BAIC intends to overtake Geely as Daimler’s largest shareholder

In July this year, BAIC Group purchased 5% of Daimler AG and became Daimler's third largest shareholder. Recently, according to Reuters, BAIC Group has begun to purchase shares of Daimler AG in the open market, plans to increase its stake in Daimler to about 10%, and become Daimler's largest shareholder at one stroke. IIA consulted relevant information from BAIC Group. As of press time, no reply has been received.

According to people familiar with the matter, HSBC is assisting BAIC in completing the new investment. As of November 15, HSBC directly held 5.23% of direct voting rights of Daimler AG. Upon completion of the increase, BAIC Group will become Daimler's largest shareholder and win a seat on the board of supervisors, which is currently not the largest shareholder Geely.

A person familiar with the BAIC Group also revealed that BAIC hopes to surpass Geely to become the largest shareholder of the German car company in order to become Daimler's most important partner in China. Neither BAIC nor Geely has responded to the matter.

Geely holds 9.69% of Daimler's shares, BAIC holds 5% of Daimler's shares, and Chinese capital has controlled nearly 15% of Daimler's shares.

Hubertus Troska, CEO of Daimler China, said: "Daimler welcomes long-term investors. We and BAIC like each other and let us wait for further development.