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On June 14, 2002, the signing ceremony of regrouping between First Auto Works (FAW) and Tianjin Auto Industry (Group) Corporation (TAIC) was held at the Great Hall of the People in Beijing. ZHU Yanfeng, general manager of FAW and ZHANG Shitang, chairman of TAIC inked the agreement. Around 300 VIPs from the state departments concerned and media attended the ceremony. High rank officers from Toyota Auto Corporation of Japan were also present at the ceremony.