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Exhibit 12.3

Translated from Chinese

Amendment to the Articles of Association

of Sino-foreign Joint Venture Shenyang JinBei Passenger Vehicle
Manufacturing Company, Ltd.

|         |  |                                                                                             
|-------- |  | --------------------------------------------------------------------------------------------
|Parties: |  | Brilliance China Automotive Holdings Limited (Hereinafter referred to as Brilliance China)
|         |  |                                                                                             
|         |  | Shenyang JinBei Automotive Company Limited (hereinafter referred to as JinBei)            

The existing Sino-foreign Joint Venture Contract of Shenyang JinBei
Passenger Vehicle Manufacturing Company, Ltd. between the above two parties was
approved by the Ministry of Foreign Economic and Trade Cooperation in March
1993 in document [1993] Waijingmao Sanzi Hanzi No. 100. Now based on the need
to increase the total investment and registered capital of Shenyang JinBei
Passenger Vehicle Manufacturing Company, Ltd., which is a joint venture between
the above-mentioned two parties, the parties have decided through consultation
to amend the original signed and approved Articles of Association of
Sino-foreign Joint Venture Shenyang JinBei Passenger Vehicle Manufacturing
Company, Ltd. as follows:



| | 1. |  | The registered capital of this JVCO shall be US$ 171.16
million in item 1 of Article Seven of the JVCO Articles of
Association shall be amended to read The total investment of this
JVCO shall be US$ 570.98 million, and the registered capital of
this JVCO shall be US$ 444.16 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 2. |  | The capital contribution to the registered capital of JVCO
subscribed by the Parties to JVCO are as follows: JinBei shall
contribute US$ 83.87 million, which shall be paid in RMB in an
amount equivalent to US$ 83.87 million, and shall be used by JVCO
to purchase the fixed assets and moulds originally leased from
JinBei. The conversion rate shall be the foreign exchange rate
published by the State Administration of Foreign Exchange on the
date of payment of such contribution; Brilliance China shall
contribute US$ 87.29 million in USD cash in Article Eight of JVCO
Articles of Association shall be amended to read The amount,
percentage and means of capital contribution by the Parties to JVCO
shall be as follows: The amount of capital contribution by JinBei
shall be US$ 217.6384 million, representing 49% of the registered
capital, of which, US$ 83.87 million has originally been in place,
with an additional contribution of US$ 133.77 million to be made in
RMB in an amount equivalent to US$ 133.77 million; The amount of
contribution by Brilliance China shall be US$ 226.5216 million,
representing 51% of the registered capital, of which, US$ 87.29
million has originally been in place, with an additional
contribution of US$ 139.23 million to be made with RMB profits that
are equivalent to US$ 139.23 million. In the case of contribution
in RMB cash, the contribution payment shall be converted into

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Translated from Chinese



| |  |  | US dollars according to the rate published by the State Administration
of Foreign Exchange on the date of such payment. The additional
capital contribution by the Parties shall be in place within 6
months of the receipt of new business license by JVCO.
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This Amendment shall be an integrated party of the original Articles of
Association, and shall become effective upon the approval by the original
approving authority.

|                                             |  |                                           
|-------------------------------------------- |  | ------------------------------------------
|Brilliance China Automotive Holdings
Limited |  | Shenyang JinBei Automotive Company
Limited
|                                             |  |                                           
|/s/ Su Qiang                                 |  | /s/ He Guo Hua                            
|                                             |  |                                           
|Authorized Representative                    |  | Authorized Representative                 

Dated: October 23, 2002, Shenyang City, PRC

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