GAC Component Co.,Ltd. (Formerly Guangzhou Automobile Group Component Co., Ltd.) Business Report FY ended Dec. 2016

New company

-Zhejiang Asia-Pacific Mechanical & Electronic Co., Ltd. announced that it will form a joint venture in Guangzhou, China with Guangzhou Automobile Group Component Co., Ltd. The new company will be called Guangzhou Asia-Pacific Chassis Systems Co., Ltd. It will be capitalized at CNY 84 million, of which 51% (CNY 42.84 million) will be invested by Zhejiang Asia-Pacific and 49% (CNY 41.16 million) will be invested by Guangzhou Automobile Group Component. Guangzhou Asia-Pacific Chassis Systems will develop, produce, and sell brake and chassis systems for automobiles. (From an announcement by the company on December 30, 2016)

-The Woodbridge Group announced a joint venture between Woodbridge GSK High Polymer Technology Co. Ltd. (WGSK) and Guangzhou Automobile Group Component Co., Ltd. (GACC). This strategic joint venture will focus on delivering molded polyurethane foam for automotive seat cushioning, head restraints and armrests. The JV name will continue to be Woodbridge GSK High Polymer Technology Co. Ltd. (From a press release on January 25, 2016)