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53-643: Brilliance Auto Group holds a 42.32% shareholding in the Bermuda-incorporated Brilliance China Automotive Holdings Limited (commonly known as Brilliance Auto or Brilliance China ), which is listed on the Frankfurt and Hong Kong stock exchanges. Brilliance China Automotive Holdings (Brilliance Auto) previously produced "Brilliance" branded cars under manufacturing unit Brilliance Motor which has since been sold to BMW. Brilliance Auto also holds 25% of BMW Brilliance ,

106-455: A 50:50 joint venture between BMW and Brilliance, was taken over by BMW by acquiring an additional 25% of available shares. In recent years, Brilliance Group has suffered from long-term poor management and its own brands have been in a state of loss. The main profit comes from BMW Brilliance, and the debt ratio remains high. In 2019, Brilliance Auto's net profit was RMB 7.626 billion. If the financial data of BMW Brilliance were removed, it would be

159-629: A Chinese government-owned automobile factory which under founding chairman Yang Rong , became one of the leading Chinese makers of minibuses between 1991 and 2002. On 9, June 1992, a subsidiary, Brilliance China Automotive Holding Limited was incorporated in Bermuda . In the same year, the company was registered as a foreign company in the Hong Kong Companies Registry. Initially, the subsidiary owned 40% stake of Shenyang Jinbei Coach Manufacturing Co. Ltd. ( Chinese : 沈阳金杯客车制造有限公司 ), while

212-467: A joint venture with General Motors in 2009 and has joint ventures with a handful of other foreign companies as well. The company produced more than 1.5 million vehicles in 2008, and in 2009 it was the largest machinery corporation and the second largest auto manufacturer in China. In 2010, the 2.56 million units sold made it the third most-productive vehicle maker in China that year, and one of its offerings,

265-517: A joint venture with BMW which produces, distributes and sells BMW passenger cars in mainland China. It also holds a 51% stake of Renault Brilliance Jinbei , a joint venture with Renault which designs, develops, manufactures and sells light commercial vehicles under the Jinbei , Huasong and Renault brands. As of 2022 ( VW ), BMW holds 100% share in Brilliance Motor and 75% of BMW-Brilliance, controlling

318-566: A loss of RMB 1.334 billion. In the first half of 2020, Brilliance Auto's net profit was RMB 4.045 billion, of which BMW Brilliance contributed RMB 4.338 billion. Two credit rating agencies in mainland China, Dagong International and Oriental Jincheng, began to put Brilliance Bonds on their watch list in late August 2020. By late September, Brilliance's credit rating began to be downgraded. By late October, Brilliance's credit rating had been reduced from AAA to A+. In November 2020, Brilliance Auto's parent goes into bankruptcy administration, and announced

371-565: A new bankruptcy review case, and the handling court was the Shenyang Intermediate People’s Court of Liaoning Province. In June 2023, Brilliance Group stated that it had identified Shenyang Automobile Co., Ltd. as a potential investor in the reorganization. Information shows that Shenyang Automobile is a wholly-owned subsidiary of Shenyang Cairui Investment Co., Ltd. Caisheng Investment, a subsidiary of Shenyang Cairui Shengjing Financial Holdings , and Shenyang Metro Operation,

424-774: A passenger car production base in the Chenghua District of Sichuan province and another in Changchun , Jilin province . As of 2008, its 10,000 units/year capacity production base in Changchun makes the Toyota Prius and the Toyota Land Cruiser . The other production base it controls may make buses. This equally owned joint venture with Toyota makes engines at its production bases in the Xiqing District of Tianjin and at

477-788: A second VW production base is, as of 2009, scheduled to be built in the city. The Dalian division of FAW Bus and Coach Co Ltd manufactures Jiefang and Yuan Zheng brand medium and large-size buses in a production base in Dalian , Liaoning province . An unfinished bus production base in at the Dalian Economic & Technological Development Zone is expected to be complete in mid-2010 and will produce hybrid buses. Another Dalian base produces engines for commercial trucks, construction equipment, and agricultural machinery. As of 2010, 150,000 units/year production capacity FAW-VW production base will soon be built in this Guangdong province city. Located in

530-517: A strong cooperative relationship with a foreign counterpart. SAIC was the first, in 1984 and also with VW . Volkswagen was the first foreign partner for FAW, but others soon followed. The company acquired 50% ownership of Tianjin Automotive Xiali in September, 2002, and renamed the brand FAW Tianjin . As a result, FAW ended up with Toyota as a foreign joint venture partner. FAW established

583-872: A subsidiary of Shenyang Metro , each hold 50% of the shares. The actual controller is Shenyang State-owned Assets Supervision and Administration Commission. After the relevant procedures for reorganization are passed, the actual controller of Brilliance Auto will be changed from the Liaoning Provincial State-owned Assets Supervision and Administration Commission to the Shenyang Municipal State-owned Assets Supervision and Administration Commission. On September 15, 2023, FAW Car Vice President Liu Xuemin and former Vice President Liu Tongfu were suspected of serious violations of discipline and law and were both subject to disciplinary review and supervision investigation by

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636-481: A view to improving the continuity of prices and to avoid mistrades, several protective mechanisms are in place for the trading venues Xetra and Börse Frankfurt . These include volatility interruption, market order interruption, and liquidity interruption measures. The origins of the Frankfurt Stock Exchange go back to medieval trade fairs in the 11th century. By the 16th century Frankfurt developed into

689-565: A wealthy and busy city with an economy based on trade and financial services. In 1585 a bourse was established to set up fixed currency exchange rates , which is considered to mark the 'birth' of the stock exchange. During the following centuries Frankfurt developed into one of the world's first stock exchanges – next to Amsterdam , London and Paris . Bankers like Mayer Amschel Rothschild and Max Warburg had substantial influence on Frankfurt's financial trade. In 1879 Frankfurt Stock Exchange moved into its new building at Börsenplatz. During

742-566: Is currently the second largest of the " Big Four " state-owned car manufacturers of China, together with SAIC Motor , Dongfeng Motor Corporation and Changan Automobile . The company produces and sells vehicles under its own branding, such as Hongqi , Bestune (Benteng) as well as under foreign-branded joint ventures such as FAW-Toyota and FAW-Volkswagen (Volkswagen, Audi, Jetta). Its principal products are automobiles, buses, light, medium and heavy-duty trucks, and auto parts. FAW became China's first automobile manufacturer when it unveiled

795-554: Is listing in the Shanghai Stock Exchange : Shenyang Jinbei Automotive Company Limited. As of 31 December 2019, the Brilliance Auto Group, via an intermediate company Shenyang Automobile Industry Asset Management Company Limited ( Chinese : 沈阳市汽车工业资产经营有限公司 ), owned 24.38% shares of that company as the largest and controlling shareholder. It was planned to inject the stake into the major listed company of

848-621: Is one make of Jiefang branded trucks. Bestune was established on August 18, 2006, It may also be known as Ben Teng . It serves as the passenger car brand in FAW Group. Created in 2003, FAW operates this joint venture with Japanese automaker Toyota through Tianjin FAW . Key subsidiaries include: Operates a passenger car production base in the Nansha Economic Development District of Guangzhou , Guangdong province . Operates

901-599: Is owned by 沈阳华益新汽车销售有限公司 . The latter is not part of the Brilliance Auto Group, but the Group provides guarantee to some debt of that company. In 2013, Brilliance Auto formed a spin-off, Xinchen China Power Holdings Limited. In 2017, Brilliance Auto also formed another joint venture Renault Brilliance Jinbei with Renault . The Brilliance Auto acquired the remaining 39.1% stake of Brilliance Jinbei from sister company Shenyang Jinbei Automotive, and then Brilliance Auto re-sold 49% stake to Renault. In October 2018, BMW Brilliance ,

954-770: The FAW-Volkswagen joint venture and the other makes self-branded autos. An unfinished production base in the Longquan Economic Development Zone in Chengdu , Sichuan province , replaces an older Sichuan base and will produce passenger cars for a FAW-Toyota joint venture, Tianjin FAW Toyota Motor Co Ltd, when it is completed in 2010. FAW Jiefang Truck Co Ltd also has a production base here. Another site in Chengdu produces cars for FAW-Volkswagen , and

1007-906: The Tianjin Economic and Technological Development Zone . Combined, both bases can produce 440,000 units annually. Making engines at a 130,000 units/year capacity production base in the Changchun Economic and Technology Development Zone, this equally owned joint venture was established in 2004. Established in 1991, this large-scale automobile manufacturer is a joint venture between FAW Group and Volkswagen AG which, as of 2003, have ownership stakes of 60% and 40%, respectively. It manufactures Audi and Volkswagen -branded automobiles for sale in China. This subsidiary of FAW's joint venture with VW controls production bases in Chengdu , Sichuan province . A joint venture with General Motors that mainly produces Jiefang light-duty trucks, this JV includes

1060-494: The 25th largest-selling car brand in the country in that year (and the tenth largest-selling Chinese brand). In 2007, Brilliance's BS6 sedan performed poorly in a crash test conducted by Germany's ADAC , receiving only one out of five possible stars in the Euro NCAP rating. Brilliance then redesigned the car, changing at least sixty components, and it saw a three-star performance in a crash test performed by Spain's Idiada. However,

1113-714: The FAW No. 2 Engine Factory, the FAW No. 2 Car Factory, and the former FAW No. 1 Car Factory, this publicly listed subsidiary produces cars, transmissions, and engines. It has a production base in western Changchun , Jilin province . Founded in 1959, it produces buses sold under the Taihu brand. Created in 1997 when FAW purchased a controlling interest in Hongta Yunnan Automobile Co Ltd, this subsidiary company, as of 2003, produces 1/2-3 ton pickups and light trucks as well as license-built Daihatsu models. This factory

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1166-566: The FAW Xiali, was the 7th most-purchased car in China in 2010. It produced 2.6 million vehicles in 2011, the third-largest output of any China-based company. While it retained its third place rank, the number of whole vehicles produced in 2012 slowed to 2.3 million. Passenger cars made up a relatively scant 64% of total production that year. In July 2021, FAW transferred 49% of the shares of FAW Haima to Hainan Development Holdings Co., Ltd. (Hainan Holdings) at no charge. Haima Automobile holds 51% of

1219-726: The Frankfurt Stock Exchange is owned and operated by Deutsche Börse AG and Börse Frankfurt Zertifikate AG. It is located in the district of Innenstadt and within the central business district known as Bankenviertel . With 90 percent of its turnover generated in Germany, namely at the two trading venues Xetra and Börse Frankfurt, the Frankfurt Stock Exchange is the largest of the seven regional securities exchanges in Germany. The trading indices are DAX , DAXplus, CDAX , DivDAX, LDAX, MDAX , SDAX , TecDAX , VDAX and EuroStoxx 50 . Through its Deutsche Börse Cash Market business section, Deutsche Börse AG now operates two trading venues at

1272-716: The Frankfurt Stock Exchange. Trading at the Frankfurt Stock Exchange is governed by clear rules, which apply equally for all trading participants. Independent market surveillance is made up of the Trading Surveillance Office (HÜSt), the Exchange Supervisory Authority attached to the Hessian Ministry of Economic Affairs, Transportation, and Regional Development, and the Federal Financial Supervisory Authority (BaFin). With

1325-478: The Group injected most part of the group assets to the subsidiary, and the shares started to float in the Stock Exchange of Hong Kong (now part of Hong Kong Exchanges and Clearing ) as SEHK:1114. As of 31 December 2019, Huachen Automotive Group (Brilliance Auto Group) owned 42.32% shares of the listed company as the largest and controlling shareholder. The Group has another listed associate company that

1378-462: The H300 and H200 models, under the local brand name of Saipa. Frankfurt Stock Exchange The Frankfurt Stock Exchange (German: Börse Frankfurt , former German name: Frankfurter Wertpapierbörse , FWB ) is the world's 3rd oldest and 12th largest stock exchange by market capitalization . It has operations from 8:00 am to 10:00 pm ( German time ). Located in Frankfurt , Germany,

1431-523: The Harbin Light Vehicle and FAW Hongta Yunnan factories. This joint venture with General Motors mainly produces Jiefang light-duty trucks. This joint venture with US based design firm Silk EV produces high end luxury hybrid sports cars. FAW has at least 28 wholly owned subsidiaries and controlling shares in 18 partially owned subsidiaries. These include the wholly owned subsidiaries FAW Jiefang Truck Co Ltd and FAW Bus and Coach Co Ltd, and

1484-539: The Italian motorcycle brand, SWM (motorcycles) , and started an automotive brand with the SWM nameplate. SWM now makes a range of crossovers and compact MPVs. Key models include: Formerly a wholly-owned subsidiary (Shenyang Brilliance Jinbei Automotive) which sold licensed Toyota and General Motors designs, Jinbei was re-formed with Renault in 2017 with plans to launch light commercial vehicles and SUVs with Renault technology, under

1537-601: The Jinbei and Renault marques. Key models include: BMW-branded autos are made at a production base in the Northeastern Chinese city of Shenyang completed in 2004, and ongoing construction saw this base increase its production capacity to 200,000 units/year by 2012. An engine-making production base is located in Mianyang , Sichuan province . A total of 188,143 Brilliance marque vehicles were sold in China in 2013, making it

1590-708: The Liaoning Provincial Commission for Discipline Inspection and Supervision. Brilliance Auto Group and its subsidiaries sell passenger cars under the Brilliance marque In 2003, BMW and Brilliance agreed to make select products of this German luxury carmaker in China. As of 2010, the joint venture makes the BMW 3 Series and BMW 5 Series and had plans to introduce the BMW X1 by 2012. As of 2011, locally produced engines were slated to appear in some offerings soon, and

1643-496: The USSR is even credited with choosing Changchun as the location for the first FAW facility. First Automotive Works initially made only commercial trucks, but started producing passenger cars in 1958. These vehicles, Hongqi luxury sedans, were the first domestically produced Chinese automobiles. Made primarily for the party elite, the design changed little over their thirty-year production run. Following this, FAW's Audi products are

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1696-650: The United States or the Soviet Union, the First Automotive Works transferred a third of its workforce to develop the Second Automotive Works. In 1992, the name First Automotive Works was changed to FAW Group Corporation. Though FAW was the fourth Chinese automaker to take on Western partners, its early joint venture with Volkswagen in 1990 saw it become the second Chinese auto company to develop

1749-511: The automaker FAW Group. Hongqi was launched in 1958, making it the oldest Chinese passenger car marque. In Chinese, hongqi means " red flag ." Jiefang is the medium and heavy trucks brand of FAW Group. The first truck rolled off of the lines in 1956, which was the first ever-built truck by the People's Republic of China . Jiefang became a subsidiary on 18 January 2003 with two subsidiaries of its own, Qingdao Truck Division and FAW Trading Company, it

1802-529: The company had plans to bring up total production capacity to 300,000 by 2013. These vehicles may differ slightly from those sold in other markets under the same names. As of mid-2010 almost 60% of the components used to manufacture the China-built BMWs were imported to China. Brilliance Shineray is a joint venture between Brilliance Auto Group and Shineray Motorcycle Company ( Shineray Group ), one of China's largest motorcycle producers. Shineray Group bought

1855-431: The controlling stake of Shenyang Jinbei Automotive was acquired by FAW Group in 1995. Shenyang Automobile Industry AMC agreed to acquire 29.91% stake from FAW Group in 2000. In 2001, Shenhua Holdings agreed to acquire the shares of Shenyang Jinbei Automotive that held by Shenyang Automobile Industry AMC, allowing the Jinbei marque integrated into the Group. However, the deal revised into Brilliance Auto agreed to acquire

1908-580: The default of corporate bonds worth more than CNY 6.5  billion . The bankruptcy administration is not affecting subsidiaries Brilliance Auto, Xinchen China Power , Shenhua Holdings , Shenyang Jinbei Automotive , or any of the joint ventures operated by the organization. On January 12, 2021, the Shanghai Stock Exchange issued a disciplinary decision to publicly condemn Brilliance Automotive Group Holding Co., Ltd. and its chairman and person in charge of information disclosure affairs. On December 30, 2021, Brilliance Renault Jinbei Automobile Co., Ltd. filed

1961-520: The final third of the 19th century, Frankfurt was a major financial center in the Atlantic world. It was only in 1949 after World War II that the Frankfurt Stock Exchange finally established as the leading stock exchange in Germany with consequently incoming national and international investments. During the 1990s the Frankfurt Stock Exchange was also bourse for the Neuer Markt (New Market) as part of

2014-616: The first five-year plan ), and produced its first product, the Jiefang CA-10 truck (based on the Soviet ZIS-150 ) in 1956. Soviet Russia lent assistance during these early years providing technical support, tooling, and production machinery. Before the first factory opened, 39 Chinese FAW employees traveled to the Stalin Truck Factory for instruction in truck production. Operations were conducted under Soviet direction, and

2067-444: The group, Brilliance Auto, in 2003. However, the deal was collapsed. Nevertheless, Shenyang Jinbei Automotive did not have the controlling interest on Shenyang Jinbei Coach Manufacturing since 1992, which is the predecessor of Brilliance Jinbei (now Renault Brilliance Jinbei ). Shenyang Jinbei Automotive was listed in the stock exchange since 1992. Shenyang Jinbei Automotive and Brilliance Auto Group were separate conglomerates, which

2120-501: The majority of production capacity under Brilliance. In 2010, Brilliance Auto Group and its subsidiaries had an annual production capacity of 800,000 vehicles although capacity has come online since. In 2012, the company manufactured almost 650,000 vehicles, the eighth-largest production of any Chinese vehicle maker that year. Roughly 70% of production was consumer sedans. The origins of Brilliance Auto Group (officially Huachen Automotive Group Holdings Company Limited ) can be traced to

2173-601: The nation's first domestically produced passenger car, the Hongqi, in 1958. As a state-owned enterprise of China, FAW Group is controlled and managed by SASAC , which under Chinese law performs the functions of an investor. The company has three publicly traded subsidiaries: FAW Jiefang Group Co., Ltd. ( SZSE : 000800 ), Changchun FAWAY Automobile Components Co., Ltd. ( SSE : 600742 ) and Qiming INFORMATION TECHNOLOGY Co., Ltd. ( SZSE : 002232 ). First Automotive Works broke ground on its first factory in 1953 (the first year of

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2226-568: The newly formed FIA World Touring Car Championship . However, the Brilliance WTCC program did not make the grid. From 2009 to 2011, the group was between the eighth-largest automaker in China. In 2012, Brilliance Auto Group formed a joint venture Brilliance Shineray ( Chinese : 华晨鑫源 ) in Chongqing with Shineray Group to produce SWM and Jinbei brand automobiles. As of 2019, Shineray Group owned 80% stake of that joint venture. The rest

2279-641: The presence of the European Central Bank in Frankfurt. In 2002 and 2004 Deutsche Börse was in advanced negotiations to take over London Stock Exchange , which were broken off in 2005. A further merger bid was blocked by the European Commission in 2017. FAW Group China FAW Group Corp., Ltd. ( First Automotive Works ) is a Chinese state-owned automobile manufacturer headquartered in Changchun , Jilin . Founded on 15 July 1953, it

2332-516: The price also rose considerably, and the importer (HSO Motors) went bankrupt in November 2009. Brilliance then tried to go it alone, but with high pricing and considerable market reluctance after the well-publicized crash test failures, exports to Europe were ended in April 2010 with no immediate plans for resumption. In 2015, Brilliance announced it had started joint production with SAIPA of Iran, to produce

2385-509: The products it produces carry the Oley brand. Established in 1997, this part-owned subsidiary designs, produces, and markets medium and heavy truck bodies, wheels, and components for both FAW and other manufacturers. Established in 1965, this FAW Group subsidiary made military vehicles until partnering with FAW in the 1990s. It has since produced pickups, Jiefang trucks, and mini-vehicles (small trucks and vans that see commercial use). This factory

2438-616: The publicly traded FAW Car Co Ltd , Tianjin FAW Xiali Automobile Co Ltd, and Changchun FAWAY Automobile Components Co Ltd. The following is an incomplete list. Chengdu FAW produces Huaxi brand light and medium buses based on the Toyota Coaster . Originally the Sichuan Bus Company, it became a partially-owned subsidiary in 2002 after acquisition by FAW. Created in 1997 from the merger of Changchun Gear Factory,

2491-526: The rest of the stake was owned by another company, Shenyang Jinbei Automotive Company Limited ( Chinese : 金杯汽车股份有限公司 ; SSE : 600609 ). The ratio was later changed to 51% owned by Brilliance China Auto and 49% owned by Shenyang Jinbei Automotive. The American depositary shares of Brilliance China Auto was floated in New York Stock Exchange from 1992 as NYSE:CBA. The company intended to delist from NYSE in 2007 and completed in 2009. In 1999,

2544-480: The shares in FAW Haima, while Hainan Holdings hold 49% of the shares. As of 2024, many other brands have been liquidated, leaving only Hongqi and Bestune as passenger car brands. FAW sold products under at least ten different brands including its own, but most of its brands has been discontinued or consolidated into Hongqi , Jiefang and Bestune brand currently. Hongqi is a Chinese luxury car marque owned by

2597-582: The stake from Shenyang Automobile Industry AMC in 2003. Despite the final deal became Brilliance Auto Group acquired Shenyang Automobile Industry AMC directly in April 2018 from the Shenyang Municipal People's Government, which in turn has the full control on the stake of Shenyang Jinbei Automotive that held by the AMC. In 2003, BMW and Brilliance Auto signed a deal for the production of BMW-branded sedans in China. In 2005, Brilliance planned an entry into

2650-529: The traditionally favoured choice for ranking Chinese state officials. The First Automotive Works "winged 1" badge is derived from the Chinese 一汽 ("一" meaning "one" and "汽", from "汽车" meaning "automotive") and depicts a hawk spreading its wings, 一 (1). The logo was introduced in 1964. During the Third Front campaign to develop strategic industries in China's rugged interior to prepare for potential invasion from

2703-526: The worldwide dot-com boom. In 1993 the Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) became Deutsche Börse AG, operating businesses for the exchange. From the early 1960s onwards the Frankfurt Stock Exchange took advantage of the close by Bundesbank which effectively decided on financial policies in Europe until the introduction of the euro in 2002. Since then the exchange profits from

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2756-476: Was included in the FAW-GM Light Duty Commercial Vehicle joint venture. Founded in 1980, this company became a wholly owned subsidiary of FAW Group in either 1987 or March 1991. It manufactures compact trucks and buses originally based on Suzukis. More recently, Jilin participated in a five-year-long joint venture with Daihatsu . As of 2012, this company has two factories and some of

2809-597: Was included in the FAW-GM Light Duty Commercial Vehicle joint venture. FAW has production bases located in 14 provinces throughout China including the provinces of Guangdong , Hainan , Heilongjiang , Jilin , Liaoning , Shandong , Sichuan , and Yunnan . Non-provincial locales include Pudong and Tianjin . FAW headquarters are located in Changchun , Jilin province , and operations here include an R&D and test center. Additionally, FAW has two production bases here—one produces for

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