According to media reports, Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) is seeking a financing restructuring of 6 billion yuan. After paying nearly 10 billion yuan for Chery, the subsequent funds will be cut off.
The reason behind this is that many opinions point out that Qingdao Jimo State-owned Assets, as the funder, is unwilling to continue to invest after repaying part of the funds, while Qingdao Wudaokou Fund Manager, as an investment channel, is unable to solve the subsequent funding problem of 654.38 billion yuan.
In this regard, Qingdao Wudaokou took the lead in denying that the acquisition funds had been paid in full; At the end of last year, Zhou Jianmin, who served as the vice chairman of Chery on behalf of the new stock Orient, responded that there was no refinancing after a long silence, and the mixed improvement exhibition went smoothly; On the other hand, the "old Chery people" headed by Yin Tongyue were quite silent in this storm.
This is the third time that Chery changed its "birth change" during the year. It is noteworthy that according to the announcement of capital increase and share expansion at the end of last year, Qingdao Wudaokou will subscribe for 30.99% shares of Chery Holdings and 0% shares of Chery Automobile 18.55438+0%. However, behind Qingdao Wudaokou's claim that the acquisition funds have been paid off, Time Finance consulted Tianyanchao data and learned that although Qingdao Wudaokou became a major shareholder with a shareholding ratio of 46.77%, it did not directly hold shares in Chery Automobile. ?
As for Chery's mixed reform, it is also repeated. On February 16 and 16, Jia, executive director of china automobile dealers association, said in an interview that Chery Automobile is the most important asset for Qingdao. Once the control of Chery's automobile business cannot be completed, its participation in Chery's capital increase and share expansion project may be of little significance. ?
Mixed reforms have repeatedly caused turmoil? The Jimo project is progressing slowly?
Up to now, the Chery mixed reform project has been promoted for about a year.
On February 4th last year, 65438+, the website of Changjiang Property Rights Exchange published the announcement of Chery's capital increase and share expansion. In the end, Qingdao Wudaokou defeated Tengxing Yangtze River Delta and announced that it would subscribe for 30.99% shares of Chery Holding and 0/.851%shares of Chery Automobile for 7.59 billion yuan, becoming the first and second largest shareholders of the two companies respectively.
Subsequently, after a series of industrial and commercial changes and management changes at the end of the year, Chery's mixed reform was silent for a long time. Until the second half of this year, due to many rumors of life and change, Chery's mixed reform has repeatedly fallen into the whirlpool of public opinion.
In June this year, it was rumored that the third phase of Qingdao Wudaokou had not received 5 billion yuan, which led to the delay of equity delivery. In July this year, Chery Holdings was exposed that the final beneficiary had changed, from Shandong SAAC and Wuhu SAAC to Wuhu SAAC only, which triggered speculation of mixed reform or change. ?
Although the above news has been officially denied, there are still many doubts about Chery's mixed reform. Behind Qingdao Wudaokou's search for 6 billion yuan financing and restructuring, there is even news that Qingdao Jimo State-owned Assets is unwilling to continue to invest in Chery's mixed reform project. ?
An industry insider who asked not to be named told Time Finance that the mixed reform and regeneration storm may be related to Chery Holding's divestiture of Chery Automobile in the ownership structure.
According to media reports, at the end of August this year, Anhui Credit Guarantee Group Co., Ltd. replaced Chery Holdings Co., Ltd. and became the major shareholder of Chery Automobile Co., Ltd. (Chery Automobile), while Chery Holdings withdrew from the ranks of shareholders.
Time Finance looked up the data of Tianyan and learned that the Anhui Credit Guarantee Group, which holds 365,438+0.56% shares of Chery Automobile, is behind the wholly state-owned enterprises owned by the Anhui Provincial People's Government. In addition, Wuhu Construction Investment Co., Ltd. and Wuhu Ruichuang Investment Co., Ltd. hold 265,438+0.73% and 265,438+0.32% shares of Chery Automobile respectively, making them the second and third largest shareholders. Qingdao Wudaokou, which previously wanted to subscribe for 18.5 1% shares, did not directly own Chery Automobile, nor could it indirectly control Chery Automobile to become the largest shareholder of Chery Holdings.
In the industry's view, although Chery's business scope is very wide, including commercial vehicles, financial companies, shipbuilding, aero-engines, mining companies, agricultural machinery and so on. Chery Automobile has a huge passenger car business, which is Chery's most important asset and most valuable business segment in Qingdao.
It is worth noting that on February 20th last year, 12, Jimo District of Qingdao and Chery Holding Group signed a strategic cooperation agreement in Jinan, officially announcing that Chery's new energy vehicle project was settled in Jimo District. But now one year has passed, the project is progressing slowly, and more details about the project have not been disclosed.
At that time, when Yin Tongyue, Chairman of Chery, delivered a speech at the scene of signing the strategic cooperation agreement, he emphasized that Chery's foundation was in Wuhu, Anhui. "Chery's roots are in Wuhu and its development is in Wuhu. Opening up the Shandong market has provided us with new development and accelerated the promotion of new energy strategy and internationalization strategy. " ?
In this regard, Time Finance also interviewed Chery on the progress of Chery's mixed reform and Jimo's factory building, but as of press time, he has not received a response.
In addition, Time Finance noted that regarding the progress of Jimo factory construction, Chery Holdings and Jimo District seem to be inconsistent. Time Finance saw in Weibo, the official of Chery Holdings, that it issued a statement on August 3 1, saying that the new project planned by Chery in Qingdao has entered the preparatory stage.
According to the news of Qingdao News Network165438+1October 25th, the Jimo District Government said in response to a question from a netizen that at present, the management committee of Jimo District Automobile City is conducting in-depth discussions with Chery on the issue of building a factory soon, and has reached a preliminary agreement. When the time is ripe, the Jimo district government will release relevant progress. ?
Why did the project that entered the preparatory stage three months ago just reach a preliminary agreement to build a factory?
"The Jimo project has not made much progress, and the relevant parties will definitely be disappointed." Jia told me that Wudaokou participated in the mixed reform, but it had no control or was doomed to fail to achieve its goals.
Does the low-end model support the overall situation? Fall into homogenization embarrassment
Earlier, Chery said in an interview that it would mainly invest in research and development and new businesses, including new energy, mobile travel, smart driving and international business. However, behind Chery's seemingly rising sales figures, the changes brought about by the mixed reform are not obvious, and the difficulties of high-end and new energy are still unsolved. ?
According to official data of Chery Holdings, the sales volume in June was1010/9000 vehicles, up 36.4% year-on-year. The monthly sales volume and growth rate hit a new high in recent years. Before this year 165438+ 10, Chery's cumulative sales volume was 610.5 million vehicles, down 5.64% year-on-year, but its export business performance was remarkable. Before 165438+ exported 0,000 vehicles, up 65438+ year-on-year. ?
The main contributors to Chery's sales growth are Chery Tiggo 8, Chery Holding Jietu series and other low-end products.
According to official data, the sales volume of Tiggo 8 Series 165438+ 10 was 20,677 vehicles, up 52.6% year-on-year. The Gateway series, which focuses on the low-end market, 1 1 sold 20,507 vehicles in the month, up 44% year-on-year, and also set a new monthly sales record, among which the Gateway X70? The terminal sales of 70 series products 10 represented by PLUS reached12116 vehicles in October, and the sales of 90 series products, represented by the new generation gateway X90, reached 839 1 vehicle.
On the other hand, Chery Holdings has not announced the sales volume of its high-end brand Xingtu. However, according to the approval data of China Automobile Association, the star range LX? The monthly sales volume is 1 1, 292 vehicles, and the cumulative sales volume this year is 3,625 vehicles; Star way TXL? Monthly sales 1 1 189 vehicles, and this year's cumulative sales 12099 vehicles. Star VX, which was originally expected to be listed in April this year, has repeatedly "jumped the ticket" and is still in the pre-sale stage. ?
Behind the lack of low-end sales and strength, some insiders told Time Finance, or it was related to the homogenization of technology carried by its products, which also led to the unclear division of Chery's major brands. ?
Tiggo 8Plus and Gateway X70 in the second half of this year? Plus and Xingtu New TXL have been listed one after another in a very short time, but the three with completely different prices are similar in interior and core "three big pieces". Compared with the low-profile version of 1.6T, it is also equipped with the 1.6T turbocharged engine that Chery is proud of, but Xinglu TXL is better than Tiggo 8? Plus the model is more than 10,000 yuan more expensive than the Gateway X70? Plus, it's more than 30 thousand
In terms of new energy business, the "ant tribe" represented by pure electric SUV ants and miniature pure electric ants saw a sales increase of 239.3% in June +065438+ 10, but the monthly sales volume was only 7,620 vehicles, accounting for 7.4% of Chery's total sales. According to the data approved by China Automobile Association, Chery Ant 1 1 has a monthly sales volume of 349 vehicles, with a cumulative sales volume of 98 1 vehicle.
Accelerate listing? Yin Tongyue lamented being abandoned by the times.
According to the news released by Chery Holdings in September, after the completion of capital increase and share expansion, Chery has put speeding up listing on an important agenda.
At that time, Yin Tongyue, chairman of Chery Holding Group, said that Chery had been immersed in technological innovation in the past and had little practical experience in capital market operation. At present, it is also the only unlisted vehicle enterprise in China. "I hope that through the introduction of this new capital, with the help of their ability in capital, talents and mechanism changes, deep-seated changes will be realized."
According to the official statement, many of the new directors sent by the new shareholders are experts in the banking and securities industries, which is very helpful to promote Chery's next listing.
In fact, in June+February of last year, after the successful delisting of the capital increase and share expansion project, Chery Holdings and Chery Co., Ltd. took the lead in making a series of changes in industrial and commercial information, involving shareholders' rights and interests, registered capital and management. ?
Among them, seven senior executives, including Fang Decai, Zhang Ping and Li, withdrew from Chery Holdings and added seven senior executives, including,, Jiao, Zheng Minghui,, and. The shares of Chery Automobile changed even more, with 29 senior executives leaving, while Zhou Jiannan, Zhou Jianmin, Yan Chen, Lin Longhua, Zhang Jinsong, Xia Feng, Huang Zuchao, Sean, Xing Hui and Li Ruifeng were added.
Zhou Jianmin was once regarded by the outside world as one of the key gentlemen of Chery's listing. However, according to the survey data, before participating in Chery's mixed reform, Zhou Jianmin's main business covered advertising, education and computer software and hardware opening, and the fact that Shandong Big Windmill Education Technology Co., Ltd., as its shareholder, was listed as a restricted high-consumption enterprise by the court made the outside world skeptical about whether it could successfully promote Chery's listing.
At the same time, to achieve listing, capital requirements are still a major difficulty. In fact, Chery's profitability is not ideal. As of June 30, 2009, the net profit of Chery Holdings was-155 million yuan.
In the middle of this year, Chery was still mired in debts as high as 70 billion. According to Yin Tongyue's response at that time, this was because the public statement included about $40 billion in liabilities of Chery Finance Company, a subsidiary of Chery Group, in the auto loan business. After elimination, Chery's overall debt ratio is within a reasonable range. ?
"Chery is moving slowly now, and there should be problems inside, but this kind of problem is still unknown to the outside world." 65438+February 65438+June, Ren Wanfu, a senior auto industry analyst, told Time Finance.
Since the beginning of this year, many new car manufacturers, including Weimar, He Zhong and Skyline, have announced that they are seeking A-share IPOs, while traditional car companies Geely and Dongfeng are also accelerating their return to A, hoping to obtain more financing channels for new energy business, new generation cars and forward-looking technology development projects. Under this general trend, Chery is obviously still "slow".
In the second half of this year, the performance of the three new forces of US stocks gathered on Wall Street was even more eye-catching. In the industry's view, with the switching of the track of the automobile industry, the valuation system is constantly being updated and reconstructed, leaving the turning point time for traditional car companies more and more tight.
To this, Yin Tongyue seems to have a lot of feelings.
"I am an old man representing the old times. People who make traditional cars have too much inertia and face too many changes. " At the "world internet conference" held at the end of June this year165438+1October, Yin Tongyue once publicly lamented, "Now every time I deal with Internet companies and young people inside, I feel that I am ten years older, and the times are abandoning me, too fast."
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.