Beiqi Foton Motor Co. — a Chinese manufacturer of commercial utility vehicles and the consumer pick up truck Tunland — is planning to set up an auto finance joint venture with $385 million of capital, according to public filings.
Beiqi Foton will invest in Anpeng Leasing shares to jointly established Anpeng Zhongrong Co., according to the document. The Hong Kong-based lender was established in August 2014 and has traditionally specialized in aircraft financing.
Additionally, Foton Motors will invest in Xinrong Financial Leasing Co., which specializes in automotive rentals, to form a joint venture with capital of $387 million.
