People in Qingdao are familiar with Chery Automobiles. As a national car brand, “Chery” has become the “car” choice of many Qingdao families. With the completion of a value-added share expansion project on December 4, the relationship between "Chery" and Qingdao will become closer. The reporter learned from related parties that the "Chery" capital increase and share expansion project has been successfully concluded, and the investor is a "mysterious" company from Qingdao-"Qingdao Wudaokou".
Chery Automobile’s official Weibo @ Chery Automobile also released relevant news yesterday
△Source: @Chery Automobile
"Qingdao Wudaokou" holds Chery Automobile
On the morning of December 4, the Yangtze River Property Exchange announced that the capital increase and share expansion projects of Chery Holding Group Co., Ltd. and Chery Automobile Co., Ltd. were successfully concluded. Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (referred to as "Qingdao Wudaokou") Became a new shareholder of Chery Holdings and Chery Automobile.
According to the announcement, Qingdao Wudaokou invested 758,637,336 million and 686,321,176,400 yuan in Chery Holdings and Chery Automobile respectively (totaling about 14.45 billion yuan); the shareholding ratios were 30.99% and 18.5185% respectively.
After the completion of thecapital increase and share expansion transaction, Qingdao Wudaokou’s shareholding ratio in Chery Holdings will reach 51%, and its direct shareholding in Chery Automobile will be 18.5185%, plus the indirect shareholding through Chery Holdings 32.4815%. , The total proportion has reached 51%.
What kind of enterprise is "Qingdao Wudaokou" of Chery Automobile's "Qingdao Wudaokou" with 144.5 billion holdings?look down together
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Where is the sacred investment in Qingdao Wudaokou?
Qingdao Wudaokou was established in August 2019. It is a fund body specially set up to participate in Chery's capital increase and share expansion project. Its registered place is Qingdao Automobile Industry New Town, Jimo District, Qingdao City, Shandong Province. Jimo District, Qingdao City is an important cornerstone of Qingdao Wudaokou investor. The fund manager of Qingdao Wudaokou is Beijing Wudaokou Investment Fund Management Co., Ltd. (referred to as "Beijing Wudaokou").
queries Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership), and its shareholding structure is as follows:
2019 Global (Qingdao) Venture Capital Conference, Qingdao Municipal Venture Capital Guidance Fund Center signed an intent cooperation agreement with fund institutions. The participating funds included Qingdao Wudaokou New Energy Automobile Industry Fund, and 19 funds signed at that time The total scale of intended cooperation investment reached 95.5 billion yuan.
On November 4, Shandong Expressway held the 41st meeting of the fifth board of directors (provisional), which reviewed and approved the "Regarding Jinan Changying Jinan Investment Partnership (Limited Partnership) subscribed to Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited) Proposal on Partnership) Shares.
Shandong Expressway settled in Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership), coupled with the blessing of the fund of funds at the Qingdao Venture Capital Conference, the Jimo government's acquisition of the majority shareholder of Chery Automobile seems to be natural.
"After Qingdao Wudaokou became a shareholder of Chery, it continued to promote Chery's establishment of a more market-oriented incentive mechanism, increase the introduction of resources and funds, strengthen capital operations, accelerate the country's global layout, and assist in the'Chery 2025 strategy', adhering to the principle of'help not add chaos' Landing." Zhou Jianmin, chairman and founding partner of Beijing Wudaokou, said that the reason for participating in Chery's capital increase and share expansion is that he is still optimistic about the substantial growth space of China's auto industry, especially opportunities in new energy vehicles and internationalization.
Chery has a good competitive advantage in technology research and development, global division of labor, and has a good accumulation in new energy, intelligent network connection, and positive system construction. It is believed that this restructuring will further stimulate Chery’s potential and enable investors Obtain a good return on investment and achieve better social benefits.
Yin Tongyue, chairman of Chery Holdings and Chery Automobile, said that the success of Chery's capital increase and share expansion project is a milestone on Chery's road to build a world-class brand. It took 22 years for Chery to start from the original "little thatched house" and grow into a Chinese brand deeply involved in the global value chain. Faced with a new round of technological revolution and increasingly fierce industry competition, do not enterTo retreat, and to advance slowly is to retreat. Chery must adopt a more in-depth and thorough spirit of innovation and change, introduce strategic capital, activate the system and mechanism, and seize the new track for the next round of competition. TheQingdao Wudaokou team understands the automotive industry and has rich industry and customer resources, as well as industry investment and capital operation experience. It can assist Chery in achieving the 2025 strategic blueprint and empower Chery to take off.
The dilemma of Chery behind thecontrol change
The background ofChery's birth can be traced back to 1993, when the economically backward Wuhu city began to establish its own automobile industry. In 1995, Zhan Xialai, then assistant to the mayor of Wuhu City, was in charge of the work of Wuhu Automobile Plant. The following year, he recruited Yin Tongyue, who had originally worked for FAW-Volkswagen, to Wuhu to begin preparations for the vehicle project.
In 1997, Chery Automobile was established on the basis of the original Anhui Auto Parts Company.
On December 18, 1999, the first Chery Fengyun car rolled off the production line. At that time, China was in the era of strict control of automobile production capacity. Chery Automobile did not obtain a "birth permit" and was not legally allowed to go on sale. As in other places, under the operation of the local government, Chery Fengyun first entered the Wuhu taxi market, then listed on the Wuhu bus catalog, and sold it in other provinces as the bus catalog.
In January 2001, through the coordination of the State Economic and Trade Commission, Chery Automobile and SAIC Motor were married, thus having the legal right to produce and sell automobiles.
From 2001 to 2010, the Chinese auto market continued to blow out, and Chery also ushered in its first glorious 10 years. In 2011, Chery created the best sales performance in history of 640,000 vehicles, the largest sales volume of its own brand for 11 consecutive years, and the largest export volume for 9 consecutive years.
According to a report from China Business News, Chery's financial data in recent years is not optimistic.In 2011, Chery's net cash flow was negative, operating profit was negative, and the return on net assets was close to zero. In fact, in most years from 2005 to 2019, Chery Automobile's operating profit was negative, with only 2006, 2007, 2013 and 2017 operating profit being positive.
Chery’s main profit unit is the Chery Jaguar Land Rover joint venture. From 2016 to 2018, Chery Automobile has received cash dividends of 585 million yuan, 466 million yuan and 1.535 billion yuan from Chery Jaguar Land Rover. yuan.
According to information released by Chery Holdings, focusing on the automotive industry chain, Chery Holdings has gathered nearly 900 auto and parts companies in Wuhu, driving an output value of 180 billion yuan. Nearly 40 Fortune 500 companies have invested in Wuhu due to close cooperation with Chery. Home, and 150,000 jobs were created overall. In 2018, the GDP of Wuhu City was 327.853 billion yuan.
In recent years, Chery’s debt burden has become greater and greater. From 2016 to 2018, Chery Automobile’s operating income was 32.964 billion yuan, 29.471 billion yuan and 25.231 billion yuan, but the total debt increased from 2016 to 2018. The year’s 58.12 billion yuan increased to 60.565 billion yuan. The ever-increasing debt burden has overwhelmed Chery and the Wuhu municipal government, and introducing new investors has become a practical choice.
For two consecutive years, the Wuhu municipal government has proposed a share reform plan for Chery Automobile, which all involve changes in controlling shares. This move shows the open attitude of Wuhu on the one hand. On the other hand, it also shows that the local government may have been powerless to rescue Chery. Many interviewees ofall have expectations for the ongoing share reform. They hope that the change of controlling rights will not only solve Chery’s most important debt problem, but also introduce new mechanisms and new thinking to bring real changes and Rebirth.
"The benefit of the share reform is actually that it hopes to correct all Chery’s problems in terms of the relationship between business owners, operators, corporate management systems and systems. Capital has its own logic and inherent incentives, and it will change Chery. ." Chery insiders said.
A milestone in the development of Qingdao's automobile industry
Currently, the Qingdao Municipal Government is building an automobile industry cluster in Jimo District with FAW-Volkswagen as its basis in the south, and a new energy automobile industrial cluster in the north with BAIC New Energy Vehicle as its basis.
So this acquisition of Chery Automobile is
Realize Qingdao and even Shandong automobile industry cluster
An important industrial layout of
Qingdao Jimo Automobile Industry New City has a total planned area of 93 square kilometers. It has introduced more than 130 automotive projects including the FAW Jiefang Commercial Vehicle Base, FAW-Volkswagen East China Production Base, and FAW Jiefang New Energy Commercial Vehicles. Covering passenger cars, commercial vehicles, modified vehicles and many types of auto parts, forming a relatively complete automotive industry chain.
's current FAW-Volkswagen East China production base project achieved a production capacity of 100,000 vehicles that year and an output value of approximately 15 billion yuan.
■The FAW Commercial Vehicle Base Project is one of the two major production bases of Jiefang Trucks. It mainly produces Jiefang Jp high-end heavy trucks (first prize of the National Science and Technology Progress Award), J6F high-end light trucks and V-card series products. It is expected to produce 170,000 vehicles in 2019. The total industrial output value is 20.8 billion yuan.
■The new energy commercial vehicle project of FAW Jiefang mainly produces electric trucks and urban logistics vehicles, with a planned production capacity of 50,000 vehicles and an annual output value of nearly 10 billion yuan.
From January to September 2019, the output value of the automobile industry in Jimo District exceeded 55 billion yuan, and is expected to reach 80 billion yuan for the whole year, stimulating the industrial growth of the area by 17.4%.
Among them, FAW Jiefang Company truck output increased by 25.8%, industrial output value increased by 42%, and tax revenue increased by 40.3%. FAW-Volkswagen Qingdao's car production accounted for 11.2% of the market at the same level, an increase of 1.9%; industrial output increased by 65%, tax revenue increased by 47.4%, and a modern automobile industry new city is accelerating its rise. Laixi City, whereis handed over with Jimo, is establishing a new energy industry chain based on BAIC's new energy vehicles.
In 2014, Laixi successfully introduced the BAIC New Energy Automobile Laixi production base project, becoming the first comprehensive base in Qingdao that produces complete vehicles and simultaneously sells new energy vehicles.
The base has a total investment of 5 billion yuan, a total area of 1735 mu, a total construction area of 417 thousand square meters, and a planned total annual production capacity of 350,000 vehicles. In September 2017, the base produced 10,012 new energy vehicles in a single month, becoming the first production base in the domestic new energy vehicle industry with a monthly output of more than 10,000 vehicles. In 2018, its output reached 98,000 vehicles and it currently has an annual output. With a production capacity of 300,000 vehicles, it has become the country's largest pure electric new energy vehicle industry base.
