AutoBeta(AutoBeta.net)12/23 Report--

On December 22nd, * ST Lifan announced that the listed company was successfully restructured and its controlling shareholder was formally changed from Lifan Holdings to Chongqing Manjianghong Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Manjianghong Fund"). Chongqing Manjianghong Enterprise Management Co., Ltd. (hereinafter referred to as "Manjianghong Company") will become the actual controller of the company.

On November 10, Lifan Automobile announced that on August 21, 2020, the Chongqing Fifth Central people's Court ruled on the reorganization of Lifan shares in accordance with the law, and made (2020) Chongqing 05 Breaking No. 193 "decision" on the same day, designating Lifan enterprise liquidation group as the manager of Lifan shares, responsible for carrying out the restructuring work. In this reorganization, the manager confirmed that Geely Maijie Investment Co., Ltd. (hereinafter referred to as "Geely Maijie") and Chongqing Liangjiang Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Liangjiang Fund") became intended restructuring investors through public recruitment.

Data show that the consortium of Geely Maijie and Liangjiang Fund is Manjianghong Company, which holds 49% and 51% of the shares respectively. It is worth mentioning that Manjianghong Company was established on August 6, while Lifan shares were ruled by the court on August 13 to accept bankruptcy restructuring, and Manjianghong Fund was registered and established on December 14.

In October, * ST Lifan announced that controlling shareholders Yin Mingshan, Chen Qiaofeng, Yin Xidi and Yin Suowei were placed on file for investigation on suspicion of illegal information disclosure. Now the controlling shareholder and the actual controller have also been replaced, and Lifan has spun off the "Yin family".

Since it was ruled by the court in August to accept bankruptcy restructuring, the road for Lifan restructuring has gradually become clear, except that Lifan shares completed by the restructuring may not be able to return to the traditional passenger car market, or will be reduced to Geely Motor OEM to produce new energy vehicles.

In the first three quarters of this year, Lifan Motor achieved operating income of 2.606 billion yuan, down 60% from the same period last year, and its net profit was-3.445 billion yuan, down more than 30% from the same period last year. In addition, at present, Lifan's traditional passenger cars are basically out of production, with production of zero in October and November this year, while new energy vehicles have also dropped by more than 60%, with a cumulative production of less than 300 vehicles in two months.

According to previous media reports, once Lifan completes the restructuring work, it will be the first to produce Geely electric pure electric MPV Maple Leaf 80V. The Maple Leaf 80V is the second mass-produced model of Maple Leaf. The new car is based on Geely's GBRC power exchange platform and is the first electric vehicle under Geely to adopt the power exchange mode.

In other words, the future development of Lifan mainly focuses on new energy vehicles and power exchange, or will produce new energy vehicles for Geely in the form of contract factories. However, Geely has not given a positive answer to the above news, and it remains to be seen whether Lifan can avoid delisting under the guidance of the two companies in the future.

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