Every reporter: Huang Xinxu Every editor: Duan Siyao
Picture source: Every reporter Li Xing photo
After all the ups and downs, Chery's mixed reform finally fell.
According to the announcement of the Yangtze River Equity Exchange, the capital increase and share expansion project between Chery Holding Group Co., Ltd. (hereinafter referred to as Chery Holdings) and Chery Automobile Co., Ltd. (hereinafter referred to as Chery shares) has been successfully completed. The investor, Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (hereinafter referred to as Qingdao Wudaokou) with a total investment of 14.45 billion yuan.
"Qingdao Wudaokou team understands the automotive industry, and can not only introduce its rich industry and customer resources into Chery, but also help Chery in terms of industrial investment and capital operation." Chery's relevant person in charge told the "Daily Economic News" reporter.
For Chery, the end of capital increase and share expansion also means that a new chapter is about to begin. According to the reporter's understanding, after Qingdao Wudaokou takes over, in the future, Qingdao Jimo District will settle in a Chery vehicle factory. While Qingdao Wudaokou brings capital to Chery, its more important goal is to help it be listed on the capital market.
"If Chery wants to achieve leapfrog development, in addition to changing the mechanism, it also needs to inject more financial resources and market resources in order to land in the capital market faster." The person in charge of Chery said. The original shareholders of
may not completely lose their decision-making power
According to the mixed reform plan, Qingdao Wudaokou increased the capital of Chery Holdings and Chery Holdings at the same time, with the shareholding ratios of 30.99% and 18.5185%, respectively, and became the largest shareholder of Chery Holdings. Since Chery Holdings is still the largest shareholder of Chery shares, its shareholding ratio is about 32.48%, which means that Qingdao Wudaokou has also indirectly become the largest shareholder of Chery shares.
reporter learned that within 5 working days from the effective date of the "Capital Increase and Share Expansion Agreement of Chery Holding Group Co., Ltd." (hereinafter referred to as the "Agreement"), Qingdao Wudaokou needs to pay 40% of the first phase of capital increase, which is approximately 57.8 100 million yuan, the remaining 60% of the capital increase will be paid within 270 days after the "Agreement" becomes effective.
With the delisting of Chery's capital increase and share expansion project, the mysterious identity of Qingdao Wudaokou was also revealed. The reporter learned on the official webpage of the "CPC Qingdao Jimo District Committee and Qingdao Jimo District People's Government" that Qingdao Wudaokou is a fund subject specially set up to participate in Chery's capital increase and share expansion project, and Jimo District is an important cornerstone investor in Qingdao Wudaokou. According to
data, the registration time for Qingdao Wudaokou is August 22 this year, and the registered address is No. 8, Dazhong Road, Qingdao Automobile Industry New Town, Jimo District, Qingdao City, Shandong Province. According to Qixinbao, the largest shareholder in Qingdao Wudaokou is Beijing Wudaokou Investment Fund Management Co., Ltd., with a shareholding ratio of 95%; natural person Wang Juan holds 5%. The fund manager of Qingdao Wudaokou is Beijing Wudaokou Investment Fund Management Co., Ltd. (hereinafter referred to as Beijing Wudaokou). The
reporter learned that after the announcement of the Changjiang Equity Exchange’s transaction, the industrial and commercial change registration of Chery Holdings and Chery shares will be completed within one month, and the subsequent work arrangements will be advanced in accordance with the agreement.
It is reported that Chery will complete the reorganization of the new board of directors before the 2020 Spring Festival, and Yin Tongyue will still be the chairman. At the same time, Wuhu Construction Investment Co., Ltd. (hereinafter referred to as Wuhu Construction Investment), the largest shareholder of Chery Holdings, retired to second place, but has the "one-vote veto power." In this regard, the reporter asked the above-mentioned relevant person in charge of Chery for confirmation, and the other party said that it could not be disclosed to the public for the time being.
However, Zhou Jianmin, the chairman and founding partner of Beijing Wudaokou, once publicly stated: "After Qingdao Wudaokou becomes a shareholder, it will adhere to the principle of'help not add chaos'." It can be seen that the original shareholders of Chery may not have completely lost their decision-making power. Mr.
Key: Jiao Zhen
Before Chery’s capital increase and share expansion project has been finalized, there have been rumors that the two private equity firms are competing. At that time, the industry generally believed that Tengxing Yangtze River Delta (Haining) Equity Investment Partnership (Limited Partnership) (hereinafter referred to as Tengxing Yangtze River Delta) had a greater probability of successful bidding. However, Chery's capital increase project eventually "succumbed" to Wudaokou, Qingdao.
Why did investors who have been "voicing" high but finally out? This is related to the comprehensive review process of Chery's capital increase and share expansion project. The reporter learned that when there are two or more qualified potential investors, a comprehensive evaluation transaction method will be adopted. The comprehensive evaluation team will evaluate the comprehensive strength and financial strength of the qualified potential investors, future development strategic planning, and resource coordination.Comprehensive evaluation of Chery Holdings and the subscription price quotation for the capital increase and share expansion projects of Chery Holdings.
First of all, there are local governments behind Qingdao Wudaokou and Tengxing Yangtze River Delta. The Qingdao Jimo District Government is an important cornerstone investor in Wudaokou, Qingdao; the largest shareholder of the Tengxing Yangtze River Delta is the Zhejiang Haining Asset Management Company, which is 100% funded by the Haining Municipal (county-level city) State-owned Assets Supervision and Administration Commission.
Compared with the Tengxing Yangtze River Delta, the Jimo area behind Qingdao Wudaokou has a deep connection with Chery. Public information shows that as early as August 2015, Chery Chairman Yin Tongyue reached the initial intention of real estate new energy vehicles on behalf of Chery at the 2015 China Automotive Investment and Entrepreneurship Summit held in Jimo District.
However, Qingdao Wudaokou was finally able to pick up Chery's capital increase and share expansion project because of a "key man"-Jiao Zhen, president of CDH Investment Fund Management Company. Qixinbao shows that Jiao Zhen has another identity: Director of Chery Automobile. He and Zhou Jianmin, chairman and founding partner of Beijing Wudaokou, are both alumni of Shandong University and have close ties.
According to a news article published by the Qingdao Daily on April 25 this year, the leaders of Qingdao City met with entrepreneurs such as Jiao Zhen and Zhou Jianmin. At the meeting, they also mentioned that Qingdao is vigorously developing the new energy automobile industry and is striving to build the world’s largest new energy vehicle industry. Energy automobile industry base.
Subsequently, at the "2019 Global (Qingdao) Venture Capital Conference" in May, Qingdao Wudaokou made its debut. Public information shows that Qingdao announced the establishment of a fund of funds of science and technology innovation with a total scale of 50 billion yuan, and Qingdao Wudaokou has become one of its intended cooperation funds. It is understood that Qingdao Science and Technology Innovation Fund of Funds will focus on investment in artificial intelligence, new energy and new energy smart cars, energy conservation and environmental protection and other fields. There is speculation in the industry that Qingdao Wudaokou’s shareholding in Chery was “matched” by Jiao Zhen, but this speculation has not been officially recognized by Chery.
Chery’s listing infatuated without changing
In fact, Chery’s requirements for the investors of the capital increase and share expansion project are harsh. Chery has made it clear in its capital increase and share expansion announcement that the new investors of Chery Holdings and Chery’s capital increase must be the same investor, and foreign investment and vehicle companies are not eligible.
After Qingdao Wudaokou became a shareholder of Chery, Zhou Jianmin stated that he would adhere to the principle of "help not add chaos" to assist the implementation of the "Chery 2025 Strategy". The new energy automobile industry is an industry that Qingdao is focusing on. The Qingdao Automobile Industry New City in Jimo has even shouted the goal slogan of "Double Hundred Billion".
"For Chery's capital increase and share expansion, Qingdao should be to increase production capacity." A person close to Chery Automobile told reporters.
There are currently 4 vehicle manufacturers in Qingdao, namely Beijing New Energy Automobile Co., Ltd. Qingdao Branch, FAW Jiefang Qingdao Automobile Co., Ltd. (New Energy Commercial Vehicle Base), SAIC-GM-Wuling Automobile Co., Ltd. Qingdao Branch, FAW Volkswagen Co., Ltd. Qingdao Branch, and other auto parts manufacturers. After Qingdao Wudaokou acquires a stake in Chery, Chery will settle in an auto factory in Jimo District to promote the development of upstream and downstream enterprises in Qingdao's automobile industry chain. In addition, an automotive analyst who did not want to be named also told reporters: "After being controlled by Qingdao Wudaokou, Chery can seek to go public. These investors are masters of capital operation, and Chery will have more benefits for investors after listing. "
" The purpose of Chery's capital increase and share expansion is also to reduce financial costs. Chery is currently one of the few auto group companies in China that is not listed because of the high financing costs during the development process." The above-mentioned person in charge of Chery said that at present, the specific details of Chery's listing The plan is not yet clear, but there should be corresponding actions in the follow-up. The
reporter learned that after Qingdao Wudaokou acquires shares, it will work with other shareholders to formulate market-oriented incentive mechanisms, which means that some of Chery's mechanisms will be adjusted.
Wuhu had to let go
Chery's contribution to Wuhu is obvious. Yin Tongyue once revealed that Chery has brought nearly 1,000 companies to Wuhu, and Chery alone has invested in more than 200 companies. It can be said that Chery is very important to the economic development of the Wuhu area, so that last year, Chery was converted from a mixed-use auction. There was a view that the local government of Wuhu might not be willing to let go.
Qingdao Wudaokou takes over Chery Holdings, why is Wuhu willing to let go? "Firstly, under the influence of higher-level policy guidance, the mixed reform of state-owned enterprises should be accelerated. The Wuhu government's transfer of controlling rights means that Chery's reform will be more thorough.In the end, it is also to comply with the current general trend of deepening the mixed reform of state-owned enterprises. Secondly, under the influence of the system, Chery's development has no stamina, and the local government is also very anxious. "Cao He, president of Quanlian Automobile Dealers Investment Management Co., Ltd., told reporters. According to the above-mentioned related persons close to Chery Automobile,
told reporters: "Chery's capital pressure is too great, which is also an important reason why the local government in Wuhu had to let go. . According to public data from
, as of June 30, 2019, Chery Holdings’ net profit was -155 million yuan, total assets were 90.417 billion yuan, and total liabilities were 68.508 billion yuan; Chery’s net profit was 1.374 billion yuan. The total assets are 83.082 billion yuan and the total liabilities are 62.293 billion yuan. After the completion of the mixed reform, Wuhu Construction will no longer be Chery’s largest shareholder, but if it still has a veto, Chery Automobile’s decision-making and daily routine Whether business management will be affected, the industry will continue to pay close attention to this.
Daily Economic News
