Author | City Boundary Zhang Yang
Editor | Shanhaiguan
After the share reform, 29 executives of Chery Automobile Co., Ltd. (hereinafter referred to as "Chery Automobile") collectively gave up their positions, and only Chairman Yin Tongyue and director Fang De remained.
Tianyan check shows that 4 independent directors Lu Feng, Xu Jingchang, Ouyang Minggao, Zhu Zhenwu, and 4 employee supervisors Sudan, Zhao Baoming, Pan Yuhong, and Wang Kaifu all gave way to the new executives. After 29 executives withdrew, 10 new executives entered Chery.
On December 4, the protracted share reform of Chery finally landed. Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (hereinafter referred to as "Qingdao Wudaokou") won the bid and became Chery's new investor.
Qingdao Wudaokou invested 14.45 billion yuan to increase the capital and shares of Chery, and Chery's registered capital was originally increased from 4.46 billion yuan to approximately 5.47 billion yuan. Qingdao Wudaokou also received 15.78% and 4.23% of shares in Huatai Asset Management and Ruichuang Investment, both of whom are Chery shareholders. After completing a series of actions, Qingdao Wudaokou became the major shareholder of Chery and Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery Holdings"), holding 51% of the shares of the two companies.
Qingdao Wudaokou is a private fund that was registered and established in August 2019 and was specially set up to participate in Chery's capital increase and share expansion project.
After the equity penetration of Qingdao Wudaokou, the actual control was Zhou Jianmin. He was one of the 10 new executives and served as the vice chairman of Chery. This position was newly added by Chery. It is suspected to be tailor-made for Zhou Jianmin. Chery's business management exerts influence.
Standing behind Zhou Jianmin is actually the Jimo District Government of Qingdao City. According to Caixin reports, after Qingdao Wudaokou won the bid for the Chery project, the funds paid in advance to the condominium account, including the sincerity fund, mainly came from the Jimo District government investment platform, totaling about 10 billion yuan. The official website of the Jimo District Government also published an article acknowledging that the district is an important cornerstone investor in Wudaokou, Qingdao.
Jimo District Government stated that holding Chery will add new bargaining chips to improve Qingdao's automobile industry chain. Chery and Jimo have also agreed. In August 2015, Chery and the Jimo district government reached a preliminary intention to realise new energy vehicles.
Jimo District also revealed that Chery will settle in a vehicle plant in Jimo District.
