- SAMR approved the equity acquisition involving Changan Auto and JMCG without conditions.
- Changan Auto and JMCG now each hold 50% ownership in Jiangling Motor Holdings.
China’s merger control authority has approved the equity acquisition involving Changan Auto and Jiangling Motors Group Co., Ltd. in China, resulting in a revised ownership structure for Jiangling Motor Holdings Co., Ltd. The approval was disclosed by the State Administration for Market Regulation (SAMR) through its latest list of business combination cases that received unconditional clearance between May 11 and May 17, 2026. The transaction completed regulatory review on May 11, confirming that the ownership restructuring can proceed without additional conditions or remedies.
The approved case concerns the acquisition of equity interests in Jiangling Motor Holdings Co., Ltd. (JMH) by Changan Auto and Jiangling Motors Group Co., Ltd. (JMCG). The transaction was previously detailed by the Chongqing Municipal Administration for Market Regulation, which published information regarding the deal on April 22. Regulatory authorities assessed the transaction under applicable merger review procedures before issuing their final approval.
Under the terms of the agreements signed by Jiangxi State-owned Capital Operation Holding Group Co., Ltd. and the two acquiring parties, Jiangxi Guokong transferred 25% of JMH’s equity to Changan Auto and another 25% of JMH’s equity to JMCG. These transfers were completed without compensation. The arrangement reshaped the ownership distribution within Jiangling Motor Holdings while maintaining a jointly controlled governance structure.
Jiangling Motor Holdings Ownership Structure Before and After the Transaction
| Shareholder | Before Transaction | After Transaction |
|---|---|---|
| Jiangxi Guokong | 50% | 0% |
| Changan Auto | 25% | 50% |
| JMCG | 25% | 50% |
Prior to the transaction, Jiangxi Guokong held a 50% stake in JMH, while Changan Auto and JMCG each owned 25%. All three shareholders jointly controlled the company. Following the completion of the equity transfer, Changan Auto and JMCG each hold 50% of the company’s equity. As a result, the two shareholders now jointly control Jiangling Motor Holdings without the participation of Jiangxi Guokong as an equity holder.
The transaction represents a significant ownership restructuring within Jiangling Motor Holdings while preserving joint control between the remaining shareholders. The unconditional approval from SAMR indicates that regulators determined the deal would not raise competition concerns requiring further intervention. With the review process concluded, Changan Auto and JMCG can move forward under the new ownership arrangement established through the transfer agreement.
Frequently Asked Questions
What was approved by China’s SAMR regarding Jiangling Motor Holdings?
The State Administration for Market Regulation approved the equity acquisition involving Changan Auto and JMCG in Jiangling Motor Holdings without imposing any conditions. The transaction involved the transfer of equity previously held by Jiangxi Guokong. Following the review process, regulators concluded the deal could proceed as planned. The approval was included in the list of business combination cases cleared between May 11 and May 17, 2026, and the review was officially completed on May 11.
What is the new ownership structure of Jiangling Motor Holdings?
Following the completion of the equity transfer, Changan Auto and JMCG each own 50% of Jiangling Motor Holdings. Previously, Jiangxi Guokong held 50%, while Changan Auto and JMCG each held 25%. After transferring its entire stake equally between the two companies, Jiangxi Guokong no longer holds equity in JMH. The company is now jointly controlled by Changan Auto and JMCG, with both parties maintaining equal ownership and governance rights.
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