{"id":473,"date":"2017-07-05T09:16:37","date_gmt":"2017-07-05T01:16:37","guid":{"rendered":"https:\/\/www.shentoucapital.com\/de\/?p=473"},"modified":"2023-07-18T10:40:09","modified_gmt":"2023-07-18T02:40:09","slug":"the-european-vanke-equity-dispute%ef%bc%9ahow-shentou-assisted-jifeng-in-acting-as-a-white-knight","status":"publish","type":"post","link":"https:\/\/www.shentoucapital.com\/de\/473.html","title":{"rendered":"The European \u201cVanke Equity Dispute\u201d\uff1aHow Shentou assisted Jifeng in acting as a White Knight."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"473\" class=\"elementor elementor-473\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3f0ecba6 elementor-section-full_width elementor-section-height-min-height elementor-section-height-default elementor-section-items-middle elementor-invisible\" data-id=\"3f0ecba6\" data-element_type=\"section\" data-settings=\"{&quot;animation&quot;:&quot;fadeInDown&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1b622d24\" data-id=\"1b622d24\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7c9855bc elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"7c9855bc\" data-element_type=\"section\" 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.elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">NEWS<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-43bcbe8 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"43bcbe8\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5809c56b\" data-id=\"5809c56b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79f8fa04 elementor-widget elementor-widget-wp-widget-bcn_widget\" data-id=\"79f8fa04\" data-element_type=\"widget\" data-widget_type=\"wp-widget-bcn_widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"breadcrumbs\" vocab=\"https:\/\/schema.org\/\" typeof=\"BreadcrumbList\"><!-- Breadcrumb NavXT 7.2.0 -->\n<span property=\"itemListElement\" typeof=\"ListItem\"><a property=\"item\" typeof=\"WebPage\" title=\"\u8f6c\u5230 shentoucapitalDE.\" href=\"https:\/\/www.shentoucapital.com\/de\" class=\"home\" aria-current=\"page\"><span property=\"name\">shentoucapitalDE<\/span><\/a><meta property=\"position\" content=\"1\"><\/span><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-688ab331 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"688ab331\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2896b4a6\" data-id=\"2896b4a6\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6f7e0ffc elementor-widget elementor-widget-heading\" data-id=\"6f7e0ffc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The European \u201cVanke Equity Dispute\u201d\uff1aHow Shentou assisted Jifeng in acting as a White Knight.\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50f9eb89 elementor-align-center elementor-widget elementor-widget-post-info\" data-id=\"50f9eb89\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\"><link rel=\"stylesheet\" href=\"\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css\">\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-fdce371 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.shentoucapital.com\/de\/date\/2017\/07\/05\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t2017-07-05\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<li class=\"elementor-icon-list-item 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100%;-webkit-mask-repeat:var(--divider-pattern-repeat);mask-repeat:var(--divider-pattern-repeat);background-color:var(--divider-color);-webkit-mask-image:var(--divider-pattern-url);mask-image:var(--divider-pattern-url)}.elementor-widget-divider--no-spacing{--divider-pattern-size:auto}.elementor-widget-divider--bg-round{--divider-pattern-repeat:round}.rtl .elementor-widget-divider .elementor-divider__text{direction:rtl}.e-con-inner>.elementor-widget-divider,.e-con>.elementor-widget-divider{width:var(--container-widget-width,100%);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d708991 elementor-widget elementor-widget-image\" data-id=\"4d708991\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"126\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705001-1024x161.jpg\" class=\"attachment-large size-large wp-image-244\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705001-1024x161.jpg 1024w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705001-300x47.jpg 300w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705001-768x121.jpg 768w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705001.jpg 1100w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-468f87a5 elementor-widget elementor-widget-text-editor\" data-id=\"468f87a5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Grammer Group, a German-listed company, is the world\u2019s leading automotive parts supplier. Since February 2017, the control of Grammer\u2019s shares has gained the whole industry\u2019s attention. Especially during the month before Grammer\u2019s Annual General Meeting on the 24th of May, the number of daily reports on this incident surpassed 50 articles per day. Global renowned media companies, such as Reuters, Deutsche Presse-Agentur and Automobilwoche, tracked and reported this incident with high interest.<\/p><p>Given the possible impact on the entire German industry, Grammer\u2019s major clients (Volkswagen, Daimler, BMW and other famous Automotive OEMs), as well as the German State Secretary, Bavarian Minister of Economic Affairs, industry associations, unions and heads of political parties have all made explicit statements on this incident.<\/p><p>As Grammer\u2019s Chinese consultant, Shentou Investment Co.Ltd. managed to lock up Jifeng Holding Co.Ltd. as the White Knight in a highly stressful moment to fend off a hostile takeover against Grammer. Shentou\u2019s team thoroughly planned and led this project. Later, they were interviewed by several mainstream German news outlets.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-727d8039 elementor-widget elementor-widget-image\" data-id=\"727d8039\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"581\" height=\"363\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705002.jpg\" class=\"attachment-large size-large wp-image-245\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705002.jpg 581w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705002-300x187.jpg 300w\" sizes=\"(max-width: 581px) 100vw, 581px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\"> Vice Minister of Economic Affairs interviewed in regard to Grammer\u2019s incident<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19c36496 elementor-widget elementor-widget-text-editor\" data-id=\"19c36496\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As Grammer\u2019s Chinese consultant, Shentou Investment Co.Ltd. managed to lock up Jifeng Holding Co.Ltd. as the White Knight in extreme stressful moments to fend off hostile takeover against Grammer. Shentou\u2019s team fully planned, led this project, and was interviewed by the German mainstream media magazine &#8211; \u2018M&amp;A CHINA\/GERMANY\u2019.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a6d42b3 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1a6d42b3\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-51cf99f1 elementor-widget elementor-widget-heading\" data-id=\"51cf99f1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u3010Background - the whole story\u3011\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17333bf3 elementor-widget elementor-widget-image\" data-id=\"17333bf3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"200\" height=\"143\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705003.jpg\" class=\"attachment-large size-large wp-image-246\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\"><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-542e64f0 elementor-widget elementor-widget-text-editor\" data-id=\"542e64f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Grammer AG specializes in the design and manufacturing of automotive interior parts like seat systems for off-road vehicles, trucks, buses and subways. The group was listed in Germany in 1996, with a revenue of 1.7 billion euros in 2016 and has a current market capitalization of approximately 650 million euros.<\/p><p>Due to Grammer AG\u2019s stake diversification in 2016, the Hastor family increased their holdings from 20% to 25% via the secondary market, becoming the group\u2019s largest shareholder. In early February 2017, the family demanded to replace the group\u2019s existing supervisory and management boards to gain complete control of Grammer.<\/p><p>Because of Hastor\u2019s particular identity and questionable motives, the seemingly plain investment behaviour evolved into a big event that aroused the concerns of the German automotive industry, politicians and unions. Grammer\u2019s customers, such as Volkswagen, Daimler, BMW and other OEMs, the Germany Secretary of State, Bavarian Minister of Economic Affairs, industry associations, unions and heads of political parties in Germany all held unusually sceptical views against Hastor\u2019s intentions to acquire Grammer.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ea9bc53 elementor-widget elementor-widget-image\" data-id=\"6ea9bc53\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"580\" height=\"480\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705004.jpg\" class=\"attachment-large size-large wp-image-247\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705004.jpg 580w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705004-300x248.jpg 300w\" sizes=\"(max-width: 580px) 100vw, 580px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Bavarian Minister of Economic Affairs expressed his support for Gammer AG and opposing against hostile takeover during an interview.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-50ebcf6f elementor-widget elementor-widget-text-editor\" data-id=\"50ebcf6f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Aigner, Bavarian Minister of Economic Affairs, publicly and harshly criticized Hastor\u2019s family for what they did in the case of Grammer: \u201cHastor\u2019s irresponsible game of thrones behind Grammer and its employees can jeopardize the company\u2019s future. \u201c<\/p><p>Hastor was by no means considered an ordinary investor but a gambler. In 2016, Hastor had a dispute with Volkswagen, which caused the company to stop working for a month and resulted in huge losses. Therefore, Volkswagen was very worried that had Grammer been taken over by Hastor, it would be forced to stop production once again. After all, one-third of Grammer\u2019s orders are generated from Volkswagen. Besides Volkswagen, various Grammer\u2019s clients have also hinted at terminating contracts with Grammer if it were acquired by Hastor. This would be considered a deadly blow to Grammer\u2019s 15,000 employees and the entire German automotive industry. In fact, affected by this incident in the first quarter of 2017, Grammer\u2019s orders were reduced by half compared to the same period in 2016.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ce0b662 elementor-widget elementor-widget-image\" data-id=\"1ce0b662\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"591\" height=\"294\" src=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705005.jpg\" class=\"attachment-large size-large wp-image-248\" alt=\"\" loading=\"lazy\" srcset=\"\/wp-content\/uploads\/sites\/5\/2023\/05\/20170705005.jpg 591w, \/wp-content\/uploads\/sites\/5\/2023\/05\/20170705005-300x149.jpg 300w\" sizes=\"(max-width: 591px) 100vw, 591px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\"> Live from Grammer\u2019s Annual General Meeting<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45c438af elementor-widget elementor-widget-text-editor\" data-id=\"45c438af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To stabilize the situation, Grammer\u2019s management board has invited Shentou Investment Co.Ltd. as its M &amp; A consultant, with the latter managing to lock up the White Knight Jifeng Holding under extremely tight conditions. Shentou Investment assisted Grammer in issuing Mandatory Convertible Bonds to JAP GmBH, a German subsidiary of the largest shareholder of Jifeng, and led the further M&amp;A process. The bonds were converted into 1,062,447 common shares, representing 8.43% of Grammer\u2019s total shares after the conversion. Simultaneously, JAP GmBH purchased a certain amount of Grammer shares in the secondary market. Through the above series of operations, JAP GmBH held approximately 15.07% of Grammer\u2019s total shares before the Annual General Meeting and seized corresponding voting rights as strong support for Grammer.<\/p><p>This marks the first time that Chinese investors participated as a White Knight in the M&amp;A of German-listed companies. As a result of this incident, during the shareholders\u2019 meeting on May 24, the majority shareholders of Grammer AG, including Jifeng, rejected the proposal to replace the management and supervisory board, thus preventing turmoil and the stoppage of Grammer AG.Financial institutions also hired during this incident, in addition to Shentou Investment Co.Ltd., included Goldman Sachs, Morgan Stanley and Ashurst law firm.<\/p><p>Hastor was by no means considered an ordinary investor but a gambler. In 2016, Hastor had a dispute with Volkswagen, which caused the company to stop working for a month and resulted in huge losses. Therefore, Volkswagen was very worried that had Grammer been taken over by Hastor, it would be forced to stop production once again. After all, one-third of Grammer\u2019s orders are generated from Volkswagen. Other than Volkswagen, other Grammer\u2019s clients have also hinted at terminating contracts with Grammer in the event that it would be acquired by Hastor, which would be considered a deadly blow to Grammer\u2019s 15,000 employees and the entire German automotive industry. In fact, affected by this incident in the first quarter of 2017, Grammer\u2019s orders were reduced by half compared to the same period in 2016.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>NEWS The European \u201cVanke Equity Dispute\u201d\uff1aHow Shentou as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts\/473"}],"collection":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/comments?post=473"}],"version-history":[{"count":0,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/posts\/473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/media\/550"}],"wp:attachment":[{"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/media?parent=473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/categories?post=473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shentoucapital.com\/de\/wp-json\/wp\/v2\/tags?post=473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}