Leapmotor on Tuesday denied market reports that FAW Group will gradually acquire its shares and eventually become its largest shareholder. Earlier, several media outlets reported that FAW Group planned to acquire a stake in Leapmotor through a private placement, with the deal allegedly approved by relevant authorities and set for an announcement on November 17. Leapmotor has firmly refuted this claim. Currently, Leapmotor’s founder and his concerted parties hold 25.8% of the company, while Stellantis owns 21.26%. Although FAW Group and Leapmotor have engaged in technical cooperation, FAW has not yet become a strategic shareholder. [IThome, in Chinese]
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