(Observer News) On December 4, Anhui Changjiang Property Rights Exchange issued the "Announcement on the Transaction of the Capital Increase and Share Increase of Chery Holding Group Co., Ltd." and the "Announcement of the Transaction on Capital Increase and Share Increase of Chery Automobile Co., Ltd." According to the "Announcement", Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) invested 7,586,372,336 yuan in Chery Holdings, with a shareholding ratio of 30.99%; and invested 6,863,217,664 yuan in Chery shares, with a shareholding ratio of 18.5185%.
Yangtze River Equity Exchange Announcement: Qingdao Wudaokou became Chery’s largest shareholder
Afterwards, Chery Automobile also confirmed the news on Weibo, expressing its welcome to Qingdao Wudaokou as Chery’s business partner and empowering the "Chery 2025 Strategy" and thank you The care and support of all sectors of society for Chery.
Chery’s official Weibo confirmed the news.
According to the company’s data, Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) was established in August 2019. The company address is Qingdao Automobile Industry New Town, Jimo District, Qingdao City, Shandong Province. The representative is Beijing Wudaokou Investment Fund Management Co., Ltd., and the ultimate beneficiary is Wang Juan, who holds 100% of the shares. After the completion of the capital injection, Qingdao Wudaokou officially became the largest shareholder of Chery Holding Group. The original first shareholder of Chery Holdings, Wuhu Construction Investment Co., Ltd.'s shareholding ratio fell from 40.1% to 27.68%.
There were rumors as early as the first half of 2018 about Chery Automobile’s mixed reform of state-owned enterprises. In September of the same year, the Changjiang Equity Exchange disclosed the Chery capital increase and share expansion plan for the first time. The plan shows that the total amount of funds raised by Chery Holdings is not less than 8.33 billion yuan, corresponding to a shareholding ratio of 31.4%; and the total amount of funds raised by Chery shares is not less than 7.91 billion yuan, corresponding to a shareholding ratio of 18.5%; the total funds raised by both parties are expected Not less than 16.24 billion yuan. Yin Tongyue, chairman of Chery Holdings, said in an interview with the media that the company’s capital increase and share expansion are for the future spin-off and listing.
Yin Tongyue, chairman of Chery Holdings
However, this round of share expansion plan was postponed four times, and after reaching the extension limit, the abortion was announced on December 20 of that year.
Some analysts believe that Chery's asking price is too high as one of the main reasons hindering share expansion.
In the first 11 months of this year, Chery sold a total of 651,800 vehicles, of which the monthly sales volume in November was 74,700, setting a new record this year. However, according to Chery's financial report, in the first half of this year, Chery Holdings lost 156 million yuan, with a debt-to-asset ratio of 75.8%; Chery shares lost 1.374 billion yuan in the same period, with a loss of 92% year-on-year, and a debt-to-asset ratio of 75%. The financial situation of Chery's new Tiggo 7 concept car
, which was unveiled during the Guangzhou Auto Show this year, is not optimistic, forcing Chery to accelerate its hybrid improvement. In September this year, Chery once again listed its capital increase and share expansion project on the Yangtze River Equity Exchange. The deadline for registration is November 7. This round of Chery Holdings’ low capital increase is about 7.534 billion yuan, and Chery’s low capital increase is about 6.816 billion yuan, for a total of about 14.35 billion yuan. Compared with last year, the total transaction price dropped by nearly 2 billion yuan.
With the capital injection in Wudaokou, Qingdao, Chery's mixed reform of state-owned enterprises has finally taken shape. Analysts believe that after Chery Automobile completes the mixed reform, it will not only help alleviate the shortage of funds and the pressure of enterprise development, but the capital injection in Qingdao Wudaokou is also expected to promote Chery's acceleration of the transformation of new energy vehicles.
Public information shows that the Qingdao Automobile Industry New City, where Qingdao Wudaokou is located, is located in the north of Jimo District, Qingdao, with a total planned area of 93 square kilometers. It is the only professional functional zone for the development of the automobile and parts industry in Qingdao, focusing on the development of complete automobiles and parts. R&D, manufacturing and sales. As of March this year, the new town has settled more than 400 enterprises, including more than 130 key enterprises, and achieved a total output value of about 60 billion yuan in 2018. An industrial layout with the support of three major vehicles (FAW-Volkswagen, FAW Jiefang, and Jiefang New Energy) and four special vehicles (Hilong, Haiyu, Qingte, and Jiuhe Heavy Industries) as the support and the integrated circuit industry as the lead has been initially established.
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