SAIC TO LIKELY ACQUIRE SSANGYONG

AsiaInfo Services, April, 2004

AsiaInfo Services 04-01-2004 SAIC to Likely Acquire Ssangyong SHANGHAI, Apr 01, 2004 (SinoCast via COMTEX) -- On March 26, 2004, an executive from China National Bluestar (Group) Corporation (Bluestar), a chemical product giant in China, confirmed that the company hadgiven up its proposed acquisition of Ssangyong Motor Company (Ssangyong), the fourth-largest automaker in South Korea. On March 25, 2004, Xue Hao, spokesman of Shanghai Automotive Industry Corporation (Group) (SAIC), a giant automaker in China, did not comment on the news that SAIC would be designed to buy Ssangyong. When Bluestar announced the acquisition in 2003, SAIC also showed an interest in Ssangyong.

In addition, Xue emphasized that SAIC was a sole company that National Development and...

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