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Fire the chairman! Major changes in brilliance Group

2024-04-24 Update From: AutoBeta NAV: AutoBeta > News >


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On March 26th, China International Capital Corporation (hereinafter referred to as "China International Capital Corporation") issued a report on interim fiduciary management affairs. The report shows that the articles of association of brilliance Group have changed. According to the decision of shareholders, brilliance Group has no board of directors, executive directors, no board of supervisors and supervisors. At the same time, major personnel changes have taken place in brilliance Group. Shen Tiedong is no longer the party committee secretary, chairman and legal representative of brilliance Group, and Liu Yanhui is the executive director and legal representative of brilliance Group.

According to the data, Shen Tiedong graduated with a bachelor's degree in political economy from the Department of Economics of Liaoning University. He joined the work in June 1992 and served as vice mayor of Panjin Municipal people's Government, member of the standing Committee of Panjin Municipal CPC Committee, and secretary-general. Later, he was transferred to deputy secretary of the party committee, vice chairman and general manager of Liaoning Energy Investment (Group) Co., Ltd., party committee secretary and chairman of Liaoning Environmental Protection Group Co., Ltd. In June 2021, brilliance Group held a cadre meeting to announce the decision of Liaoning Provincial CPC Committee: Shen Tiedong was appointed party committee secretary and chairman of brilliance Group, and Yan Bingzhe was no longer party committee secretary and chairman of brilliance Group.

Judging from its resume, although he was not born in the automobile industry, he has rich experience in the government and enterprises. during his tenure as chairman of brilliance Group, brilliance Group also entered the stage of bankruptcy reorganization. At that time, "how to help brilliance Group tide over the difficulties of bankruptcy reorganization" was an important task after taking office. Then, brilliance will no longer set up a board of directors, which means that there will no longer be the post of chairman, and the executive director will be directly responsible for the operation of the company.

Liu Yanhui serves as the executive director and legal representative of brilliance Group. According to the data, Liu Yanhui graduated from Jilin University of Technology in July 1987, majoring in industrial electrical automation, and has successively served as vice chairman and party committee member of the State-owned assets Supervision and Administration Commission of the Shenyang Municipal people's Government. Shenyang Shengjing Asset Management Group Co., Ltd., chairman and party committee secretary of Shenyang Automobile Co., Ltd., since February 2023.

Prior to this major personnel change, there was a personnel change in brilliance on March 21. Liu Pengcheng stepped down as general manager and was replaced by Zhang Yue. Liu Yanhui was the legal representative and executive director, and Shen Tiedong resigned. At the same time, a number of directors and supervisors of the company have also stepped down and a new supervisor, Sun Ying, has been added. The change occurred after the change of the controlling shareholder of brilliance Group, 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. Its 100% equity was transferred to Shenyang Automobile and officially became a wholly-owned subsidiary of Shenyang Automobile Co., Ltd.

Shenyang Automobile Co., Ltd. was established in February 2023, the legal representative and chairman is Liu Yanhui, with a registered capital of 4.88 billion yuan. Shenyang Automobile is set up to reorganize brilliance Group, and the actual controller is the State-owned assets Supervision and Administration Commission of Shenyang Municipal people's Government.

According to the data, brilliance Automobile Group holding Co., Ltd. was established in September 2002 with a registered capital of 800 million yuan. Brilliance Group is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, which directly or indirectly controls and participates in four listed companies, and establishes brilliance BMW through its listed company brilliance China and BMW. On November 20, 2020, Shenyang Intermediate people's Court ruled that brilliance Group creditors' application for restructuring of brilliance Automobile Group was accepted, and brilliance Automobile Group officially entered the bankruptcy reorganization process. Previously, brilliance Group had three independent brands, namely, China, Golden Cup and Huasong, and two joint venture brands, brilliance BMW and brilliance Renault, but by 2024, brilliance Group had only brilliance BMW to support, and its shareholding had dropped from 50% to 25%.

The reorganization of brilliance Automobile Group has lasted for more than three years since it was ruled to accept bankruptcy restructuring in November 2020. After several years of twists and turns, the reorganization case finally entered the stage of implementation of the reorganization plan. On August 2, 2023, the Shenyang Intermediate people's Court has announced that it has approved the substantive merger and reorganization plan of 12 enterprises, including brilliance Automobile Group Holdings Co., Ltd., and terminated the reorganization procedures of 12 enterprises, including brilliance Automobile Group.

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