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Under the global new energy boom, a company once bought Kowloon Motor bus at a price of 2 billion. Now the tide has faded and Kowloon Motor bus has been sold at a discount. Jiangte Motor recently announced that the company plans to transfer 100% stake in Jiangsu Jiulong Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Kowloon Motor"), a wholly-owned subsidiary, to Fairy Infrastructure Construction Co., Ltd., Jiangdu District, Yangzhou City, at a transaction price of 513 million yuan.

For this behavior, Jiangte Motor said it was based on the strategic planning of future industrial development and the situation of the new energy vehicle industry. At the same time, the disposal loss is expected to be 531 million yuan, which will result in a large loss in the company's performance in 2019.

Jiangsu Jiulong Automobile Manufacturing Co., Ltd. was founded in 2007, is a collection of automotive research and development, production, sales, service, import and export trade as one of the national high-tech enterprises, with passenger cars, passenger cars and special vehicle qualifications. However, according to industry insiders, Kowloon Motor is actually just a contract factory. It has worked for Geely Motor, Xiaolan bus and Yinlong. With the gradual growth of various car companies, Kowloon Motor has also been abandoned. Even if there is the launch of their own models, but still can not achieve benefits.

In 2015, Jiangte Motor wanted to go deep into the new energy vehicle manufacturing industry in the lithium power new energy industry chain, so it acquired a 100% stake in Kowloon Motor at a premium of five times in the form of epitaxial mergers and acquisitions. According to the announcement at that time, the book value of KMB's net assets was 485 million yuan, the evaluation value of all shareholders' rights and interests was 2.912 billion yuan, the added value was 2.427 billion yuan, and the value-added rate was 500.51%.

At the time of the acquisition, KMB promised that its net profit would be no less than 200 million yuan, 250 million yuan and 300 million yuan respectively in the next three years. However, the performance is not satisfactory, the actual net profit of three years is 350 million yuan, 180 million yuan, 230 million yuan, only the acquisition year to achieve the profit commitment. After 2019, the loss has further expanded. As of the end of July this year, the Kowloon Motor bus Company has lost 100 million yuan in net profit.

It is worth noting that since 2016, Kowloon Motor has received a subsidy of 1.22 billion yuan due to new energy subsidies, and there is also a subsidy of 869 million yuan, which is the main reason why Kowloon Motor was able to fulfill its promise in the following year. In 2016 alone, your subsidy accounted for 1/3 of the operating income of Jiangte Motor.

With the narrowing of new energy subsidies, the revenue situation of KMB has changed. At the same time, with the lengthening and expansion of various head car companies, they continue to seize the market of Kowloon Motor, making it more and more difficult. There is now the behavior of "selling at a low price".

Some people in the industry believe that under the trend of not increasing but decreasing in the whole global automobile industry, the pattern of new energy vehicles is changing. Originally not the automobile industry, Jiangte Motor is more difficult to deal with, after all, new energy vehicles involve a wide range of business coverage, from battery, storage, motor, chip and other aspects of technology research and development, cost and time-consuming are huge. It takes at least three years for a model to arrive from tooling to launch. This is still based on car companies with experience in the automotive industry.

Since 2018, the global auto market has suffered a cold winter, until this year, the downward trend is still not rising, even the marginal car companies that have been deeply cultivated in the automobile industry for many years have been baptized by the market, and now the new energy market is still in the doldrums. Maybe Jiangte Motor is the best choice to "cut meat".

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