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Chery acquires the actual control of Southeast Automobile!

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >


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Tianyan check information shows that on March 8, the industrial and commercial change took place in Fuzhou Qingkou holding Co., Ltd., the former wholly-owned shareholder Fuzhou Zuohai Automobile Co., Ltd. withdrew, and Chery Automobile Co., Ltd. was added as a wholly-owned shareholder. Liu Changan stepped down as legal representative, executive director and manager, and Wen Qiangkang took over.

In January this year, the website of the Shanghai Municipal Bureau of Supervision published a summary case of operator concentration, which showed that Chery Automobile Co., Ltd. signed an agreement with Fuzhou Zuohai Automobile Co., Ltd. Chery acquired 100% stake in Fuzhou Qingkou Holdings Co., Ltd.

Data show that Fuzhou Qingkou Holdings Co., Ltd. is located in Fuzhou, Fujian Province, was established in August 2023, the legal representative is Wen Qiangkang, registered capital of 50 million yuan, is an enterprise mainly engaged in the automobile manufacturing industry. At present, the company has received a round of financing, invested by Chery Automobile.

The exiting shareholder Fuzhou Zuohai Automobile Co., Ltd. was established in May 2022, with the legal representative of Liu Changan and a registered capital of 500 million RMB. The company is wholly owned by Fuzhou Zuohai Holdings Group Co., Ltd. It should be noted that the actual prosecution of Southeast Motor is Fuzhou Zuohai holding Group Co., Ltd. This also means that Chery has completed the acquisition of Southeast (Fujian) Automobile.

In fact, as early as October 2021, the official website of the Fuzhou people's Government disclosed some clues about the cooperation between Southeast Motor and Chery. At that time, an on-the-spot meeting called "speeding up the standardization construction of industrial (industrial) parks and promoting the high-quality development of manufacturing industry" was held in Fuzhou Binhai New City. At the meeting, the representative of Qingkou Automobile Industrial Park in Minhou specifically mentioned that "closely contact Chery and SAIC, take the initiative to dock with new car-building forces such as the future and Niuren, and strive to attract a whole vehicle project to land."

By March 2022, there will be rumors on the market about the cooperation between Southeast Automobile and Chery Automobile. According to media reports, at that time, a PPT about the cooperation plan between Chery Commercial vehicle and Southeast Automobile was exposed online, which showed that Southeast Automobile and Chery reached a bet agreement that they were willing to give 80% equity in exchange for Chery's technical support. the core is that Chery owns Southeast Automobile with technology, and Southeast Motor will transfer 80% of its equity to Chery for free after sales reach the target.

According to the plan, the first step in Chery's acquisition of Southeast Automobile is to achieve a sales target of 24000 vehicles by 2022 in the form of "branded cars" to help Southeast Motor maintain its production qualification. In 2023, Chery put into production three modified products for Southeast Automobile, while locally producing Southeast brand new energy or OEM Chery models, jointly achieving the sales target of 75000 units. After completing the target, Chery commercial vehicles can control Southeast Automobile. After 2024, the two sides will jointly develop three new models, achieve the sales target of 15-400000 units by 2024, and build 250000 new factories with annual production capacity. In addition, the two sides will complete sales of 3.06 million vehicles in the next 10 years, with revenue reaching 273 billion yuan, which will drive parts and related industries worth 217.8 billion yuan, totaling nearly 500 billion yuan.

In April 2022, the official website of Fuzhou Bureau of Industry and Information Technology released an article about "Fuzhou Industrial and Information Bureau's industrial chain has achieved remarkable results in attracting investment", which also mentioned that "the Southeast Automobile Project Cooperation Framework Agreement" was signed with Chery Automobile.

Information shows that Southeast (Fujian) Automotive Industry Co., Ltd. (hereinafter referred to as "Southeast Automobile") was established in 1995. It is jointly formed by Fujian Automotive Industry Group Co., Ltd. (hereinafter referred to as "Fuqi Group"), Warwick Co., Ltd. (hereinafter referred to as "Warwick Co., Ltd.") and Japan Mitsubishi Automotive Industry Co., Ltd. (hereinafter referred to as "Mitsubishi Automobile"), of which Fuqi Group owns 50%. The other two companies each have a 25% stake. In April 2021, the equity of Southeast Automobile was changed, and Mitsubishi Motor, which originally held 25% of its shares, withdrew, which was taken over by Fuzhou Transportation Construction Investment Group Co., Ltd. (hereinafter referred to as "Fuzhou Stock Exchange"). Minhou County Construction Investment Group Co., Ltd. (hereinafter referred to as "Minhou Construction Investment Group") took a stake in Southeast Automobile. At present, the company is jointly owned by Fuzhou Zuohai holding Group, Fujian Automotive Industry Group, Minhou Construction Investment Group and Huawei shares, of which Fuzhou Zuohai holding Group holds 77.833%, which is the controlling shareholder.

From the perspective of development time, Southeast Automobile is an established independent car company. At the beginning of its development, it introduced the vehicle manufacturing technology of Mitsubishi Automobile through Taiwan China Automotive, and became one of the most concerned car companies in China. Southeast Automotive product line covers cars, SUV, commercial vehicles and other fields, the existing SUV series models include Southeast DX5, Southeast DX7, Southeast DX3; sedan models including Southeast A5 Wings Dance, and new energy vehicles include New Energy Delicas and Dongfeng DX3 EV40.

In 2021, Southeast Automobile sales were about 7265, down 51.85% from the same period last year. In 2022, the cumulative retail sales of Southeast Automobile was 24930, of which the highest-selling model was Southeast DX8, which sold 8016 vehicles. As of September 2023, Southeast Motor had accumulated sales of 759 vehicles, and no specific sales figures have been announced since then.

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