CHINA'S biggest automaker, SAIC Motor, yesterday announced it has completed the largest asset restructuring in China's A-share market this year, with the market value of the listed company estimated at 29.11 billion yuan (US$4.58 billion).

SAIC acquired the shares in its auto component, services trading and new-energy vehicle businesses by issuing shares to SAIC (Group) and SAIC Ltd. The overall listing project was launched in February and approved by China's stock regulator in September.

From January 9, the first trading day after the New Year break, the listed company will trade under the new name of SAIC Group.

SAIC gained 1.87 percent to close at 14.14 yuan in Shanghai yesterday.

Hu Maochun, director of SAIC Group, said yesterday the automaker sold more than 4 million vehicles this year, up 11.9 percent from last year and higher than national average of 2.2 percent.

At yesterday's ceremony to mark the completion of asset restructuring, Mayor Han Zheng said SAIC should shift gears and rev up its innovation ability and develop core technologies to lift its global competitive edge.

Han said SAIC has to enhance development of its own core technology and boost its homemade brand to build itself up into a strong multinational company. He also urged SAIC to exploit the development of new-energy vehicles as this new sector will provide another road to help the company to drive forward.

Authorities said cars led the growth of the city's six pillar sectors in 2010 with an industrial value of 256 billion yuan, up 40.5 percent annually.