Who owns Proton? DRB-HICOM Berhad's stake and the ownership chain
Facts checked Chinese holding 49.9%
Proton is just under half Chinese. Geely agreed in 2017 to take 49.9% of the Malaysian national carmaker, with DRB-HICOM keeping 50.1% and therefore formal control; the definitive agreement was signed in July 2017. Proton's recent models, including the X50 and X70, are rebadged Geely designs built in Malaysia.
DRB-HICOM kept the majority when it sold 49.9% of Proton to the Geely side in 2017; the 50.1% is the residual of that sale as recorded in Geely Automobile Holdings' filings. The date DRB-HICOM first took control of Proton was not verified from a primary source here.
The short answer
| Controlled by | DRB-HICOM Berhad |
|---|---|
| Stake | 50.1% |
| Since | not published |
| Kind | brand |
| Origin | MY |
| Name in Chinese | 宝腾 “BAO-tung” |
| Top of the chain | DRB-HICOM Berhad |
| Is it Chinese? | Partly |
The chain, step by step
DRB-HICOM Berhad owns Proton at 50.1%.
DRB-HICOM kept the majority when it sold 49.9% of Proton to the Geely side in 2017; the 50.1% is the residual of that sale as recorded in Geely Automobile Holdings' filings. The date DRB-HICOM first took control of Proton was not verified from a primary source here.
| Holder | Holds | Kind | Stake | Since |
|---|---|---|---|---|
| DRB-HICOM Berhad | Proton | owns | 50.1% | not published |
Other recorded holdings in Proton
Holdings that are not control, kept out of the chain above so that nothing on this page reads as ownership when it is not. A joint venture is a company two parents built together: its percentage is a share of the venture, not a holding in the partner. The same pair can appear twice with different kinds, and both rows are real.
| Holder | What it is | Share | Since | What the source says |
|---|---|---|---|---|
| Geely Holding | holds a stake in | 49.9% | October 2017 | Geely Holding completed the purchase of 49.9% of Proton Holdings Berhad in October 2017 under a May 2017 agreement with DRB-HICOM. On 20 January 2023 Geely International (Hong Kong) Limited agreed to sell that 49.9%, and DRB-HICOM Geely Sdn Bhd, to listed Geely Automobile Holdings for RMB 1,063 million plus US$56,390,000 for the shareholder loan; independent shareholders approved it on 28 April 2023 and it completed that month. Proton is accounted for as an associate, not a subsidiary. |
Proton: questions people ask
- Is Proton Chinese-owned?
- No, it is Chinese-invested. Geely holds 49.9% and the Malaysian conglomerate DRB-HICOM holds 50.1% and control. Geely accounts for Proton as an associate rather than a subsidiary.
- When did Geely buy into Proton?
- Geely Holding agreed the 49.9% purchase with DRB-HICOM in May 2017 and completed it in October 2017. The stake moved to the Hong Kong-listed Geely Automobile Holdings in April 2023.
- Are Protons rebadged Geelys?
- Some share Geely platforms and technology, but Proton designs, engineers and builds in Malaysia and keeps its own model names. Its first electric car, the e.MAS 7, is based on the Geely Galaxy E5.
Related
Sources for Proton
- Geely Automobile Holdings Limited (HKEXnews), Geely Automobile Holdings Limited, interim results for the six months ended 30 June 2025. Read . Proton listed as a 49.9% associate; e.MAS 7 based on the Geely Galaxy E5.
- Geely Automobile Holdings Limited (HKEXnews), Geely Automobile Holdings Limited Annual Report 2023. Read . The 2017 acquisition and the 2023 transfer to the listed company, with the consideration.
- Gasgoo, Geely Holding Group 2025 sales surpass 4.11 million, NEV penetration reaches 56%. Read .
- Wikipedia, Proton Holdings (article). Read . Finding aid for the 7 May 1983 establishment, the Shah Alam headquarters and the Proton City facilities.
- Wikipedia, Proton Holdings. Read .
- Geely Automobile Holdings Limited (HKEXnews), Geely Automobile Holdings Limited Annual Report 2023, Directors' Report. Read .