Zhongtong Bus Denies China National Heavy Duty Truck Reorganization Rumor


Zhongtong Bus issued a clarification announcement stating that the company had contacted the controlling shareholder of the company, Zhongtong Automotive Industry Group Co., Ltd. and its controlling shareholder, Shandong Provincial Transportation Industry Group Corporation, and had obtained written confirmation that CNHTC intends to reorganize the company. Not true.

The controlling shareholder of the company, China Tong Automotive Industry Group Co., Ltd. and its controlling shareholder, Shandong Provincial Transportation Industry Group Co., Ltd. did not negotiate with China National Heavy Duty Truck Group on equity transfer, reorganization, etc., nor did they sign the relevant intentions, agreements, etc. The document also did not receive notification from the relevant department regarding related issues. The company and the above two companies solemnly promised that they will not plan on the above matters within the next three months.

Shandong Provincial Transportation Industry Group Corporation also consulted the relevant person in charge of the Shandong State-owned Assets Supervision and Administration Commission of the People's Republic of China (SASAC) on the above-mentioned matters. The person in charge said that it has not planned the matter. The rumors are not true.

The company also stated that the company and Shanghai World Expo technical cooperation unit Shanghai Ruihua (Group) Co., Ltd. signed the "Environmental-friendly Pure Electric Bus Chassis Project Cooperation Agreement" on June 3, 2008 to Shanghai Ruihua Pure Electric Bus Drive Control System. Based on the chassis of the company's electric bus, the company cooperates in the production of bus-type 12-meter second-order pure electric bus chassis to jointly develop the electric bus market and strive to provide services for the Shanghai World Expo. At present, the two parties are developing two sample cars, but they have not been with the Shanghai World Expo. The signing of the supply agreement by any department of the organizing committee is uncertain as to whether the company will eventually become a supplier to the Expo.

In 2008, the company sold a total of 20 hybrid buses. Since the products are in the marketing period, the profit level is roughly the same as that of other ordinary passenger cars produced by the company.

At present, the company already has 4 hybrid buses and 1 pure electric bus to obtain the national auto product announcement, and has 11 national patent technologies, and has more than 1,000 production capacity. The reasonable organization of this capacity will not have a significant impact on the capacity of existing ordinary passenger cars. As the company's sales price of this product is uncertain, the gross profit margin level cannot be determined.

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