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With the new car market entering the stock era in recent years, many marginalized car companies have spent time in the difficult market of double decline in sales performance. In order to solve the debt and day-to-day operating problems, Chery introduces new investors through "capital increase and share expansion". At the same time, the new investor will become Chery's largest shareholder. However, Chery's mixed reform, which should have been settled, seems to be in flux.

Just one year after the Chery capital increase and share expansion project was announced, it was reported that the Qingdao Wudaokou New Energy Automobile Industry Fund, which participated in the capital increase and share expansion of Chery Holdings and Chery shares, was unable to solve the follow-up fund problem of more than 10 billion yuan after paying nearly 10 billion yuan of acquisition money. at present, it is seeking a financing restructuring on the scale of 6 billion yuan.

Zhou Jianmin, vice chairman of Chery Holdings and vice chairman of Chery Automobile, responded to the media by saying, "there is no refinancing." And stressed that "the mixed reform of Chery Automobile and Chery Holdings went smoothly."

In fact, since December 4 last year, Chery officially announced that the capital increase and share expansion has been successfully completed. Qingdao Wudaokou New Energy Automobile Industry Fund has become the new shareholder of Chery Holdings and Chery Automobile, that is, Qingdao Wudaokou entered the company with 14.4 billion yuan.

Before increasing capital and shares, Chery, as a state-owned enterprise, was actually the controlling shareholder of Wuhu Construction Investment Co., Ltd., which is under the State-owned assets Supervision and Administration Commission of Wuhu Municipal people's Government. After the capital increase and share expansion, Qingdao Wudaokou became the largest shareholder, directly holding 51% of Chery Holdings and Chery Automobile, realizing the mixed reform of state-owned enterprises.

According to the data, Qingdao Wudaokou, established in August 2019, is a fund body specially set up to participate in Chery's capital increase and share expansion project. it is registered in Qingdao Automobile Industry New City, Jimo District, Qingdao City, Shandong Province, and its largest shareholder is Beijing Wudaokou Investment Fund Management Co., Ltd.

However, since the announcement of Wudaokou in Qingdao, Chery seems to have entered a quiet period, and there is no way to know about the mixed reform.

In June this year, the media quoted a number of people familiar with the matter as saying that Chery's mixed reform of Qingdao Wudaokou encountered a delay in equity delivery, because since Qingdao Wudaokou confirmed that the mixed reform was in charge of Chery, the third phase of 5 billion yuan was still not in place. As a result, Chery is under financial pressure. To ease the pressure, Chery will speed up financing through the listing of Chery New Energy.

However, in response to the above situation, Chery Holdings soon issued a statement 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." Now, in the face of repeated rumors, Zhou Jianmin once again said, "similar rumors appeared in June this year, but the information has not been verified by any party, including Qirui, Qingdao State-owned assets Supervision and Administration, Qingdao Wudaokou, and is not true."

Until July, the ultimate beneficiary of Chery Group was changed, which made the situation of Chery mixed up more complicated and confusing. In August, Chery Group also received a credit from China Construction Bank to grow to 18.5 billion yuan, continuing to provide financial support to Chery Group.

According to Chery previously, the funds raised are mainly used to repay debts, as well as existing business, new business development and day-to-day operations. So it is not difficult to see that Chery's funds are really tight, which may also show that Qingdao Wudaokou has not continued to give Chery funds.

In the face of the shortage of funds, it is commendable that Chery Group has not shown a more decadent trend. According to KuaiBao, the November sales released by Chery Holdings Group, its entire group sold 101900 units, an increase of 36.4% over the same period last year, and the monthly sales and growth rate reached an all-time high in recent years.

Of these, domestic sales were 88454, up 31.7 percent from the same period last year; exports were 13446, up 78.3 percent from the same period last year; and new energy sales were 7623, up 67.5 percent from the same period last year. It can be seen that Chery's overseas market maintains a certain advantage, but the overall smaller sales can not support the group.

Perhaps the homeopathic market is of some help to Chery, but most of them are mainly medium-and low-end models with certain sales but relatively low profits. Therefore, when to get the funds of Wudaokou to let Chery change the concept of camp again, it will have a great impact on the future market of Chery.

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