Grand Baoxin Auto Group (HKG:1293) was informed by its controlling shareholders that they entered into a cooperation framework agreement with two parties.
The controlling shareholders, Xinjiang Guanghui Industry Investment Group and China Grand Automotive Services Group (SHA:600297), agreed to cooperate with Beijing Meiling Qingyuan Venture Capital Management and Hainan Songbai Canglang Investment Partnership Enterprise.
The tie-up involves introducing partners for resource sharing, starting a second-hand car business, commencing an overseas automobile business, and partnering with distribution networks.
The parties will further negotiate for formal cooperation plans, a Wednesday Hong Kong bourse filing stated.
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