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On Tuesday, Tianyancha confirmed that Hangzhou BYD Car Co., Ltd. made a registration alternate with the Commercial and Industrial Management appearing that Wang Chuanfu, BYD’s founder, had stepped down as chairman.
Hangzhou BYD Car Co., Ltd. used to be established in April 2015 with a registered capital of 100 million yuan ($16 million), and its industry scope basically specializes in the manufacturing of automotive portions, along with their wholesale and retail.
BYD spoke back to native media outlet The Paper, announcing, “Lately, BYD Team has modified its felony illustration and chairman of its subsidiaries into precise industry leaders, to be able to simplify the executive procedure and facilitate the advance of quite a lot of companies of the firms. Except for the alternate of the individual accountable for legalities and the position of the chairman, the firms’ operation and possession construction stay the similar, and the firms’ industry building has no longer been affected.”
The corporate went on to give an explanation for, “Hangzhou BYD Car Co., Ltd. concerned on this alternate is among the many subsidiaries of the crowd. The felony particular person, chairman and president of the crowd’s father or mother corporate, BYD Co., Ltd., remains to be Wang Chuanfu.”
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Previous to this, Wang had stepped down because the felony consultant or chairman of a number of BYD subsidiaries, together with Wuhan BYD Car Co., Ltd., Shanghai BYD Co., Ltd., Xi’an BYD Commercial Co., Ltd. and Shantou BYD Commercial Co., Ltd., amongst others.