Dongfeng Automobile Company

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Dongfeng Automobile Co., Ltd.
DFAC
public
Traded as SSE: 600006
ISIN CNE000000ZT3
Industry Automobile
Founded 21 July 1999; 18 years ago (1999-07-21)
Founder Dongfeng Motor Corporation
Headquarters Xiangyang, China
Products Light commercial vehicle
Revenue Decrease CN¥16.018 billion (2016)
Profit Decrease CN¥00219 million (2016)
Total assets Increase CN¥21.505 billion (2016)
Total equity Increase CN¥06.507 billion (2016)
Owner Dongfeng Motor Co., Ltd. (60.1%)
Parent Dongfeng Motor Co., Ltd.
Website www.dfac.com
Footnotes / references
in consolidated financial statement[1]
Dongfeng Automobile Co., Ltd.
Simplified Chinese 东风汽车股份有限公司
Dongfeng Automobile
Simplified Chinese 东风汽车

Dongfeng Automobile Co., Ltd. known as DFAC, is a Chinese automobile company. It is a subsidiary of Dongfeng Motor Co., Ltd. (DFL); DFL is a joint venture of Dongfeng Motor Group (DFG) and Nissan; DFG is Dongfeng Motor Corporation, a Chinese state-owned enterprise.

It makes Light commercial vehicles for the Chinese market.[1]:8 It also makes diesel engines in a 50-50 joint venture with Cummins, Inc. known as Dongfeng Cummins Engine Co. Ltd (DCEC, Chinese: 东风康明斯发动机有限公司).[1]:133

History[edit]

Dongfeng Automobile Company Limited (DFAC, Chinese: 东风汽车股份有限公司) was incorporated as a subsidiary (70% shares) of Dongfeng Motor Corporation (Chinese: 东风汽车公司) on 21 July 1999.[1]:61 In the same year the rest of the shares were floated in the Shanghai Stock Exchange.[1]:61

In 2001, the shares held by Dongfeng Motor Corporation were transferred to an intermediate parent company Dongfeng Motor Group (Chinese: 东风汽车集团股份有限公司).[1]:61 In 2003, the shares were transferred again, to a Sino-Japanese joint venture Dongfeng Motor Co., Ltd. (Chinese: 东风汽车有限公司).[1]:61

Subsidiaries[edit]

Former[edit]

DFAC acquired 51% stake of Zhengzhou Nissan Automobile in 2005 for CN¥352 million from two other state-owned companies: CITIC Automobile (of CITIC Group) and Zhengzhou Light Vehicle Works (Chinese: 郑州轻型汽车制造厂).[2] DFAC also subscribed a capital increase of Zhengzhou Nissan, for CN¥530 million in 2008.[3] On 13 June 2017, DFAC announced to sell Zhengzhou Nissan to parent company Dongfeng Motor Co., Ltd. for about CN¥788 million, subject to the approval of extraordinary general meeting.[3] It was approved on 28 June.[4]

Joint ventures[edit]

Dongfeng Cummins Engine Co., Ltd was established in 1995.[5] It manufactured heavy duty vehicle engines.[6]

Shareholders[edit]

As of 31 December 2016

DFAC was majority owned by Dongfeng Motor Co., Ltd., making DFAC was indirectly owned by the Chinese Government (via Dongfeng Motor Corporation), the French State (via Renault), H share shareholders of Dongfeng Motor Group and other shareholders of Nissan and Renault (via Nissan).

The Chinese Government also owned an additional 2.74% shares via their sovereign wealth fund Central Huijin as the second largest shareholder of Dongfeng Automobile Company.[1]

References[edit]

  1. ^ a b c d e f g h "2016 Annual Report" (PDF) (in Chinese). Dongfeng Automobile Co., Ltd. 15 April 2017. Retrieved 28 July 2017. 
  2. ^ "2005 Annual Report" (PDF) (in Chinese). Dongfeng Automobile Company. 24 March 2006. Retrieved 28 July 2017. 
  3. ^ a b "关于转让控股子公司郑州日产股权的关联交易公告" (PDF) (Press release) (in Chinese). Dongfeng Automobile Company. 1 June 2017. Retrieved 28 July 2017. 
  4. ^ "2017年第二次临时股东大会决议公告" (PDF) (Press release) (in Chinese). Dongfeng Automobile Company. 29 June 2017. Retrieved 28 July 2017. 
  5. ^ How Cummins Does It: The engine maker runs different game plans in India and China businessweek.com, AUGUST 22, 2005 Archived April 18, 2011, at the Wayback Machine.
  6. ^ Introduction Dongfeng Automobile Co. Ltd. Official Site

External links[edit]