On the evening of August 4, Jinbei Automobile Co., Ltd. issued an announcement of shareholders' share transfer plan. According to the announcement, on August 2, the Shenyang Intermediate people's Court approved the "substantive merger and reorganization plan of 12 enterprises, including brilliance Automobile Group holding Co., Ltd." and Shenyang Automobile Co., Ltd. will become the indirect controlling shareholder of the company. the actual controller of the company will be changed to Shenyang SASAC, which constitutes Shenyang Automobile's indirect acquisition of Jinbei Automobile.
After this change of rights and interests, Shenyang Automobile will acquire 100% of the restructured brilliance Automobile Group Holdings Co., Ltd. through the subsidiary of brilliance Group and the Liaoning M & An Equity Investment Fund Partnership and Shenyang Industrial State-owned assets Management Co., Ltd., which is controlled by Shenyang SASAC, it holds a total of 525 million shares, accounting for 40.09% of the total share capital of Jinbei Automobile. The matter will trigger Shenyang Automobile's full offer obligation to all remaining shareholders of Jinbei Automobile. In addition, the announcement also shows that in order to avoid issuing a comprehensive offer, in accordance with the relevant provisions of the measures for the Administration of acquisitions of listed companies, Shenyang Automobile intends to urge its controlled shareholders and concerted actors to reduce their total Jinbei Automobile shares to less than 30% within 30 days after the court ruled the "reorganization plan."
The actual control of Shenyang Automobile is Shenyang SASAC (that is, the State-owned assets Supervision and Administration Commission of Shenyang people's Government). 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.
The industry believes that the establishment of Shenyang Automobile may pave the way for the local government to reorganize brilliance Group. As for the reason why Shenyang Automobile invested in the automobile industry, Jinbei Automobile also said in the announcement: "the main purpose of Shenyang Automobile Investment is to develop the automobile industry in Shenyang." The three-year action plan for the high-quality development of the automobile industry issued by Shenyang mentioned that in the next three years, we will strive to introduce one or two new energy vehicle enterprises, build a multi-polar development pattern of the whole vehicle, expand the production scale of new energy vehicles in Shenyang, and gradually develop into a national important production and manufacturing base of new energy vehicles. As for whether Jinbei Automobile can achieve industrial transformation and upgrading after coming back from the dead in the future, it will take more time to verify.
From the content of the announcement, it means that the reorganization of brilliance Group, the parent company of Jinbei Automobile, is about to settle down. According to the announcement of the National Enterprise bankruptcy reorganization Information Network, the reorganization plan proposed by brilliance China and its related companies was voted and approved by creditors. Another announcement showed that the Shenyang Intermediate people's Court of Liaoning Province approved the plan on Aug. 2.
Brilliance China announced that trading in its shares was temporarily suspended from 09:37 on Aug. 3, pending inside information. Before the suspension, brilliance China shares traded at HK $3.94 per share, with a total market capitalization of HK $19.878 billion. For follow-up development, brilliance China said it was studying and exploring a number of investment opportunities, including working with BMW to supply BMW parts and possibly expanding into new energy vehicle manufacturing and spare parts businesses as well as other automotive businesses.
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