Chery's mixed reform and the change of major shareholders, the next move has attracted attention.
Some insiders speculate that Chery will usher in a reorganization of the board of directors, and the new major shareholder, Zhou Jianmin, the actual controller of Qingdao Wudaokou, may become a director of Chery.
interviewed Chery Automobile's public relations department on this financial network, but did not clearly disclose the latest progress. On the morning of December 4th, Chery Automobile officially announced that after a public solicitation and selection of merits, Chery’s capital increase and share expansion project has been completed. Chery Holdings and Chery Automobile will jointly welcome new shareholders-Qingdao Wudaokou New Energy Automobile Industry Base Enterprise (Limited Partnership) (hereinafter referred to as Qingdao Wudaokou).
According to public reports, Qingdao Wudaokou has invested 14.449 billion yuan in Chery Automobile and Chery Holdings. After the completion of all transactions, Qingdao Wudaokou will hold 51% of Chery Holdings and 35.58% of Chery Automobile, becoming the largest shareholders of the two companies. It replaced Wuhu SASAC and became the actual controlling shareholder of Chery Holdings.
Qingdao Wudaokou was established in August 2019. It is the main body established to participate in Chery's capital increase and share expansion project. Its registered place is Qingdao Automobile Industry New City, Jimo District, Qingdao City, Shandong Province. Jimo District is an important cornerstone investor in Wudaokou, Qingdao. The first payment of 10 billion in Qingdao Wudaokou is mainly from the state-owned investment platform of Jimo District and large enterprises in Shandong Province.
Shandong Expressway is a limited partner of Qingdao Wudaokou. The transaction with Chery involves joint investment by related parties. Shandong Expressway issued an announcement in November showing that the overall size of Qingdao Wudaokou Fund is 2.02 billion yuan, of which Changying Jin’an has subscribed and contributed 1 billion yuan as a limited partner; Jinan Jiading Investment Partnership (Limited) Partnership) to subscribe and contribute 1 billion yuan as a limited partner. Beijing Wudaokou Investment Fund Management Co., Ltd. subscribed and contributed RMB 19 million as a general partner. The new shareholder of
received multi-party funding.
There are various signs that Qingdao Wudaokou has taken over Chery. Behind it is CDH Investment, Shandong Expressway Co., Ltd. (hereinafter referred to as " Shandong Expressway "), Shandong Jimo District Government and many other forces, from many intentions to invest The stand out from the crowd is not only due to capital operation, but also from Jiao Zhen's "favors."
Dinghui Investment founder Jiao Zhen (also known as Jiao Shuge) is currently the director of Chery Automobile. Dinghui Investment participated in the strategic equity investment of Chery Automobile in 2009. Jiao Zhen and Zhou Jianmin, the actual controller of Wudaokou in Qingdao, are alumni of Shandong University and have a close relationship. They have attended events on the same stage many times. When Chery officially announced the completion of the capital increase and share expansion project, it also mentioned details such as welcoming new shareholders to empower Chery's 2025 strategy.
board of directors may face reorganization
With Qingdao Wudaokou becoming Chery's largest shareholder, Chery is facing a change of control and a reorganization of the board of directors. Chery will face changes in management, resources, and personnel. Ren Wanfu, a senior automotive analyst at
, said that Chery Automobile’s board of directors will definitely welcome new directors, but due to financial financing, some of the new directors’ rights related to corporate operations and strategy will be restricted. "Whether Zhou Jianmin entered the board of directors himself or entrusted others to enter the board of directors is still unknown." There is also the issue of different rights in the same shares.
Regarding Chery's introduction of strategic investors, Chery Automobile Chairman Yin Tongyue once revealed to the media that “the first is to protect the “golden clause” of Wuhu City, the same shares have different rights, and even Wuhu has a veto on certain matters; For these selected strategic investors, their corporate management must agree with Chery's future development strategy, agree with Chery's roots in Wuhu, and ensure the stability and voice of management." From the current perspective, Zhou Jianmin agrees with Chery's 2025 strategic plan. Zhou Jianmin once revealed to the media, "After Qingdao Wudaokou became a shareholder of Chery, it adhered to the principle of'help not add chaos', and continued to promote Chery to establish a more market-oriented incentive mechanism, increase the introduction of resources and funds, strengthen capital operations, accelerate the country’s global layout, and assist The'Chery 2025 Strategy' has landed."
This left suspense for the reorganization of the board of directors.
According to a report by the Financial Association, Chery chose Qingdao Wudaokou for another purpose of IPO (initial public offering). Chery and Qingdao Wudaokou signed an agreement on December 3. It is expected that after the industrial and commercial change is completed within one month, “New Chery will complete the reorganization of the board of directors before the Spring Festival of 2020. At the same time, with the addition of new investors, Chery’s IPO process will also Speed up.”
This means that there will be less than two months before the reorganization of Chery’s board of directors will be clear.
