SAIC to set up an equity investment unit

SAIC Motor Corp, China's largest listed auto maker, will set up an equity investment subsidiary to invest in auto and auto-related industries.

The company's board yesterday approved the setup of the proposed unit, which will have a registered capital of 500 million yuan (US$75.5 million) and be based in Shanghai, SAIC said yesterday in a filing to the Shanghai Stock Exchange.

The company also agreed to set up a 51 percent owned joint venture at the Caofeidian industrial zone in Tangshan, Hebei Province, with two local firms to make passenger cars.