Zhejiang Geely Holding Group (Geely Holding), China’s largest privately-owned automotive technology group, has increased its shareholding in Aston Martin Lagonda Global Holdings plc (Aston Martin) to circa 17% as part of a new relationship agreement with the ultra-luxury British performance brand.

Geely Holding will become the third-largest shareholder in the iconic automotive company, the terms of which were announced by Aston Martin in a statement to the London Stock Exchange.

The increased shareholding in Aston Martin will form part of Geely Holding’s strategic investment portfolio, which includes long-term equity stakes in global automotive brands. As part of the equity increase, Geely Holding will also be given the opportunity to appoint a Non-Executive Director to the Aston Martin Board of Directors as a shareholder representative, as well as to appoint a second person as an observer.