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Bao Neng increases its holdings of Qoros! Recently, Baoneng Group, as a major shareholder of Guanzhi, bought 12% of its shares from Kenon Holdings, a foreign shareholder of Guanzhi, for 1.56 billion yuan. Baoneng also increased its proportion in the ownership structure of Quan to 63%, still the largest shareholder of Guanzhi, followed by Qirui.

At this point, the shareholding structure of Guanzhi Motor is 63%, 25% and 12% respectively held by Baoneng, Chery and Kenon Holdings. Some analysts believe that the foreign shareholder Kenon Holdings is likely to withdraw completely from Guanzhi in the follow-up process, and Guanzhi has also become a Chinese company completely controlled by Chinese capital.

In December 2017, Baoneng Group acquired a 51% stake in Guanzhi for 6.63 billion yuan, formally taking over the operation of Guanzhi. Quan Chi sold only 15000 vehicles for the whole of 2017, but sales figures were particularly good last year, with year-on-year explosive growth. According to data, Qoros sold 63179 vehicles in 2018, an increase of 320% compared with 2017.

But in fact, the real sales of Qoros are not very good, and the new cars sold to consumers from dealers are far less good-looking than the book data. Among them, Baoneng won an order of 95000 units for Guanzhi through its associated car rental company, which is also seen as the most direct reason for the surge in Qoros car sales in the short term.

Guanzhi, which has been operating at a loss, did not improve in 2018. Affected by the surge in operating costs of sales, the loss of Guanzhi increased to 621 million yuan in the third quarter of 2018, and the total loss in the first three quarters of 2018 reached 1.362 billion, an increase of 123% from a year earlier. It was Quan Chi's 31st consecutive quarterly loss and its 16th consecutive quarterly loss since it officially began selling cars in 2014. According to incomplete statistics, the total cumulative loss since its establishment has reached about 12.4 billion yuan.

Baoneng Group has earlier announced the "Guanzhi Renaissance Plan". In the plan, since 2018, Baoneng has invested 10 billion yuan a year in the research and development of new Guanzhi cars for five consecutive years, and 10 billion yuan has been spent on research and development in 2018, but there seems to be no big move in the whole of 2018. Bao Neng also plans to launch as many as 26 new models by 2022, including 18 traditional fuel vehicles and eight new energy vehicles, covering sedan, SUV and MPV.

From the beginning of the bad view, until Baoneng, a big financier, Baoneng will continue to invest heavily in Qoros, but at a time when the Chinese market is very uncertain, how will it change in 2019?

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