The company now has two overseas manufacturing plants in Thailand and Serbia, respectively.
The company said the structural changes and new leadership would facilitate its "In China, For China" strategy.
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The company's move is part of its broader drive to speed up monetization.
The company plans to hold 51 percent of the new firm's stakes and has submitted application materials to China's top securities watchdog, according to Gao Li, spokesperson with the China Securities Regulatory Commission (CSRC).
The company's claimed investment projects were found to have no profitability, resulting in a huge capital gap that prevented it from repaying investors' principal and interest. Last September, 53 people in the company were transferred for examination and prosecution.
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The company is now rolling out 45-60 new products in the United States each year.
The company's shares fell 1.57 percent to 3.76 yuan Friday.
The company, a subordinate of Huaying Group, turned out to be a peer-to-peer financial management company illegally collecting funds for a project supposedly aimed at solving traffic congestion.
The complaint did not name the group.