Most popular conch profile acquisition Chery new e

2022-09-22
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Conch profile's acquisition of Chery new energy form reversal

conch profile's acquisition of Chery new energy's equity has recently experienced a plot reversal - because Chery new energy has not yet obtained the production qualification of new energy vehicles, conch profile announced that the acquisition failed. Conch profile's acquisition of Chery new energy's equity has recently experienced a plot reversal. As Chery new energy has not yet obtained the production qualification of new energy vehicles, conch profile announced that the acquisition failed. More than a month ago, I had a discussion on the big plan, but now I break up. What kind of situation reversal is behind such a sudden change? Is it really so difficult to obtain the qualification of new energy production

recently, the story of conch profile's acquisition of Chery new energy's equity has reversed. As Chery new energy has not yet obtained the production qualification of new energy vehicles, conch profile announced that the acquisition failed. More than a month ago, I had a discussion about the big plan, but now I break up. What kind of situation reversal is behind such a sudden change? Is it really so difficult to obtain the qualification of new energy production

On May 22, Wuhu conch Profile Technology Co., Ltd. (hereinafter referred to as conch profile) announced that it planned to issue shares and pay cash to purchase the equity of Chery New Energy Automotive Technology Co., Ltd. (hereinafter referred to as Chery new energy), obtain the controlling stake of the company, and issue shares to raise funds. For a while, the industry was stunned, and various speculations such as backdoor listing and slowing cash flow were rampant

as we all know, at present, new energy vehicles are the tuyere of the automotive industry. Policy support and soaring sales are the new highland for many auto enterprises to rush to land. It is also the target of national key support during the 13th Five Year Plan period. Even many cross-border Internet companies and home appliance giants are rushing to participate, but Chery is doing the opposite, selling the new energy vehicle company to conch profiles

just when the industry was still analyzing what drugs conch profiles and Chery were selling in the gourd, the situation reversed again, and conch profiles announced the acquisition of equity

on July 13, conch profile released the announcement of Wuhu conch Profile Technology Co., Ltd. on terminating the planning of major asset restructuring and the resumption of trading of the company's shares, saying that since Chery new energy has not obtained the production qualification of new energy vehicles, the board of directors decided to abandon the purchase of Chery new energy

the announcement said that since Chery new energy has not obtained the production qualification of new energy vehicles, the progress of relevant approval is different from the expected time, and the acquisition of this qualification has an important impact on Chery new energy assets, business integrity and independence, the company and the trading party cannot negotiate and determine the main business terms of this restructuring. After careful study, the company believes that continuing to promote this restructuring will face major uncertainties. In order to ensure the orderly development of the company's follow-up capital operation and effectively protect the interests of all shareholders, the company decided to terminate this major asset restructuring

the implication is that the two sides had a drink and had sex more than a month ago, and now they are breaking up. The specific reasons are as follows: Chery new energy vehicles have no production qualification. Is this really the case

lack of qualification. Is Chery new energy difficult to sell

first of all, the production qualification of new energy machinery, transportation and electric vehicles is indeed a problem

at present, the domestic mainstream automobile enterprises that sell new energy vehicle products in the market, such as SAIC, FAW, GAC, Geely, JAC, etc., do not have independent new energy production qualifications, but they produce and sell new energy vehicles curvilinearly by borrowing the production qualifications of the parent company or joint venture shareholders. In this regard, Chery new energy, which does not have the production qualification of pure electric passenger vehicles, is no exception, borrowing the production qualification of the parent company Chery automobile

in a sense, the common hidden rules in this industry are also caused by the fact that policy formulation lags behind market development, because before the implementation of the regulations on the administration of new pure electric passenger vehicle enterprises in July 2015, the state did not clearly define the production qualification of new energy vehicles at the legal level. After the implementation of the new regulations, clear and strict requirements have been put forward for enterprises that want to obtain the production qualification of pure electric passenger vehicles in terms of R & D and manufacturing capacity, capital scale, financing capacity, intellectual property rights, after-sales service, management system and other aspects. At present, only two enterprises have obtained the production qualification: in March this year, Beijing new energy obtained the first production qualification of pure electric passenger vehicles; In May, Changjiang EV, a subsidiary of Wulong electric vehicle, obtained the second production qualification for pure electric passenger vehicles

there are two reasons for this phenomenon. One is that many interconnected enterprises that want to build cars across borders and low-speed electric vehicle companies that want to become regular are not strong enough to meet the requirements put forward in the "Regulations on the administration of new pure electric passenger vehicle enterprises", which is more than willing but less than able; Second, for traditional automobile enterprises that have automobile production qualifications, even if they do not have independent pure electric passenger vehicle production qualifications, it will not affect their production and sales of new energy vehicles, so they don't need to pay more attention to this issue

but for Chery, which wants to sell the equity of its new energy subsidiary, it is a problem that it does not have a separate pure electric passenger vehicle production qualification

the national enterprise credit information query shows that Chery new energy currently has five major shareholders, namely Chery Automobile, Wuhu Construction Investment Co., Ltd., Wuhu Jianrui equity investment fund (limited partnership), Wuhu Ruijian Investment Consulting Co., Ltd. and Anhui high tech Tonghua venture capital fund (limited partnership), with shareholding ratios of 30%, 30%, 28.25%, 10% and 1.74% respectively, That is, Chery Automobile and Wuhu Construction Investment Co., Ltd. are the largest shareholders of Chery new energy. If the acquisition of conch profiles is completed, Chery Automobile will lose its controlling stake in Chery new energy. Chery new energy, which has not yet obtained independent production qualification, will become a water without source and a tree without roots after leaving its parent company, which will obviously cause difficulties to conch profiles and Chery automobile

it's hard to get an independent license plate to get up early and work late.

in fact, compared with BAIC new energy company, which only launched its first product in 2014 but has obtained independent production qualification, Chery new energy, which entered the new energy vehicle market with 3eV in 2010, undoubtedly did not make good use of its advantage of starting first. From the perspective of the expansion progress and market sales of new energy vehicle products, Chery also lags behind other mainstream enterprises in the industry

however, since 2015, Chery has consciously accelerated the progress in the field of new energy vehicles. Last September, Chery new energy disclosed publicly that it was expected to be listed for independent operation in two months. The so-called independent operation means that the vehicle group separates the new energy business sector and becomes an independent joint-stock company to attract social capital and expand financing to support 1 In the state of non reaction to the operation, we must first confirm whether the power supply of the control box is connected correctly to further develop and expand

data show that in 2015, Chery new energy achieved sales of 14299 vehicles, sales revenue of 1.05 billion yuan, and total net profit of 87.32 million yuan, with a significant increase year-on-year. Chery new energy also set the goal of achieving an annual sales volume of 200000 vehicles by 2020, the top 3 in domestic competition, and striving to be the first, becoming an independent leading enterprise with domestic technology leadership, reasonable product pattern, and innovative marketing business model

to achieve this ambitious strategic goal, Chery needs two aspects of preparation. The first is to obtain the independent production qualification of pure electric passenger vehicles for Chery new energy, and the second is to attract social capital and expand financing. The former is easy to understand, and the financial pressure is also a problem faced by major domestic new energy vehicle manufacturers, because new energy vehicles have not really achieved market-oriented promotion, especially in the field of private consumption. Although the sales growth is fast, the absolute number is still not high, and vehicle enterprises also need a lot of continuous investment in technology research and development, charging facilities and other aspects. Chery new energy's profit of more than 80 million yuan in 2015 is obviously the current profit. There is still a long way to go to fill in the huge investment and R & D expenses in the early stage, and accelerating the expansion of the field of new energy vehicles is bound to require more capital investment

at the beginning of this year, Chery new energy began to apply for the production qualification of pure electric passenger vehicles. In terms of Chery's conditions, it should not be too difficult to apply for qualification. Some media quoted Chery insiders as saying that they thought they would be approved in early July, but it backfired. From this point of view, Chery and conch profiles may have calculated a good time. They applied for qualification at the beginning of the year, issued an announcement on the acquisition of equity in May, and after obtaining the qualification in July, the two sides can announce the formal reorganization, but they didn't expect the qualification to arrive as scheduled, disrupting the plans of both sides. The relevant person in charge of Chery Automobile Co., Ltd. also told the media that there are many uncertainties in the application process for Chery new energy vehicles to obtain independent production qualification, which leads to uncertainties in many major matters in the restructuring process of both parties

backdoor listing is affected by the new deal to find another way out

in addition, according to the analysis of insiders, the qualification problem is only one of the reasons why conch profile gave up the acquisition, because Chery new energy has no hidden danger of pure electric passenger vehicle production qualification, conch profile could not have been unaware of it before announcing the acquisition, but it had not been mentioned before. When conch profile first announced its intention to acquire Chery new energy in May, it only said that the relevant matters were still in the stage of demonstration and negotiation and there was great uncertainty

in the view of many insiders, the real trick behind conch profile's acquisition of Chery new energy is Chery's plan to backdoor listing. However, this abacus was disrupted by the measures for the administration of major asset restructuring of listed companies (Revised Draft), which was introduced at the end of June this year and is known as the strictest backdoor standard in history. As a listed company with plastic profiles as its main products, conch profiles has no business relevance with Chery in the automotive industry. Such backdoor cross-border is too large to be approved by the CSRC, which ultimately leads to the helpless separation of the two sides

although this speculation has not been officially confirmed by Chery, it can logically make sense. Because Chery new energy is undoubtedly a high-quality asset of Chery, and its sales volume and performance are on the rise. On the contrary, conch profile has been declining in recent two years due to the impact of macroeconomic downturn, real estate investment decline, industry downturn, etc. in 2015, its operating revenue was 3.429 billion yuan, a decrease of 12.16%, and its net profit was 94.5533 million yuan, a decrease of 12.92%. Letting conch profiles who don't understand cars acquire the equity of Chery new energy, Chery loses control of its new energy subsidiary, which is of no substantive benefit to the business development of both sides

in fact, whether the reason behind conch profile's abandonment of the acquisition of Chery's new energy equity is that it has not obtained the production qualification on schedule or the backdoor listing is blocked, from the general trend of the industry, striving for independent qualification is a hurdle that many new energy vehicle manufacturers have to overcome. Last month, Geely Automobile announced that it plans to sell the equity of Ninghai Zhidou electric vehicle in order to arrange Zhidou electric vehicle to apply for an independent announcement to the national development and Reform Commission to ensure that Zhidou electric vehicle can independently participate in market competition; In July, harmony Futeng, which attracted much attention, also revealed to the outside world that its plan also has a new soft phone with the latest eight languages

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