Autohome Inc. (ATHM), Thursday announced that its controlling shareholder Yun Chen Capital Cayman has agreed to sell around 200.9 million shares of the company to Cartech Holding Company, a subsidiary of Haier Group Corp., for about $1.8 billion.
Following the completion of transaction, Yun Chen will hold nearly 23.9 million shares of the company, and it will cease to be the controlling shareholder of the company.
The company further announced that Chief Executive Officer Tao Wu has resigned from the position, effective February 20. Wu will be succeeded by Song Yang, who has served as Senior Vice President of the company since 2021.
Currently, Autohome's stock is trading at $31.62, up 5.01 percent on the New York Stock Exchange.
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