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Brilliance auto executives change!

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


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On March 21, brilliance announced on the Hong Kong Stock Exchange that Shen Tiedong had submitted his resignation as executive director, chief executive of the company and members of the company's remuneration committee, nomination committee and subsidiary executive appointment committee due to other official duties. In addition to his resignation from the above post, Shen Tiedong also resigned as a director of brilliance Reynolds Cup Motor Co., Ltd., a subsidiary of the Company, and all other positions of the Company's subsidiaries, joint ventures and associates.

At the same time, brilliance announced that the board of directors of brilliance China Automobile Holdings Limited consists of executive directors Mr. Wu Xiaoan (Chairman), Mr. Zhang Wei and Mr. Xu Daqing; independent non-executive directors Mr. Song Jian, Mr. Jiang Bo, Mr. Dong Yang and Dr. Lin Jielan.

According to the data, Shen Tiedong was born in November 1969 and graduated from the Department of Economics of Liaoning University with a bachelor's degree in political economy with a doctorate degree and a senior economist. Before becoming party committee secretary and chairman of brilliance Group in June 1992, Shen Tiedong served as Vice Minister of Trust Department of Liaoning International Trust and Investment Corporation, Minister of Capital Operation of Liaoning International Cooperation (Group) Co., Ltd., Deputy General Manager of Liaoning Energy Investment (Group) Co., Ltd. Vice Mayor, standing Committee member and Secretary-General of the people's Government of Panjin City, Liaoning Province, and later transferred to Liaoning Energy Investment (Group) Co., Ltd. as vice chairman, deputy secretary of the party committee and general manager; chairman and secretary of the party committee of Liaoning Environmental Protection Group Co., Ltd. In June 2021, Shen Tiedong was appointed party committee secretary and chairman of brilliance Group.

Judging from Shen Tiedong's work experience, Shen Tiedong did not come from the automobile industry, but he had rich experience in the government and enterprises. During his tenure as party committee secretary and chairman of brilliance Group, brilliance Group also entered the stage of bankruptcy reorganization. At that time, "how to help brilliance Automobile Group tide over the difficulties of bankruptcy reorganization" was an important task after taking office. At present, brilliance Group restructuring has entered a new stage.

On March 15, the national enterprise credit information publicity system showed that investors in brilliance Automobile Group holding Co., Ltd. (hereinafter referred to as "brilliance Automobile") had changed. The former shareholder Liaoning Provincial Social Security Fund Council (Provincial Industrial (Entrepreneurship) Investment guidance Fund Management Center) and the State-owned assets Supervision and Administration Commission of Liaoning Provincial people's Government withdrew, Shenyang Automobile Co., Ltd. (hereinafter referred to as "Shenyang Automobile") is a shareholder and wholly owned. At present, brilliance is wholly owned by Shenyang Automobile, and the legal representative of the company is Shen Tiedong.

As for why Shenyang Automobile wants to buy brilliance Automobile? In fact, the news came out as early as April 2023, but it was not officially confirmed until March 15 this year. At that time, the industry believed that Shenyang Automobile was set up by the local government to reorganize brilliance Group. The actual controller 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 as a wholly-owned subsidiary of Shenyang Cairui Investment Co., Ltd. (hereinafter referred to as "Shenyang Cairui"). On March 14, Shenyang Automobile shareholders added Shenyang Cairui Automobile Industry Development Partnership (limited partnership), with registered capital increased from 500 million yuan to 4.88 billion yuan.

Cui Dongshu, secretary general of the National passenger car Market Information Association, has said that brilliance Group has been reorganized for as long as three years, and Shenyang Automobile has been selected as the restructuring investor, which shows that all parties are trying their best to solve the problem and complete the reorganization.

In November 2020, brilliance Group fell into a financial crisis, and then 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. 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. However, after several twists and turns, there was no substantial competition in the restructuring plan, and it was not until August 2023 that brilliance's restructuring plan was approved by the court.

Since being ruled to accept bankruptcy reorganization in November 2020, brilliance Group has undergone many twists and turns. With the completion of industrial and commercial changes in the acquisition of brilliance by Shenyang Automobile, it means that brilliance Group restructuring has entered a new stage, but under the background of increasing competition in the car market, brilliance Group's future is still full of fog. According to the financial report, brilliance China achieved a total operating income of 507 million yuan in the first half of 2023, down 8.9% from 558 million yuan in the same period in 2022. Brilliance China said the drop in demand for auto parts was due to the shift in demand in the auto consumer market from traditional fuel models to electric and hybrid models.

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