Following the identification of Shenyang Automobile Co., Ltd. (hereinafter referred to as "Shenyang Automobile") as a potential investor in restructuring, brilliance Automobile Group Holdings Co., Ltd. has made new progress in its restructuring process for nearly three years.
On June 17, Jinbei Automobile and Shenhua Holdings issued announcements one after another to disclose the restructuring progress of brilliance Group, the controlling shareholder. According to the Jinbei Automobile announcement, Shenyang Automobile and 12 enterprises and managers including brilliance Group (the indirect controlling shareholder of the company) jointly signed the Investment Agreement for the substantive merger and reorganization of 12 enterprises such as brilliance Automobile Group Holdings Co., Ltd. the transaction consideration for this investment is no more than 16.4 billion yuan, and the 100% equity interest of brilliance Group is adjusted to Shenyang Automobile through the adjustment of investors' rights and interests. After the adoption of the above restructuring procedures, the actual controller of the company will be changed from Liaoning SASAC to Shenyang SASAC.
The announcement shows that the actual control of Shenyang Automobile is the Shenyang SASAC (that is, the State-owned assets Supervision and Administration Commission of the Shenyang Municipal people's Government), which has the corresponding ability to perform the contract.
According to Tianyan check information, Shenyang Automobile Co., Ltd. was established in February 2023 and is a wholly owned subsidiary of Shenyang Cairui Investment Co., Ltd. (hereinafter referred to as "Shenyang Cairui"). Shenyang Cairui is jointly owned by Shenyang Cisheng Investment Fund Co., Ltd. and Shenyang Metro Management Co., Ltd., with a shareholding ratio of 50% respectively. The equity penetration map shows that the actual controllers of Shenyang Cisheng and Shenyang Metro are both Shenyang SASAC.
Shenyang Caisheng Investment Fund Co., Ltd. is 100% owned by Shenyang Shengjing Financial Control Investment Group Co., Ltd., which is 67.421% owned by Shenyang SASAC, and Shenyang Metro Management Co., Ltd. is 100% owned by Shenyang Metro Group Co., Ltd. Shenyang SASAC holds 88.7273% of Shenyang Metro Group Co., Ltd.
In fact, there has been speculation in the market for the entry of Shenyang SASAC into brilliance Group. In April this year, there were media reports that relevant departments in Shenyang might buy brilliance shares from brilliance Group. Subsequently, brilliance China issued a clarification notice saying: "We are not aware of the matters reported by the media and the source of the information contained in them." The industry believes that the establishment of Shenyang Automobile may pave the way for the local government to reorganize brilliance Group. As for the reasons for Shenyang Automobile's investment in the automobile industry, Jinbei Automobile said in the announcement: "the main purpose of Shenyang Automobile Investment is to develop the automobile industry in Shenyang."
Data show that brilliance Automobile Group holding Co., Ltd. is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, directly or indirectly holding and participating in four listed companies. and through its listed company brilliance China Automobile holding Co., Ltd. and BMW Group Joint Venture established brilliance BMW Co., Ltd. In November 2020, Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Group, and then brilliance Group entered the bankruptcy reorganization process. In March 2021, the Shenyang Intermediate people's Court ruled that 12 enterprises including brilliance Group should be tried by substantive merger and reorganization, and appointed the manager of brilliance Group as the substantive merger and reorganization manager of 12 enterprises, including brilliance Group. After that, Shenyang Intermediate people's Court held three creditor meetings one after another, but the relevant plan was not adopted.
After several twists and turns, brilliance Group has been reorganized for nearly three years. As of June 1, 2022, a total of 6029 creditors had declared their claims to brilliance Group, totaling 57.718 billion yuan; the creditors' undeclared claims totaled 13.294 billion yuan; and the undeclared claims of employees totaled 786 million yuan, totaling 71.798 billion yuan.
In the past, both brilliance BMW and Golden Cup were in the leading position in the industry, but due to the development of brilliance and the changes in the car market, brilliance finally went bankrupt and reorganized. It should be noted that brilliance's largest joint venture and main source of profits in China, brilliance BMW, has undergone significant equity changes last year. Brilliance's stake in BMW fell to 25 per cent in February 2022 after selling a 25 per cent stake in the joint venture to BMW. With the change of brilliance's stake, brilliance was incorporated into BMW Group. Brilliance China's contribution profit as a joint venture also shrank to 2.38 billion yuan from 14.52 billion yuan in 2021, down 83.6 percent from a year earlier.
After three years, with the finalization of the "restructuring Investment Agreement", it means that the reorganization of brilliance Group may soon be settled. If the plan is passed, Shenyang Automobile will further join brilliance Group, and the actual controller of brilliance Group will be changed from Liaoning SASAC to Shenyang SASAC. According to the plan, the plan will be voted on at the fourth creditors' meeting on the 30th of this month, which will not take effect until it is approved by the court.
Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat
Global auto giant Stellantis Group has been exploring the possibility of working with Chinese electric carmakers, including zero cars, according to people familiar with the matter. In October of the same year, Stellantis Group spent 1.5 billion euros (about 11.5 billion yuan)
According to the National Enterprise bankruptcy reorganization case Information Network, upon the application of Weima Automotive Technology Group Co., Ltd. (hereinafter referred to as "Weima Technology Group"), the Shanghai No. 3 Intermediate people's Court issued (2023) Shanghai 03 Breaking No. 1041 Civil order on December 29th, 2023, and ruled to accept Weimake.
A few days ago, a number of auto bloggers revealed pictures that a domestic car factory is full of Civic Type R inventory cars, the appearance of the basic color matching is supersonic gray and champion white, in addition mixed with one or two rally red. It is rumored that due to the poor sales of Civic TYPE R, the car has been in the end market.
A few days ago, a letter from SAIC GM Wuling Motor Co., Ltd. on the adjustment of general manager and executive committee members showed that after discussion by the party committee of Shanghai Automobile Group Co., Ltd., the president agreed: Shenyang will no longer hold the post of general manager of SAIC GM Wuling Automobile Co., Ltd., recommending Lu Jun to become SAIC GM Wuling Motor.
Porsche doesn't smell good in China? 2023 ends with negative growth again! A few days ago, Porsche released the latest sales figures, showing that Porsche sold 320221 vehicles worldwide in 2023, an increase of 3% over the same period last year, of which the total delivery volume in China was 79283, although it is still the largest in the world.
Classic car, also known as classical car, is a product of nostalgia. It is a car that people used in the past and can still work. There is a market price for vintage cars in the world, which mainly depends on the year, production volume, market positioning at that time, stock, degree of maintenance and integrity of documents, formal licensing, and so on. Sometimes, whether the car owner is famous or not is also a factor that determines the price of the car. The collection of classic cars not only has the function of relaxation and socialization, but also has the possibility of getting a return on investment. Compared with traditional investments such as playing with stock funds, investors not only do not have to worry about price fluctuations all day long, but also enjoy what they expect while entertaining their body and mind.
New car sales of luxury brands grew rapidly this past August. In August 2022, luxury brands sold 247000 vehicles, up 32.40% from a year earlier, while the first echelon of luxury brands showed a strange phenomenon, with the BMW X5 surpassing the BMW X3 for the first time, according to the Federation of passengers. According to
A few days ago, Tesla Automobile (Beijing) Co., Ltd. filed the recall plan with the State Administration of Market Supervision and Administration in accordance with the requirements of the regulations on the recall of defective Automobile products and the measures for the implementation of the regulations on the recall of defective Automobile products. From now on, a total of 91 imported Model 3 vehicles will be recalled for the period from February 2, 2019 to October 20, 2019. During the manufacturing process of some vehicles within the scope of this recall, the transverse connecting rod fixing bolts on the front subframe assembly may not be fastened according to the standard torque. After long-term use, the bolt may be loose or detached from the subframe.
A few days ago, Alfa Romeo (Shanghai) Automobile sales Co., Ltd. filed a recall plan with the State Administration of Market Supervision and Administration in accordance with the regulations on the Administration of defective Automobile products recall and the measures for the implementation of defective Automobile products recall. From now on, some imported 2017 Giulia and 2018 Stelvio cars manufactured between November 6, 2016 and January 24, 2019 will be recalled. A total of 457 vehicles. The vehicles within the scope of this recall are in adaptive cruise (AC...) due to software problems in the braking system module (BSM).
Recently, according to the announcement on the Progress of Foreign Investment issued by 360, in order to tie in with the reform of Naga's auto shares, the shareholding ratio of 3060 has been reduced to 10.72%, corresponding to a book value of 1.153 billion yuan, and Nagan's latest valuation is 10.756 billion yuan. Compared with earlier in 2022