AutoBeta Home News New Vehicle Industry Report Data Report Industrial Economy

In addition to Weibo, there is also WeChat

Please pay attention

WeChat public account

AutoBeta

New developments in restructuring! Brilliance Renault completes equity change

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >

Share

AutoBeta(AutoBeta.net)05/20 Report--

According to the national enterprise credit information publicity system, brilliance Renault Gold Cup Automobile Co., Ltd. has undergone industrial and commercial changes. shareholders added brilliance China Automobile Holdings Co., Ltd., Shenyang Xing far East Auto parts Co., Ltd., Shenyang Swat Auto parts Co., Ltd., Chengde Huayuan Automation equipment Co., Ltd., of which Shenyang Xing far East Auto parts Co., Ltd. held about 43.71%, becoming the largest shareholder. It is understood that Shenyang Xing far East Auto parts Co., Ltd. is a wholly owned subsidiary of brilliance China Automobile Holdings Co., Ltd.

Huachen Renault, a joint venture between Renault Group and brilliance China, previously focused on the production and sales of light commercial vehicles, and filed for bankruptcy reorganization from December 2017 to December 2021. Huachen Renault lasted only four years.

In December 2017, brilliance China transferred 49% of its shares in Shenyang brilliance Gold Cup to Renault at a price of 1 yuan, and established Huachen Renault Gold Cup Automobile Co., Ltd. After the establishment of brilliance Renault, the company plans to produce and sell light commercial vehicles under the three brands of Golden Cup, Renault and Huasong, and the models will be localized to produce three major categories of vehicles-MPV, medium van and van, large van and van. At the same time, it also plans to achieve annual sales of 150000 units by 2022, and plans to deploy electric cars ahead of schedule. At that time, brilliance Gold Cup, founded in 1989, was facing huge losses and accumulated debt of more than 1 billion yuan, so brilliance sold 49% of its stake in brilliance Gold Cup to Renault Group at a price of 1 yuan, hoping that both sides would invest a further 1.5 billion yuan in the future. to reverse losses in light passenger business.

However, the joint venture with Renault failed to produce real results, even causing Huachen Renault sales to decline year after year, from 43000 in 2018 to 40000 in 2019 to 23000 in 2020. In May 2021, the news of Huachen Renault's poor operation spread in the industry. At that time, some media quoted insiders as saying that brilliance Renault "has stopped a number of important ongoing projects, French experts are ready to withdraw one after another", and Renault began to consider "after the passenger car, withdraw from China's commercial vehicle market again". From the second half of 2021, brilliance Renault Gold Cup stopped releasing sales figures, and news updates on its official website stopped in June last year.

On December 30, 2021, according to the information of the national enterprise bankruptcy reorganization case information network, brilliance Renault Gold Cup Co., Ltd. filed for bankruptcy, the case number is (2021) Liao 01 Breaking Shen 24, and the handling court is the Shenyang Intermediate people's Court of Liaoning Province. both the applicant and the applicant are brilliance Renault Gold Cup.

On January 12, 2022, brilliance China announced that brilliance Renault's application for reorganization had been accepted by the Shenyang Intermediate people's Court. Huachen Renault liquidation team, led by Gao Wei, director of the Comprehensive laws and regulations Department of the State-owned assets Supervision and Administration Commission of the Liaoning Provincial people's Government, has been appointed by the Shenyang Intermediate people's Court as the manager of the reorganization.

On May 17, 2023, brilliance China announced that Huachen Renault, Golden Cup Automobile Control and managers had entered into a restructuring investment agreement on the relevant formal proposal. The content shows that after the completion of the restructuring, Huachen Renault will own about 36.37%, 44.61% and 19.02% of the actual interests respectively by Jinbei Automobile Control, Xing far East and Renault. After the restructuring, Huachen Renault will become a non-wholly owned subsidiary of brilliance China Automobile Holdings Limited, and Huachen Renault's financial results will be included in the consolidated financial statements of brilliance China Automotive Holdings Limited.

Even if the restructuring is completed, the development of Huachen Renault in the Chinese market is not optimistic, and the attractiveness of commercial vehicles in the Chinese market is not so strong, so brilliance Renault is not easy to find its own market position. Of course, from the perspective of the commercial vehicle market, Huachen Renault is still well-known, and brilliance China, the controlling shareholder of Huachen Renault, also completed its restructuring not long ago, but if the joint venture invigorates its assets and continues to produce and operate, brilliance China also needs careful planning.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat

Views: 0

*The comments in the above article only represent the author's personal views and do not represent the views and positions of this website. If you have more insights, please feel free to contribute and share.

Share To

Network commentsNetwork comments are only for expressing personal opinions and do not express the position of this website

Related

News

Wechat

© 2024 AutoBeta.Net Tiger Media Company. All rights reserved.

12
Report