"With our strong experience of operating automotive businesses with industry partners, we expect our new joint venture to upraise our existing minibus operations while developing new growth opportunities for both the JinBei and Renault LCV businesses and become a significant player in the Chinese market," declared Wu Xiao An, Chairman of CBA.

Beyond the existing JinBei vehicles, the joint venture will also develop, manufacture and distribute new vehicles and services under both the JinBei and Renault brands.

The transaction remains subject to customary regulatory approvals in the PRC and Hong Kong and is subject to CBA shareholders' approval.

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