|Green lemon
source|Car story novel (ID: AutoNovel)
On December 4, the two capital increase and share expansion announcements of the Changjiang Equity Exchange formally announced that Chery had achieved its long-cherished wish to introduce external capital in recent years.
According to the announcement, Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (abbreviated as Qingdao Wudaokou) became the new shareholder of Chery Holdings and Chery at a consideration of 7.586372336 billion yuan and 6.863217664 billion yuan. Among them, the shareholding ratio of Chery is 30.99%, and the shareholding ratio of Chery shares is 18.5185%.
At this point, Chery has been waiting for the Prince Charming for many years to officially appear.
Yes, it seems that Chery, who has a big business, also needs Prince Charming to appear and rescue him. In fact, Chery has already "confessed" its operating conditions in the past three years in the contents of the previous listing announcement.
According to Chery Holding Group Co., Ltd. (referred to as Chery Holdings) and Chery Automobile Co., Ltd. (referred to as Chery shares) listed on the Yangtze River Equity Exchange on September 9 this year, the two operating statuses have not changed in the past three years. not optimistic.
Chery Holdings’ corporate audit data for the past three years shows that from 2016 to 2018, its total annual assets were 44.969.1 billion yuan, 77.242 billion yuan and 89.779 billion yuan. Although the total amount of assets has maintained an increasing state, the total amount of responsible assets has also kept increasing. According to data from
, between 2016 and 2018, Chery Holdings’ total responsibility was 32.895 billion yuan, 62.014 billion yuan, and 68.940.8 billion yuan. Total liabilities accounted for 73.15%, 80.78%, and 76.79% of total assets respectively. Such a high responsibility rate of
also highlights Chery's poor operating conditions in recent years. In fact, its financial statement data for the first half of this year has been enough to confirm. Financial statement data shows that Chery Holdings' operating income is only 10.42 billion yuan and a net profit loss of 155.6 million yuan. The situation of Chery shares, another protagonist of the capital increase and share expansion, is naturally not much better.
Chery's corporate audit data for the past three years shows that between 2016 and 2018, its total annual assets were 77.09 trillion yuan, 83.09 billion yuan, and 80.541 billion yuan. In the past three years, the total liabilities were 58.12 trillion yuan, 62.382 billion yuan, and 60.565 billion yuan. Total liabilities accounted for 74.60%, 75.15% and 75.20% of total assets respectively.
Chery shares in the latest financial statement data show that its total revenue is 13.119 billion yuan, and the net profit is a loss of 1.374 billion yuan.
As the old brother of an independent car company, why has Chery's development deteriorating in recent years?
mentioned the development history of Chery, and Chery Chairman Yin Tongyue has mentioned the plot of "thatched houses" on different occasions many times.
In 1996, Yin Tongyue, who left FAW and returned to Wuhu to start Chery, was poor at the beginning. Without a venue, I had to find a waste-gas brick factory and thatched house as an office location. Chery's first handmade model was born under such conditions. This difficult entrepreneurial experience has become Yin Tongyue's unforgettable past. The colleagues who worked hard with
at the beginning of the business also eventually became Yin Tongyue's "brothers." This was also the source of the irregularity of Yin Tongyue in company management that followed for a long time. The fact that the brotherhood plot is greater than the system did not improve until the arrival of professional manager Chen Anning.
In fact, Yin Tongyue gave three strategic development stages for Chery's development earlier. The first stage is from the very beginning (1997) to the launch of the iAuto platform in 2013. For this stage, Yin Tongyue's definition is to make cars that consumers can buy, and let most families realize their car dreams. The second stage, around 2013-2020, will develop into an independent brand that can compete with joint venture brands. The third stage is to become a world-class car company from 2020.
time back to 201On the eve of the 3-year Shanghai Auto Show, located in the No. 1 studio of Anhui TV Station, Yin Tongyue shouted on the stage in front of the national media and the guests: Chery will truly be able to build cars from today! What made Yin Tongyue feel about
was the release of Chery's iAuto platform that day. According to Yin Tongyue's self-report on the stage, in terms of hardware, he has visited major European and American car manufacturers to learn successful experience. iAuto platform related equipment is even from the same supplier as Porsche. In terms of talents, Chen Anning's leading international team comes from various fields of international car giants such as Mercedes-Benz and BMW. At that time, in Yin Tongyue's view, with the blessing of new software and hardware, Chery with positive research and development could be regarded as a real car.
However, contrary to expectations, the Arrizo series built on the iAuto platform did not become the market explosion in Yin Tongyue's imagination. At the terminal market level, Chery is still the original Chery.
came to the end of the second stage over time. The Chery brand was not only far away from competing with joint venture brands, but also gradually left behind compared to its independent competitors in the same period. The weak competitiveness of the
brand and products is just a sign. Behind it, the changes in strategy and frequent changes in personnel have caused Chery to lose its long-term plan. From having more children to fight, to returning to a Chery brand, to today's multi-brand strategy, no one knows how many models Chery has created (including those that are not on the market) and how much research and development expenses have been wasted during this process.
Nowadays, in addition to Chery Jaguar Land Rover's annual dividends, many brands including Chery, Qoros, Kaiyi, Xingtu, etc. are all at a loss. The input of
is not worth the output, which is why Chery has been eager to increase capital and shares in recent years.
car matter novels found through Tianyan to check data that the registration time of Qingdao Wudaokou, who played the role of Chery Prince Charming, was August 22, 2019. This shows that the registration of the fund came specifically for Chery's capital increase and share expansion.
According to the registration information, Qingdao Wudaokou is registered at No. 8, Dazhong Road, Qingdao Automobile Industry New Town, Jimo District, Qingdao City, Shandong Province. Business scope investment and asset management; equity investment; investment consulting; corporate management consulting, etc. Behind it is held by natural person Wang Juan and Beijing Wudaokou Investment Fund Management Co., Ltd. (referred to as Beijing Wudaokou). The
car story novel through Tianyan Checked through layers of equity in Beijing Wudaokou and found that the ultimate beneficiaries were Zhou Jianmin and Zhao Zhenhua.
In other words, the information that can be queried on the bright side shows that the Prince Charming who played to save Chery this time are: Wang Juan, Zhou Jianmin, and Zhao Zhenhua.
According to sources quoted by the Economic Observer, Zhou Jianmin and CDH Investment President Jiao Zhen are alumni of Shandong University. CDH Investment is one of Chery's shareholders introduced through private equity in 2009. CDH's two funds hold 2.61% and 0.74% of Chery shares.
Right now, although Prince Charming has been hammered down. However, there is no further news about how it will save Chery and what changes it will bring to Chery.
However, based on the conditions for investors listed in Chery’s listing announcement, “intentional investors and their controlling shareholders, actual controllers (if natural persons, including their related parties) and their controlled companies are not directly or Indirect investment and control of vehicle production and manufacturing enterprises or engaging in vehicle production and manufacturing through control relationships". Does this mean that Prince Charming can only support Chery on the financial level, and cannot specifically intervene in daily operation and management? Or can it be used to delegate senior management to participate in Chery's daily operation and management? No matter what kind of situation it is, Chery has no capital to go through again. At least in terms of time, whether it is following the pace of industrial transformation or compared with its counterparts in mainstream independent auto companies, Chery has fallen behind by a large margin.
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