake in Loncin Motor.

After the completion of both these transactions, Zongshen New Intelligent Manufacturing will become the largest shareholder of Loncin Motor and Yufu Capital will become the second largest shareholder.