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According to market news, IDG Capital is considering buying up to 7 billion yuan ($976 million) of shares in Chery Holdings Group Co., Ltd from existing shareholders to become Chery's controlling shareholder. IDG is raising money from investors for the potential deal, but Chery Holdings is still considering it. Meanwhile, it is reported that Chery Holdings is reconsidering listing shares in its subsidiary Chery Automobile, which is planning to submit an IPO application as soon as next year, possibly seeking a valuation of up to 150 billion yuan.

Chery's "mixed reform" lasted for many years, but it never went public. In December 2019, Wudaokou in Qingdao subscribed for 30.99% of Chery Holdings for 7.586 billion yuan and 18.52% of Chery for 6.863 billion yuan. In addition, Qingdao Wudaokou also received a total of 19.56% of Chery Holdings from Huatai Capital Management and Wuhu Ruichuang. After the completion of the transaction, Qingdao Wudaokou held 51% of Chery Holdings and 35.58% of Chery Automobile respectively, becoming the largest shareholder and replacing Wuhu SASAC as the actual shareholder of Chery Holdings.

However, due to the funding problem of Wudaokou in Qingdao, the mixed reform with Chery has not been completed completely. In February 2022, Lixun Precision, a subsidiary of Lixun Co., Ltd., announced that the company signed a "Strategic Cooperation Framework Agreement" with Chery Group and proposed to set up a joint venture with Chery New Energy to specialize in vehicle R & D and manufacturing of new energy vehicles. On the same day, the company's controlling shareholder Lixun Co., Ltd. signed an "equity transfer agreement" with Qingdao Wudaokou, which stipulated that Lixun Co., Ltd. bought 19.88% of Chery Holdings, 7.87% of Chery shares and 6.24% of Chery New Energy held by Qingdao Wudaokou with 10.054 billion yuan. After the completion of the transaction, Lixun Limited does not control Chery Holdings, Chery shares and Chery New Energy.

With the addition of Lixun Precision and the withdrawal of Qingdao Wudaokou, the control of Qirui has returned to Wuhu from Qingdao. At present, Chery Holdings is jointly owned by Wuhu Construction Investment Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., Anhui Investment Group holding Co., Ltd., Lixun Co., Ltd., of which Wuhu Construction Investment Co., Ltd. holds 27.7%, and the actual control is the State-owned assets Supervision and Administration Commission of Wuhu City people's Government.

Although the mixed reform has gone through several twists and turns, the ultimate goal of Chery is the capital market. In September 2022, Chery launched the "Yaoguang 2025" strategy and announced that the "mixed reform is completely completed". The "Yaoguang 2025" strategy puts forward higher requirements for Chery's capital investment: "in the next five years, Chery plans to invest 100 billion yuan exclusively in technological innovation and train more than 20, 000 R & D personnel, of which the proportion of software talents will exceed 50%." It is understood that Chery aims to achieve A-share IPO by 2025, Chery Huiyin plans to list in Hong Kong, and Chery New Energy plans to list on Science and Technology Innovation Board or Nasdaq.

Today's Chery does have a certain market imagination. According to the official website, Chery Automobile owns three major brands: Chery, Jetway and Chery New Energy, of which Chery is the main source of sales, with Ruihu series, iRize series and ou Mengda. Retail shows that Chery sold a total of 697400 vehicles from January to November 2023, an increase of 9.6% over the same period last year, making it one of the top 10 domestic manufacturers.

To rush to the new energy track, all the mainstream independent brands have come up with the strategy of multi-car products. But this is not all. In the face of joint venture brands that once "dominate" the market, highlighting the status of plug-in hybrid products in the new car system is the key for independent brands to grab market share. On September 16th, Chery Automobile official announced that its new energy product series was named "Fengyun" and released a new brand LOGO. In the same month, the Zhijie S7, the first model of the joint brand between Chery and Huawei, went on sale with a price range of 24.98-349800 yuan. Zhijie is another "Jie" brand chosen by Huawei Hongmeng after the world of questions, which will compete with Tesla Model 3, polar krypton 007, polar krypton 001 and Avita 12 after listing.

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