AutoBeta(AutoBeta.net)07/23 Report--

On July 22, SAIC announced that Chen Zhixin, director and president of SAIC, had submitted his resignation because of his retirement age, requesting to resign as a director, member of the strategy committee of the board of directors and president. Nominated by the chairman of the company, the board of directors agreed to appoint Wang Xiaoqiu as president of the company, the term of office is the same as that of the current board of directors.

In addition, the announcement also involves other personnel changes: Yu Jianwei applied to resign as vice president of the company; Mr. Wei Yong was appointed vice president of the company; Zu Xiangjie served as vice president and chief engineer of the company; Yang Xiaodong served as vice president of the company; Wei Yong applied to resign as secretary to the board of directors and representative for securities affairs, and Chen Xiaodong was appointed as secretary to the board of directors and representative for securities affairs. This means that SAIC management is facing a large-scale "change of blood", bringing new vitality to SAIC.

Wang Xiaoqiu participated in the founding of SAIC's own brand at the age of 40 and witnessed the Roewe 550, the first digital car to compete with a joint venture brand on price, bringing the best part of the first wave of SAIC's own brand development. And its entire career revolves around SAIC, has held a number of positions in SAIC, has a profound professional background and rich experience in the automotive industry, but also brought great expectations.

As the largest auto company in China's A-share market, SAIC is also facing the crisis of double decline in production and sales in the "cold winter" of the auto market. According to the production and marketing KuaiBao released by SAIC in June 2019, SAIC produced 2.857 million vehicles from January to June, down 20.8% from the same period last year; total sales were 2.937 million, down 16.62% from the same period last year. All eight of its subsidiaries are in decline, with the highest drop of 29.75%.

Wang Xiaoqiu said in an interview after the Roewe i6 PLUS launch in March this year, "Today's car market is already very grim. We have to survive first. Survival is always the first one." In today's market, survival is more important than anything else. Sales of Chinese car brands began to decline in the first half of last year, and many car companies can't stand it. I hope we can always stand here, and it makes more sense to be alive at any time. "

For Wang Xiaoqiu, who takes over the current position of president of SAIC, he will face an unprecedented challenge for SAIC. As we all know, the car market in China and even around the world is generally in the doldrums in 2019, and the automobile industry is going through a long winter. Under such circumstances, Wang Xiaoqiu will do his best to maintain SAIC's leading position in the Chinese market on the one hand after taking office, and on the other hand to seek more stable development for the enterprise. So how to defend the market share well, and how to lead enterprises to "survive" in this cold winter, this is a thorny problem for new president Wang Xiaoqiu.

In addition, the announcement also announced that the company intends to apply for public issuance of corporate bonds in the form of storage shelves, with a scale of no more than 20 billion yuan. After deducting the issuance expenses, the raised funds are intended to be used to supplement working capital, R & D innovation, project construction and other uses permitted by applicable laws and regulations.

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