China Merchants Securities International: The restructuring of FAW Toyota and GAC Toyota is generally positive for GAC Group (02238.HK), but the substantive effects remain to be seen.

Zhitong Finance APP has learned that China Merchants Securities International issued a research report stating that GAC Group (02238.HK) announced plans to issue A-shares to acquire part of the equity of a certain vehicle joint venture held by FAW Group and to raise matching funds. It is estimated that the core target of this asset integration is the Toyota joint venture. The bank believes that the restructuring of North and South Toyota has an overall positive impact on GAC Group, but the substantive effect remains to be seen.