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2024-10-07 Update From: AutoBeta NAV: AutoBeta > News >
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On January 19, brilliance Automobile Group Holdings Co., Ltd. issued a "notice on the clarification of recent rumors" to clarify. According to the announcement, recently, brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as "brilliance Group") is concerned about market rumors that "brilliance Group is considering selling the remaining 25% stake in brilliance BMW." Verified by our company, the above report is not true. As of the date of disclosure of this announcement, the Company has not received any written or oral information from government departments, regulators or shareholders about the above rumors. The company is not aware of the source of the information contained in the media reports. In order to avoid misleading investors, I would like to clarify.
Brilliance pointed out in the announcement that it will fulfill its information disclosure obligations according to the actual restructuring progress, promise that the information disclosed will be true, accurate, complete and timely, and will strictly abide by the relevant laws and regulations and self-regulatory rules of the bond market. do a good job in the disclosure of relevant information during the existence of bonds.
Earlier, there were media reports that brilliance was considering selling its remaining 25% stake, and a number of Chinese companies were interested in the sale of the remaining 25% stake by brilliance Automobile Group, including FAW and other start-ups. Negotiations are under way, but a final decision has not yet been made and a deal may not be reached.
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 Jinbei Automobile, Shenhua Holdings and brilliance China three listed companies, and through brilliance China and BMW Group jointly established brilliance BMW.
In November 2020, brilliance fell into financial crisis. The 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 procedure. 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. But after several twists and turns, the restructuring plan did not come out until June 2022.
In June 2022, the third creditors' meeting of brilliance Group and other 12 enterprises was held and voted on the restructuring plan, but the relevant plan was not adopted. In May 2023, brilliance China announced that the company had been informed by brilliance Manager that Shenyang Automobile Co., Ltd. had been selected by the brilliance Group restructuring Investor selection and Evaluation Committee as a potential investor in brilliance restructuring, and that brilliance restructuring plan was still being worked out, pending approval from brilliance creditors' meeting and Shenyang Intermediate people's Court. The industry believes that the establishment of Shenyang Automobile may pave the way for the local government to reorganize brilliance Group. It was not until August 2023 that brilliance's reorganization plan was approved by the court.
In the past, brilliance BMW was the largest joint venture of brilliance in China and was also the main source of profit for brilliance. But brilliance's stake in BMW changed significantly in February 2022, when brilliance's stake in the joint venture fell to 25 per cent after selling a 25 per cent stake to BMW. With the change of brilliance's stake in BMW, brilliance BMW was merged into BMW Group, and brilliance China's contribution profits as a joint venture began to shrink.
According to the latest figures, BMW Group delivered 824932 BMW and MINI vehicles in China in 2023, an increase of 4.2 per cent year-on-year. For BMW, the Chinese market remains its most important single market, and BMW has invested heavily in electric vehicles in recent years and accelerated its electrification transformation. According to the plan, 2025 will be an important node of BMW Group's electrification strategy, when it will usher in a "new generation" product array; by the end of 2025, BMW Group plans to deliver 2 million pure electric vehicles worldwide; it is expected that by 2030, at least 50 per cent of the group's global sales will come from pure electric models.
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