Times Weekly Special Correspondent Li Zhuoling
On December 6, Chery Holdings told Times Weekly: “After the transaction is announced, it is expected that the registration of industrial and commercial changes will be completed within one month. The follow-up work arrangements will continue to strictly follow Chery’s overall capital increase and share expansion plan. The signed capital increase and share expansion agreement stipulates that it will be negotiated and promoted by related parties.” According to information provided by Chery, Qingdao Wudaokou’s shareholding will reach 51%, and Chery Holdings and Chery’s shares will undergo restructuring.
Qingdao Wudaokou is a fund body specially set up to participate in Chery's capital increase and share expansion project. According to
Tianyan Check data, its general partner and fund manager is Beijing Wudaokou Investment Fund Management Co., Ltd. (referred to as "Beijing Wudaokou"). Beijing Wudaokou was established in 2014. It is a private equity investment fund manager registered with the China Securities Fund Association. Its business includes private equity investment, corporate mergers and acquisitions and industrial funds.
On December 9, a Times Weekly reporter contacted Zhou Jianmin, the chairman and founding partner of Beijing Wudaokou, but no response was received as of press time.
Previously, on December 4, the Yangtze River Equity Exchange announced that Chery Holdings Group Co., Ltd. (hereinafter referred to as “Chery Holdings”) and Chery Automobile Co., Ltd. (hereinafter referred to as “Chery Shares”) have all completed their capital increase and share expansion projects. In the transaction, Qingdao Wudaokou was successfully "delisted" with a capital increase of 14.45 billion yuan. The mixed reform of
is not the purpose, Chery has sounded the clarion call for reform. According to Cao He, secretary general of the Automobile Chamber of Commerce of the All-China Federation of Industry and Commerce, Qingdao Wudaokou's entry is expected to help Chery sprint to go public.
On December 6, Cao He told the Times Weekly reporter: “After this capital power enters, it may list Chery Lane in 2-3 years, realizing the wishes of Chery management that have not been realized for many years.”
No, how to solve the problem of its brand improvement is still an unavoidable problem on its way forward. Where will the "New Chery" after the restructuring of
go? The
announcement shows that Qingdao Wudaokou will invest 7.586 billion yuan in Chery Holdings, with a shareholding ratio of 30.99%; it will invest 6.863 billion yuan in Chery shares, with a shareholding ratio of 18.5185%, with a total investment of over 14.44 billion yuan.
To cope with the smooth implementation of this project, Chery Holdings’ shareholder Huatai Asset Management will transfer its 15.78% stake to the investor, corresponding to Chery Holdings’ 980 million yuan capital contribution; shareholder Rui Chuang Investment will transfer its 4.23% stake. , Corresponding to Chery Holdings’ 260 million yuan investment, the equity transfer price is 1.028 billion yuan. After the completion of the
capital increase and share expansion transaction, Qingdao Wudaokou’s shareholding ratio in Chery Holdings will reach 51%; its direct shareholding ratio in Chery Automobile will be 18.5185%, plus the 32.4815% indirectly held through Chery Holdings. The total proportion will also reach 51%. According to Chery’s previous capital increase and share expansion announcements, it requires that the intended investors and their controlling shareholders, actual controllers, and the companies they control do not directly or indirectly invest in, control vehicle production, manufacturing companies, or through control The relationship is engaged in vehicle production and manufacturing business.
In other words, Chery's mixed reform does not want peers to enter, and it is a bit out of step with the current trend of global auto companies to seek maximum synergy.
"New Four Modernizations" has been regarded as a major trend. In order to compete for the "tickets" leading to the future, major auto companies have invested heavily.
On December 6, Zhang Ping, a senior automotive engineer in the United States, told Times Weekly that Volkswagen’s MEB new energy platform cost 7 billion US dollars; the threshold for unmanned driving can easily exceed 10 billion US dollars. In contrast, the 14.45 billion yuan that Chery received through the mixed reform is just a drop in the bucket.
"If you want to develop by leaps and bounds, in addition to changing the mechanism, you also need more financial resources, market resource injection, faster access to the capital market, and a broader global strategic layout. The Qingdao Wudaokou team understands the automotive industry and has a wealth of Chery’s industry and customer resources can be introduced to Chery, and industry investment and capital operation experience can help Chery.” Chery Holdings responded in an interview with a Times Weekly reporter on December 6.
Apparently, after entering Wudaokou, Qingdao, "landing in the capital market" was put on the agenda again by Chery. Cao He told the Times Weekly reporter: "This group of people is doing capital. They will be listed in 2-3 years. To put it a bit longer, they will not stay in it for 10 years. The management has many years.Unfulfilled wishes are expected to come true. "
Starway is difficult to break through
For Chery, there are still many problems to be solved after the mixed reform.
According to the latest sales data released by Chery, the sales of Chery brand models from January to October this year reached 60,359, an increase of 14.3% from the previous month and year-on-year growth. 11%.
really contributed to the overall year-on-year growth of Chery's sales. The biggest contributor to the year-on-year growth of Chery was the Jietu brand, especially the continued hot sales of Jietu X70. Data shows that the monthly sales of the Jietu X70 series continued to exceed 10,000, with a contribution of 12003 units in October. The X90 series also handed over the results of 2005.
is positioned as a low-end Jietu brand, which is eroding Chery’s brand upward space to a certain extent.
In fact, Jietu has largely shared Chery’s The vehicle platform and powertrain technology are more cost-effective, but there is a phenomenon of "fighting" with the Chery brand.
On December 9, senior auto industry analyst Zhong Shi told Times Weekly reporters that Chery's brand strategy has been for many years The development is relatively tortuous, including the launch of Jietu and Xingtu two brands to explore how to raise the brand and better differentiate the price system, but it has not achieved great results for the time being. He believes that Chery’s current high-end development of its own brands is facing The bottleneck needs time and product popularity and reputation to confirm. The more critical problem of
is that the high-end brand Xingtu, which determines the height of Chery's brand, has an unsatisfactory development curve. Data from
shows that Xingtu TX's launch in September The sales volume is only 1,640, and there is still a long way to go to become a mainstream model in the market.
As of October, Starway has only 97 showrooms across the country, 90 of which have been built. Because the brand entered the market late, it has a long way to go with Lynk & Co. Compared with the scale of nearly 300 and more than 500 WEY, the number of channels of Xingtu is still far away.
On December 6, a reporter from Time Weekly contacted the vice president of Chery Automobile Co., Ltd. on Xingtu’s performance and future plans. Manager and general manager of the marketing company Jia Yaquan, but as of the time of publication, no response has been received.
"Chery has missed the golden period of its own brand development. For Chery, the best way to restore consumer confidence in Chery is to boost sales, whether it is Chery's parent brand or Jietu's sub-brand. "On December 6, Ren Wanfu, a senior auto industry analyst, told the Times Weekly reporter that in the follow-up Chery will have to do a good job of brand differentiation in Jietu, while Xingtu must handle the issues of product strength and development rhythm.
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