Geely Automobile Holdings Limit (OTC:GELYY)

Geely Automobile Holdings Ltd., formerly known as Guorun Holdings Ltd., embarked on a major restructuring in 2003. By establishing two joint-venture associated companies in Ningbo and Shanghai with Zhejiang Geely Holding Group Ltd., a major privately-owned auto manufacturer in China, the company had successfully entered into China's booming sedan industry.

In the same year, the company set up an auto parts subsidiary in Taizhou of the Zhejiang province, further consolidating the foundation of the company's investments in China's automobile industry, thus successfully transforming the company's key businesses into automobile manufacturing and the related areas.

In May 2004, the company's two associated companies agreed to acquire other auto-related assets under Zhejiang Geely Holding. After the acquisitions, the automobile research and development organizations under Zhejiang Geely Holding, all operating production plants, car models, and respective engines and gearboxes being launched or to be launched would have been included in the two associates formed by the company.

This restructuring should enable the company to share the same interests and benefits with Zhejiang Geely Holding in their future developments in auto-related businesses.

Last updated December 24, 2009