It costs money to operate, pay wages, and buy equipment ... For auto companies with assets of hundreds of billions, once they have no money, they will send themselves to the edge of the cliff. In order to survive, in the special stage of market competition, automobile enterprises have tried their best, and the former China automobile brand "Yige" even sailed to "Wudaokou".
1 q: why do you want to change? What is the current situation of Chery Holdings?
10 years ago, among the independent automobile brands in China, if Chery was the "second", no one dared to say that it was the first. Of course, this was only a long time before 10. After the baptism of time, now the number one automobile brand in China has fallen to Geely Automobile, and the name Chery Automobile has become more and more meaningless, making life more difficult.
According to the data of China Association of Automobile Manufacturers, Chery Automobile sold a total of 557,000 new cars during this year 1- 1, ranking fifth among China brand cars, while the cumulative sales of SAIC, Geely, Great Wall and Changan Automobile ranked first to fourth reached 1.72 million and 1.28 respectively.
In addition to its market position, its financial situation is also worrying.
According to the information released by Changjiang Property Rights Exchange, the operating income of Chery Holding Group Co., Ltd. (hereinafter referred to as "Chery Holding") was 65.438+0.389 billion yuan, 65.438+0.539 billion yuan, 65.438+0.809 billion yuan respectively from 20 16 to 20 18.
However, in the first half of this year, Chery Holdings' operating income was 65.438+0.0422 billion yuan and its net profit was-65.438+0.56 billion yuan. It is noteworthy that from 20 16 to 20 18, the total assets of Chery Holdings were 44.969 billion yuan, 77.624 billion yuan and 89.78 billion yuan respectively, and the total liabilities were 32.897 billion yuan, 62.7065438 billion yuan and 68.9465438 billion yuan respectively.
It is not difficult to calculate its asset-liability ratio as high as 73. 15%, 80.78% and 76.79% respectively. By the first half of this year, Chery Holdings had total assets of 904 18 billion yuan, total liabilities of 68.508 billion yuan and asset-liability ratio of 75.77%.
For enterprises, the appropriate level of general asset-liability ratio is 40% ~ 60%. The asset-liability ratio of Chery Holdings has been above 70% or even above 80% since 20 16. Encouraged by industrial policies, it is also the best choice for Chery to obtain funds and maintain its business.
Q: Who is Wudaokou in Qingdao (what's the background)?
According to public information, Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (hereinafter referred to as "Qingdao Wudaokou") was established on August 22 this year, and its registered place is Qingdao Automobile Industry New Town, Jimo District, Qingdao. Its shareholders include Wang Juan, Beijing Wudaokou Investment Fund Management Co., Ltd. (hereinafter referred to as "Beijing Wudaokou") and Jinan Chang Ying Jinan Investment Partnership (limited partnership) (hereinafter referred to as "Chang Ying Jinan"). Among them, Beijing Wudaokou is the legal representative of the company.
It is worth mentioning that after the establishment of Qingdao Wudaokou, it participated in Chery's capital increase and share expansion in September, and paid the sincerity money. According to media reports, the 5 billion yuan earnest money paid by Qingdao Wudaokou came from the Jimo District Government of Qingdao.
In addition, Shandong State-owned Shandong Expressway Group has a close relationship with Qingdao Wudaokou.
165438+1On October 4th, the board of directors of Shandong Expressway, a listed company, passed the proposal to subscribe for Qingdao Wudaokou. The proposal shows that Chang Ying Jinan, a subsidiary of the listed company, and Jiading, a subsidiary of Shandong Expressway Investment Holding Co., Ltd., will contribute 654.38 billion yuan, and * * * will subscribe for Qingdao Wudaokou shares.
According to the disclosure, the overall scale of Qingdao Wudaokou is 2.02 billion yuan, of which Changying Jinan and Jiading Investment subscribed for 654.38 billion yuan as limited partners respectively; Wang Juan, as a limited partner, subscribed the capital contribution of RMB 654,380,000.00 Yuan; Beijing Wudaokou, as a general partner, subscribed for a capital contribution of RMB 654.38+09 million.
In other words, among the 2.02 billion yuan of Wudaokou in Qingdao, Shandong Expressway accounts for 2 billion yuan. ?
Q: What is the promotion level of Chery and Qingdao Wudaokou? What changes have occurred in the company?
On February 4, 65438, the announcement issued by the Yangtze River Property Rights Exchange showed that the capital increase and share expansion projects of Chery Holding and Chery Automobile were successfully completed. Qingdao Wudaokou invested 7.586 billion yuan and 6.863 billion yuan respectively, and obtained 30.99% and 185438+085% shares, becoming the new shareholders of Chery Holding and Chery Automobile.
With the entry of new investors, the equity relationship of Chery Holdings has also changed.
Eye-catching survey shows that on June 65438+February 65438+June 6, both Chery Holdings and Chery Co., Ltd. made a number of changes, among which Huatai Securities (Shanghai) Asset Management Co., Ltd. (referred to as "Huatai Securities"), the investor of Chery Holdings, withdrew; Qingdao Wudaokou, a new investor, holds 46.77% of the shares and is the largest shareholder of Chery Holdings. Wuhu Construction Investment Co., Ltd. and Wuhu Ruichuang Investment Co., Ltd. hold 27.68% and 25.55% respectively.
The registered capital increased from 4.278 billion yuan to 6.2 billion yuan. In addition, in the filing information of senior managers, seven people, including Fang Decai, withdrew and added Jiao, Zheng Minghui,,, Yang Xiaoping and Zhao Zhenhua.
In terms of Chery Automobile, in addition to Fang Decai, 29 former senior executives of Senior High School withdrew and added Zhou Jiannan, Yan Chen, Lin Longhua,,, Huang Zuchao,, Sean, Xing Hui and Li Ruifeng; The registered capital increased from 4.457 billion yuan to 5.47 billion yuan; The business scope includes operating value-added telecommunications services; The type of market subject has changed from joint stock limited company (unlisted, state-controlled) to other joint stock limited companies (unlisted).
This means that Chery is no longer a state-owned holding company. At the same time, Zhou Jianmin, the chairman of Qingdao Wudaokou, became the vice chairman of Chery Holdings and Chery Automobile.
Q: What does the change of business information mean when shareholders change blood?
The change of industrial and commercial information and the adjustment of shareholders and management mean that Qingdao Wudaokou is only one step away from holding Chery Holdings and Chery Automobile.
Zhou Jianmin once said in an interview that the total scale of Qingdao Wudaokou participating in Chery's capital increase and share expansion is about 20 billion yuan. Except for the transaction amount of 654.38+04.45 billion yuan announced by the Yangtze River Equity Exchange, the rest will be used to transfer part of the equity of existing shareholders of Chery Holdings.
According to the previous announcement, Chery's controlling shareholders Huatai Securities and Ruichuang Investment will transfer 15.78% and 4.23% shares to Qingdao Wudaokou respectively.
At present, Huatai Securities has completed the change of transfer board. In the future, after Ruichuang Investment completes the transfer transaction, Qingdao Wudaokou will hold 565,438+0% equity of Chery Holdings and indirectly hold 32.45438+05% equity of Chery Automobile. Together with its 65,438+08.5185% equity of Chery Automobile, Qingdao Wudaokou will hold 565,438+0.
By then, Qingdao Wudaokou will become the controlling shareholder of Chery Holding and Chery Automobile. It is worth mentioning that, judging from the latest management changes, Qingdao Wudaokou's investment in Chery will not only be limited to financial aspects, but also be deeply involved in internal management, daily operation and decision-making. Chery, will it be the next Baowo?
Q: Why did Qingdao Wudaokou intervene in a big way and enter the automobile industry?
Zhou Jianmin, the chairman and founding partner of Beiqi Wudaokou, gave the answer of participating in Chery's capital increase and share expansion: he is still optimistic about the considerable growth space of China's automobile industry, especially the opportunities in new energy vehicles and internationalization.
From the name of Wudaokou in Qingdao, we can also see a thing or two. The purpose of its establishment is mainly to invest in the automobile industry (especially new energy) and its upstream and downstream industrial chains. By investing in the above fields, we can expand superior production capacity, introduce related industries and promote the development of physical industries.
On the other hand, the automobile industry is facing the development and transformation of many fields and industries, such as 5G, new energy, intelligence, driverless, mobile travel and so on. And investors with unique vision naturally don't want to miss this opportunity; Local governments also hope to get some benefits from it.
If Chery goes public, Wudaokou will have a stable profit as a shareholder.
Q: Why choose Chery?
Although there is still considerable room for growth in China's automobile industry, there are not a few independent brand automobile enterprises in China. The reason why Chery was chosen must be the result of careful consideration at Wudaokou, Qingdao.
It is worth mentioning that it is reported that Chery shareholders are closely related to Wudaokou. "Zhou Jianmin and Qingdao Wudaokou participated in the mixed reform of Chery, which has a lot to do with their university alumni and Jiao Zhen (also known as Jiao), president of CDH Investment Consulting Company. At present, Jiao Zhen and Yin Tongyue are both consultants of Shanghai Ruiye Investment. In addition, in the activities of Wudaokou Fund investing in Chery Automobile, the contact person is not Wudaokou Fund, but Lin Longhua of Ruiye Investment. Lin Longhua just quit Ruiye Investment at the beginning of this year 1 1. One of the supervisors of Chery Automobile's new stock Dong Zhong is Lin Longhua. "
After more than 20 years of development, Chery has a certain competitive advantage in technology research and development, and also has a certain accumulation in new energy, intelligent network connection and forward system construction. This is also facing difficulties, such as Zotye Auto and so on. What's more, Chery also owns Chery Jaguar Land Rover, a luxury brand joint venture; And the overall image of its leaders and enterprises is also ok.
Of course, there are companies with better prospects and strength than Chery, but I am afraid it is difficult to get a controlling stake. After the completion of the capital increase, Qingdao Wudaokou will also have an absolute controlling stake in Chery, which is equivalent to putting Chery under its own authority.
Q: What can Chery Holdings and Chery Automobile get after the mixed reform?
After the mixed reform, Chery will get a lot of capital, which is tantamount to giving timely help to Chery, whose capital situation is not optimistic. It can be used not only to repay debts, but also for future development and operation.
You know, whether it's technology research and development, sales management, daily operation, etc. It needs a lot of financial support.
Moreover, through mixed reform, Chery can not only obtain development funds, but also introduce better management mechanism and more resource support, which can effectively solve the problems faced by Chery's development.
Qingdao Wudaokou can bring more financial resources to Chery, help Chery land in the capital market and make a wider strategic layout.
Q: What problems will Chery Holding and Chery Automobile face after the mixed reform?
With the deep involvement of new employers, there will be more or less friction in the operation of the company, but in the face of great changes in the automobile industry, Chery has to make changes.
Beijing Wudaokou, the first shareholder behind Qingdao Wudaokou, is mainly engaged in investment and asset management and investment consulting. And he is a complete layman in the automobile industry. Giving Chery to Qingdao Wudaokou for management will inevitably make people worry about whether they can lead Chery well. After all, the rapid rise and fall of Baowo is a lesson from the past.
It is worth noting that the purpose of mixed reform of state-owned enterprises is to increase the competitiveness and vitality of state-owned enterprises in the reform. The intervention of Wudaokou in Qingdao only completed the "mixed" part. As for how to "change", it is the real test for Chery.
Q: Will Chery go public after the mixed reform?
With the involvement of Wudaokou in Qingdao, Chery Holdings may accelerate the overall IPO pace.
According to the latest management changes, Zhou Jiannan, the former CEO of Everbright Securities, will become the director of Chery Holdings.
It is understood that Zhou Jiannan has more than 20 years working experience in financial securities, and has worked in Shenzhen Stock Exchange, China Securities Regulatory Commission, supervision department of listed companies, Dacheng Fund and other departments. With his help, Chery Holdings will more easily achieve the overall IPO goal.
"Chery 10 years ago should be listed, but missed the opportunity. This aspect is Chery's shortcoming, and we are an advantage. " ? Judging from Zhou Jianmin's attitude in media interviews, it is indeed one of the goals of the new owner to promote the overall listing of Chery Holdings.
10 q: can Chery play the car market after the mixed reform?
For Chery, without mixed reform, it may still stand still, but with financial support and fresh blood injection, it will have the opportunity to create unlimited possibilities.
At present, the new employer is full of confidence in Chery. "Chery will grow from 750,000 vehicles with RMB 2065, 438+08, 654 and 38+00 billion respectively to 2 million vehicles and RMB 250 billion in 2025, and return to the forefront of independent brands." Zhou Jianmin said.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.