Author 丨 Zhang Sainan
Editor 丨 Wu Yanling
Figure Source 丨 Figure worm
There are also consumer electronics leaders who have made a big move to enter the new energy vehicle track.
On the evening of February 11, Luxshare Precision (002475) announced that it signed a Strategic Cooperation Framework Agreement with Chery Holding Group Co., Ltd. ("Chery Holdings"), Chery Automobile Co., Ltd. (hereinafter referred to as "Chery Shares"), Chery New Energy Automobile Co., Ltd. ("Chery New Energy") ("Chery Holdings", "Chery Shares", "Chery New Energy" and its affiliates collectively referred to as "Chery Group") in Wuhu to lay a strategic partnership for both parties.
At the same time, Lixun Precision's controlling shareholder, Lixun Limited, intends to purchase 19.88% of the equity of Chery Holdings, 7.87% of the equity of Chery and 6.24% of the equity of Chery New Energy held by Qingdao Wudaokou for 10.054 billion yuan.
The combination of consumer electronics giants and car leaders, with a transaction amount of 10 billion yuan, is undoubtedly a bombshell invested in the capital market.
Establishment of a joint venture
According to the announcement, Luxshare Precision and Chery New Energy intend to jointly establish a joint venture company, specializing in the research and development and manufacturing of new energy vehicles, providing cutting-edge R&D design, mass production platform and sea outlet for Luxshare Precision's core auto parts business, and is committed to achieving the company's medium- and long-term goal of becoming a leading manufacturer of auto parts Tier 1 (a tier-1 supplier of automakers).
The parties agreed that they would do their best to facilitate the establishment of the cooperative subsidiary within 3 months after the signing of this agreement.
The cooperative subsidiary intends to adopt an equity structure of: Luxun Precision subscribes 500 million yuan to hold 30% of the registered capital, Chery New Energy subscribes to 1.167 billion yuan and holds 70% of the registered capital, and the subscription price for each 1 yuan of registered capital is 1 yuan. After the establishment of the cooperative subsidiary, under the premise of meeting the legal compliance, the cooperative business will be carried out and the results will be achieved as soon as possible. According to the needs of customers and business development, Chery Group can cooperate directly or set up a separate subsidiary to cooperate.
On the day of the signing of the agreement, Lixun Co., Ltd. signed the Equity Transfer Framework Agreement with Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (Limited Partnership) (hereinafter referred to as "Qingdao Wudaokou"), which stipulates that Luxun Limited will purchase 19.88% of the equity of Chery Holdings, 7.87% of the equity of Chery And 6.24% of the equity of Chery New Energy held by Qingdao Wudaokou for 10.054 billion yuan.
After the completion of the transaction, Luxun Limited does not control Chery Holdings, Chery Shares and Chery New Energy. Before the signing of the Equity Transfer Framework Agreement, Qingdao Wudaokou held 46.77% of the equity of Chery Holdings, making it the largest shareholder of Chery Holdings.
This also means that the relationship between Luxun and Chery is one step closer.
Vigorously layout new energy vehicles
21st Century Business Herald has reported many times before that a number of consumer electronics companies are turning to the new energy vehicle track to seek a second growth point.
As early as 2012, Luxshare Precision entered the field of automotive electronics. The company said that in the automotive business sector layout for more than ten years, has the ability to provide customers with high voltage, high current and other automotive power solutions and related automotive wiring harnesses, electronic modules and other products and services.
However, for now, Luxshare Precision Automobile business contributes less, in the first half of 2021, the company's automotive interconnection products and precision components achieved revenue of 1.774 billion yuan, accounting for 3.68%, while its consumer electronics revenue was 40.4 billion yuan.
After the cooperation with Chery, Luxshare's business layout in the automotive field is expected to expand rapidly.
According to the announcement, Chery Holdings and its affiliated subsidiaries have been working in the automotive industry for many years, have a complete technology and product research and development system in the field of vehicles, especially have an independent platform in the vehicle manufacturing process, and can provide Chery Automobile and other brand owners with comprehensive services from vehicle development to mass production, and have a strong and leading core competitive advantage in the industry.
The company and Chery Holdings and its affiliates jointly signed a strategic cooperation framework agreement, aiming to strengthen the strategic layout of the company's automotive business in an all-round way, make full use of Chery Group's deep technology precipitation and terminal brand resources in the field of new energy vehicles, set up a joint venture company and the company's accumulated technology in the field of consumer electronics for many years to cross-border empowerment with customer resources, under the strong support of the vehicle joint venture platform as the forefront of R & D and design, mass production platform and sea outlet, dynamic entry, rapid promotion of the company as a Tier 1 The comprehensive ability of the core components of the manufacturer, in practice, rapid grinding, optimization and volume, to achieve the diversification and large-scale development of the company's core components, to achieve the medium and long-term goal of becoming a leading manufacturer of Tier 1.
The 21st Century Business Herald reporter noted that although the proportion of Luxun Precision Automobile business in 2021 is small, it has increased rapidly.
In the first half of last year, the company's operating income of automotive interconnection products and precision components increased by 38.99% year-on-year, second only to the growth rate of computer interconnection products. Moreover, in the case of unequal declines in the gross profit margins of the rest of the products, the gross profit of automotive interconnection products has increased by a slight margin of 0.24%.
As of the close of trading on February 10, Luxshare Precision reported 41.05 yuan, with a total market value of 290.3 billion yuan.
Editor of this issue: Li Yutong Intern Kailin Li