's ups and downs of Chery's capital increase and share expansion project finally finalized the final investor.
On December 4, the Yangtze River Equity Exchange issued an announcement stating that the capital increase and share expansion projects of Chery Holding Group Co., Ltd. (hereinafter referred to as “Chery Holdings”) and Chery Automobile Co., Ltd. (hereinafter referred to as “Chery Shares”) have been concluded. Fang is the Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (hereinafter referred to as "Qingdao Wudaokou"). According to the
announcement, Qingdao Wudaokou invested 7.586372336 billion yuan in Chery Holdings, with a shareholding ratio of 30.99%, and invested about 6.863217664 billion yuan in Chery Holdings, with a shareholding ratio of 18.5185%. This is consistent with Chery's previously announced capital increase and share expansion instructions and requirements. According to information, the announcement period is from December 4, 2019 to December 10, 2019. According to the information in the
data, the new investor Qingdao Wudaokou has just been established for three months, and its main business is investment and asset management, investment consulting, etc. The largest shareholder is Beijing Wudaokou Investment Fund Management Co., Ltd., which was established in 2014. Legal representative For Zhou Jianmin. It is reported that Zhou Jian and Shenzhen CDH Investment President Jiao Zhen are both Shandong University alumni, and CDH Investment is one of the shareholders introduced by Chery through private equity in 2009. Currently, CDH Investment’s two funds hold 2.61% and 0.74% of Chery shares.
With the entry of Qingdao Wudaokou, the controlling shareholders of Chery Holdings and Chery shares will change. According to the data, the largest shareholder of Chery Holding Group was Wuhu Construction Investment Co., Ltd. (hereinafter referred to as "Wuhu Construction Investment"). After the capital increase and share expansion, the shareholding ratio of Wuhu Construction Investment will drop from 40.1084% to 27.68. %, lower than the shareholding ratio of new investors. With the change of the major shareholder of Chery Holding Group, the major shareholder of Chery shares will also change. However, after completing the capital increase and share expansion, Chery Holdings will remain the largest shareholder of Chery shares, with a shareholding ratio of 32.4815%. The mixed reform of
Chery lasted more than one year, and it was listed in 2018. After the expiration, the four extensions were still sold. According to industry insiders, it is not because of Chery's high debt and poor profitability that no one is interested in Chery's mixed reform project, but the threshold for participating in the mixed reform is too high.
Chery requires one investor to participate in the two mixed reform projects, and the intended investor and its controlling shareholder, actual controller (if it is a natural person, including its related parties) and the company it controls are not directly or in the future Or indirectly invest in and control vehicle production and manufacturing enterprises or engage in vehicle production and manufacturing through control relationships.
Chery’s capital increase and share expansion project is regarded as the highlight of Anhui’s state-owned assets reform. One year ago, on September 17, 2018, Chery Holdings and Chery both issued pre-announcements on capital increase and share expansion on the Yangtze River Equity Exchange. The two plan to jointly recruit The same investor raised no less than 7.911 billion yuan and 8.332 billion yuan respectively, totaling 16.243 billion yuan. As of December 20, 2018, the capital increase and share expansion that caused great concern in the industry finally ended in abortion.
After a lapse of one year, Chery's mixed reform started again. On September 2, 2019, Chery Holdings and Chery Co., Ltd. once again issued pre-announcements for capital increase and share expansion on the Yangtze River Property Rights Exchange. The official announcement period began on September 9 and ended on November 7.
On the evening of November 7, the pre-announcement information was suddenly updated to "closed". Some analysts believe that this means that at least one qualified bidder has picked the "fruit". At that time, it was revealed that the two companies had paid 5 billion yuan of intent for this, namely Tengxing Yangtze River Delta (Haining) Equity Investment Partnership (Limited Partnership) and Qingdao Wudaokou New Energy Automobile Industry Fund (Limited Partnership).
According to the announcement information, after reaching an agreement, both parties and the major shareholders shall, within 5 working days after receiving the "Notice of Capital Increase and Share Expansion Transaction Results" (not including the day when the notification is delivered), at the Yangtze River Property Rights Exchange site or the Yangtze River The Exchange designated the place to sign the "Chery Automobile Co., Ltd. Capital Increase Agreement" and other related documents.
However, to the surprise of the industry, the Yangtze River Property Rights Exchange still has no follow-up related announcements and information disclosures for many days. According to media reports, "the opinions of all parties need to be unified, so it takes some time to negotiate."
In this regard, some auto industry analysts believe that “Chery’s second capital increase and share expansion is still a financial investment, and it has not given up core rights such as control and production and operation rights. For a single investor, the investment is huge.The post-financers definitely want to get as much benefits as possible, so multiple rounds of negotiations are normal. "
. Previously, the industry generally believed that the Tengxing Yangtze River Delta, which was also registered in July this year, has a relatively large opportunity. It is reported that the State-owned Assets Supervision and Administration Office of the Haining Municipal People’s Government is the suspected actual controller of the Tengxing Yangtze River Delta, and the indirect holding ratio has reached 42.21%. According to sources, as one of the conditions for the delisting of the Tengxing Yangtze River Delta, the joint venture between Chery and Deutsche Post may settle in Haining, Zhejiang. However, the final result showed that Qingdao Wudaokou won.
Chery previously stated that this The funds raised in the round will be used for debt repayment and the development and daily operation of existing and new businesses. From the perspective of financial indicators, Chery Holdings’ net profit in the first half of the year was -155 million yuan, with total assets of 90.417 billion yuan, and total liabilities reached 68.5 billion yuan; Chery’s net profit is -13.7 billion yuan, total assets are 83.08 billion yuan, and total liabilities reach 62.29 billion yuan. The latest sales data of
shows that Chery has maintained a good upward trend in the terminal this year. It is shown that from January to October 2019, the Chery Holding Group sold a total of 577,000 vehicles, of which the cumulative sales of the Chery brand increased by 6.7% year-on-year.
