Brilliance China Auto To Focus On Sedans and LPB's - Sells Stake In Truck Maker

SHANGHAI May 16, 2003; Dow Jones reports that Brilliance China Automotive Holdings Ltd. has sold its entire 60% stake in truck maker Hebei Zhongxing Automobile Co., an official at Zhongxing Auto said Friday.

Hong Kong- and New York-listed Brilliance sold its stake to two companies. Ningbo Huaxiang Group, a private company in Zhejiang province that makes auto parts, took 26.7%, while the rest was sold to a Hong Kong company specializing in automobile and auto accessory designs, the official said.

Brilliance withdrew from the truck manufacturing business in order to focus on sedans and light passenger buses, he added.

He declined to disclose financial details of the sale.

Hebei Tianye Auto Group still holds 40% in Zhongxing Auto, he said.

Zhongxing Auto, set up in 1992, has a registered capital of US$30 million. Its annual production capacity is 60,000 units and its total assets are worth CNY600 million, the official said