Summary by Futu AI
GEELEY AUTOMOBILE HOLDINGS LIMITED (“GEELEY AUTOMOBILES”) COMPLETED A TRANSACTION FOR THE INVESTMENT OF A JOINT VENTURE ON MAY 31, 2024. The transaction is based on a previously disclosed exit agreement and involves Gili Motors, Gili Holdings and Renault three parties. The joint venture is called Horse Powertrain Limited (“Horse Powertrain”), based in London, England. Under the shareholding structure, Gili Motors holds a 33% interest through its indirect wholly owned subsidiary Aurobay Holding Limited, Geely Holdings owns 17% through GHPT Limited and Renault owns the remaining 50%. Horse Powertrain's financial results will not be included in the financial statements of the Gilly Automobile Group and will not be considered a subsidiary of Gilly Cars. Horse Powertrain's Board of Directors consists of six directors, of which Geely Cars has nominated two directors, Gilly Holdings has nominated one director, and Reno has nominated three directors. Mr. Lee Donghui, Executive Director of Gili Motors, serves as Chairman of the Board of Directors of Horse Powertrain.