144 billion yuan, 51% of Chery Holdings changed ownership.
Chery has been secretive about the early rumors of Chery's capital increase and share expansion. Recently, the high-profile Chery capital increase and share expansion project finally ushered in a "strength buyer" sold in Qingdao, Shandong for 14.4 billion yuan.
On December 4, the Yangtze River Equity Exchange announced that Qingdao Wudaokou holds 30.99% and 18.5185% of Chery Holdings’ and Chery Automobile’s equity respectively; in addition, Chery Holdings’ shareholders Huatai Asset Management and Ruichuang Investment will invest in Wudaokou, Qingdao. Transfer 15.78% and 4.23% equity.
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After the completion of the above transaction, Qingdao Wudaokou will hold 51% of Chery's equity and indirectly hold 32.4815% of Chery Automobile, making its total equity of Chery Automobile 51%. The former domestically produced brother of
, the car market has reached the point of "selling oneself to survive" in the cold winter, which is embarrassing.
The industry predicts that China’s auto industry will still be in the cold winter in the next three years. If the cold winter continues, weaker brands such as Chery will have more difficult times. Instead of struggling to support, it is better to shoot early.
Before 2010, Chery Automobile, which was founded 22 years ago, had achieved a cumulative sales volume of over one million in eight years, making it a leader among its own auto brands. However, under the influence of multiple factors such as products, investment, management, etc., the sales of this car company, which once had a high reputation, declined and gradually went downhill.
In 2018, Chery Automobile lost 530 million yuan in net profit. As of June 30, 2019, Chery Holdings' net profit was -156 million yuan, total assets were 90.4 billion yuan, and total liabilities were 68.51 billion yuan. From the inside, Chery is a company with high debts.
For Chery, getting out of the financial dilemma as soon as possible has become a top priority. If you want to continue to develop, you must continue to invest. With Chery's current asset status, it is not easy. Finding a strong backing is more conducive to future development.
Does Qingdao Wudaokou have this strength?
It is worth mentioning that Qingdao Wudaokou, the new shareholder of Chery, was established in August 2019. It is a fund body specially set up to participate in Chery’s capital increase and share expansion project. It is registered in Qingdao Automobile Industry in Jimo District, Qingdao City, Shandong Province New Town, Qingdao Jimo District is an important cornerstone investor in Qingdao Wudaokou.
Qingdao Wudaokou chairman and founding partner Zhou Jianmin said that after Qingdao Wudaokou acquires Chery, it will continue to promote Chery's establishment of market-oriented incentive mechanisms, increase the introduction of resources and funds, strengthen capital operations, and accelerate its national global deployment.
He said: Chery has a very 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. He believes that this reform will further stimulate Chery's potential.
Someone once regarded Chery as the Huawei of the automotive industry, hoping that this local brand with its own technology could one day shine in the international market. However, it was counterproductive. Chery, which once dominated the sales of Chinese independent brands, has plunged into a dead end of "selling."
Capital is a double-edged sword, and capital is a double-edged sword. Many enterprises in need financing to revitalize the enterprise when it reaches a certain stage of development. So how should the company be valued in the financing process, and how does allocate equity while maintaining the founder's control of the company?
First of all, 22 major criteria that can be referred to for company valuation are:
start-up capital, net assets, fixed assets, industry premium, annual profit, annual profit rate, annual salesSales, brand value, market channels, customer volume, debt capacity, return on assets, historical investment, business model, core technology, core team, annual production growth rate, price-earnings ratio, cash flow, related certificates, etc.
In addition, when the partners are introduced, the six common evaluation methods for company equity valuation are:
1, according to the registered capital evaluation method: applicable to general start-up companies;
2, price-earnings ratio evaluation method (profit multiple), such as: Profit 10 million, multiplied by 5, the company is valued at 50 million, which is suitable for companies with relatively good profit growth;
3, price-to-book ratio evaluation method (net assets): suitable for heavy asset companies;
4, market-sales ratio method ( Sales income multiple), such as: sales of 100 million, multiplied by 2, the value is 200 million, which is suitable for companies with relatively large turnover but no profit or loss;
5, profit and income combined method;
6, discounted cash flow method .
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