AutoBeta(AutoBeta.net)07/20 Report--

SAIC Group suddenly stopped the acquisition of China Rental car, BAIC Group "anti-cut Hu" to buy China Rental car, why China Rental car so "much attention"?

SAIC "Xiehu" BAIC announced on July 2 that SAIC Hong Kong, a wholly owned subsidiary, would buy no more than 613 million shares of Shenzhou Rental car for a total price of no more than HK $1.902 billion at HK $3.10 per share. Once the acquisition is completed, Shenzhou excellent car will no longer hold a stake in China car rental, and SAIC will hold a 28.92% stake in China car rental to become the largest shareholder.

However, half a month later, the matter was reversed. On July 20, SAIC announced that during the negotiation of the follow-up equity transfer agreement, there were new situations affecting the conclusion of the transaction, and the two sides failed to agree on the delivery conditions within the planned time. SAIC Hong Kong decided to terminate the transaction in order to protect the company's interests. SAIC said that as the formal agreement has not yet been signed, the termination of the deal will not affect the production, operation and development of the company.

The disclosure of this transaction information led to the formal collapse of the cooperation between SAIC and China car Rental. At the same time, Shenzhou excellent car announced that in order to optimize the company's debt structure, it will transfer its Shenzhou rental shares to Jiangxi Jinggangshan BAIC Investment Management Co., Ltd. or its designated third party at a price of HK $3.1 per share. After the completion of the deal, Shenzhou excellent car will no longer hold shares in China car rental, BAIC will hold about 20.87% of China car rental shares.

It turned out that as early as May 31, China Youche signed a cooperation agreement with BAIC Group, which will acquire Shenzhou car rental shares held by Shenzhou Youche. However, after being "cut off" by SAIC, the news about BAIC's acquisition of Shenzhou car rental shares finally fell into thin air. There are comments that today's operation has a feeling that BAIC opposes "intercepting Hu" SAIC, and it is not clear whether it will jump again in the late delivery of shares.

As for why SAIC gave up the acquisition of China Rental cars, it may have something to do with the recent "China Department" high-level infighting. According to the enterprise investigation information, on July 14, the main personnel of Shenzhou excellent car changed, and the director Huashan withdrew from the main personnel, and Jin Xin, the new principal member, was the director. Lu Zhengyao, chairman of Luckin Coffee, was removed from office after the outbreak of Luckin Coffee's financial fraud, while the core figure of the "China Department" is still Lu Zhengyao, who currently holds a 10.05 per cent stake in Shenzhou Youche.

Chen Hong, chairman of SAIC Group, said at today's shareholders' meeting, "our acquisition of a company is not only about acquisition, but also about the operation after the acquisition. In line with the attitude of being responsible for the interests of the company and shareholders, we terminate this transaction in a timely manner." The termination of the transaction will not affect SAIC's production, operation and development. "

As soon as SAIC ended its acquisition of Shenzhou Rental car, the Hong Kong share price of Shenzhou Rental car plunged 11%, wiping out 900 million yuan in half an hour, and trading has been suspended.

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