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Since Chery officially announced the ownership of Qingdao Wudaokou at the end of last year with 14.4 billion yuan, Chery seems to have entered a quiet period, and there is no way to know about the mixed reform. Recently, however, it has been reported that there has been a change in Chery's mixed reform.

According to media reports citing a number of people familiar with the matter, the Chery mixed reform of Qingdao Wudaokou encountered a delay in equity delivery, because since Qingdao Wudaokou confirmed that the mixed reform into the master Chery, the third phase of 5 billion yuan of funds are still not in place, so that Chery fell into financial pressure. To ease the pressure, Chery will speed up financing through the listing of Chery New Energy.

In response to the above situation, Chery Holdings also issued a statement this afternoon, saying, "the follow-up work after the delisting of Chery's capital increase and share expansion project has been carried out normally in accordance with the established plan."

In December last year, Chery finally completed the transaction of the capital increase and share expansion project which took more than a year. After adjustment, Qingdao Wudaokou invested 7.59 billion yuan in Chery Holdings, with a shareholding ratio of 30.99%; invested 6.86 billion yuan in Chery shares, with a shareholding ratio of 18.5185%. In addition, Chery Holdings indirectly held 32.4815%, becoming the largest shareholder of Chery Holdings, with a total proportion of 51%.

However, since Qingdao Wudaokou was elected at the end of last year with 14.4 billion yuan, Chery seems to have entered a quiet period, during which there was nothing about the mixed reform plans of both sides. It was not until this year's "two sessions" that Yin Tongyue, chairman of Chery, disclosed some of the news to the outside world. "the mixed reform has not yet been completed, it will be at the end of August this year, and it is still in the process," he said. " It means that when the masking situation is still in the process.

However, for the Chery mixed reform situation, some analysts believe that Qingdao Wudaokou will inject capital one year ago as the observation period for Chery Automobile, and it is hard to say whether there will be any changes after a year. After all, whether the mixed reform can be realized depends on the market performance of Chery Automobile.

Yin Tongyue believes that although the mix-up was only carried out in December last year, the "mix-up" has also had a beneficial impact on the company. Chery sold 40079 new cars in April, up 15.4 per cent from a month earlier, according to data. Among them, Chery's domestic sales increased by 30.3% month-on-month, and new energy sales increased by 112.5%. From January to May, Chery Group sold a total of 189000 vehicles (including exports). Therefore, Yin Tongyue said, "now the whole market is moving, and the market in the past two months is better than in the past."

However, some media quoted a person familiar with the matter as saying: "Qingdao Wudaokou is not very satisfied with Chery's performance." Although Chery achieved a certain rebound in sales, it only completed the increase of 100000 vehicles disclosed by Yin before, reaching 22% of the target of 845000 vehicles, which is obviously a big deviation from expectations. it may also be the reason why the third phase of funds has not been invested in Wudaokou, Qingdao.

In this regard, with the lack of financial pressure environment, insiders revealed that Chery has decided to speed up the preparation of the listing of its Chery new energy sector, and strive to achieve the main board listing in 2022. It is reported that Chery New Energy has been preparing for listing for 2-3 years and has met the basic listing requirements. People familiar with the matter also revealed that even if the third phase of funds has not been reached, the impact on Chery will not be too great. After all, the company is still running on the right track.

In fact, with the current transition period of the automobile market from quantity expansion to quality improvement, the era of "lying down and making money" is gone forever. In addition, under the impact of the epidemic in 2020, the car market has worsened even faster, making the intensity of competition continue to increase. As a result, many independent brands, such as Chery, highlight their obvious limitations in their current scale and strength. in the new situation of consumption upgrading and industry decline, the disadvantages are becoming increasingly prominent and the development is weak.

In this regard, through capital operations such as merger, reorganization and mixed reform, automobile enterprises will certainly be able to achieve a certain transformation. after all, the mixed reform of state-owned automobile enterprises will achieve various forms of ownership capital to learn from each other, promote each other and develop together. it will enhance the core competitiveness of enterprises and maintain and increase the value of state-owned assets.

As of June 30, 2019, Chery Holdings had a net profit of-156 million yuan, total assets of 90.4 billion yuan and total liabilities of 68.51 billion yuan, while Chery Automobile had a net profit of-1.374 billion yuan, total assets of 83.08 billion yuan and total liabilities of 62.294 billion yuan.

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