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Finalize it! Shenyang Automobile will acquire brilliance

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

On February 7, brilliance China announced that the company had been informed by brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as "brilliance Group") that with the agreement of all parties, the previous proposal to sell the 0.44% stake in Liaoning Xinrui Automotive Industry Development Co., Ltd. (hereinafter referred to as "Liaoning Xinrui") by auction has been officially terminated and delivery will no longer continue. As part of brilliance restructuring, Liaoning Xinrui will dispose of the 0.44% shares of the company by other means and complete the delivery.

In addition, the announcement also shows that the brilliance restructuring plan approved by the Shenyang Intermediate people's Court is still being implemented. Shenyang Automobile Co., Ltd. (hereinafter referred to as "Shenyang Automobile") has signed a conditional investment agreement to acquire 100% stake in brilliance Group. However, delivery of the acquisition will not take place until after the 0.44 per cent stake sale. After the acquisition is delivered, Shenyang Automobile will own the remaining 29.99% of the shares in the Company through brilliance and Liaoning Xinrui.

It is understood that Shenyang Automobile was set up by the local government to reorganize brilliance Group, and the actual controller is Shenyang State-owned assets Supervision and Administration Commission (Shenyang Municipal people's Government State-owned assets Supervision and Administration Commission). 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").

In fact, the market had predicted the entry of Shenyang SASAC into brilliance Group. As early as April 2023, the market reported that relevant departments in Shenyang may buy brilliance China 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." As for the establishment of ou Shenyang Automobile, the industry believes that the local government may have laid the groundwork for the restructuring of brilliance Group. As for the reason why Shenyang Automobile invested 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 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. At that time, the industry believed that the formation of Shenyang Automobile might 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.

Brilliance Group reorganization Plan has lasted for nearly three years since it was ruled to accept bankruptcy reorganization in November 2020. On August 2, 2023, 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.

It is worth mentioning that on January 19 this year, 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.

According to the latest announcement, the restructuring of brilliance Group has not yet been formally completed. With Shenyang Automobile acquiring 100% stake in brilliance Group after restructuring, it means that brilliance Group has officially entered the implementation stage of the restructuring plan. Brilliance China said in this latest announcement that it will continue to closely monitor the development of brilliance restructuring and will announce the major progress of brilliance restructuring in due course.

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