Apple industry chain giant Lixun Precision (002475) disclosed in a "February 13 Investor Relations Activity Record Form" disclosed before the opening of the market on February 14 that the company does not build cars, but cooperates with Chery to develop a vehicle ODM (original design manufacturer) model, and the joint venture business will be led by Chery. Affected by a large number of institutional surveys, Luxshare Precision opened nearly 2% higher in early trading on February 14.
The theme of the conference call was the strategic cooperation between Luxshare Precision and Chery. In the disclosed documents, Luxshare Precision said that it does not build cars, but cooperates with Chery to develop a vehicle ODM model. This strategic cooperation will rapidly develop the Tier1 business of listed companies on the basis of building a cooperative car manufacturing ODM model. At present, the ODM business has a relatively clear landing project, which will be put into production in about the next 12-18 months. As for the main target business of the joint venture, it is expected to be the business of foreign traditional brand car companies and the new SmartEV brand business in China.
Luxun Precision said that the strategic cooperation with Chery is to cooperate with Chery to develop another new industry - to build a good car for others, that is, the vehicle ODM model. The company has always been aiming to become a leading Tier1 manufacturer in the automotive field, and has been looking for a platform that can exercise its Tier1 core component capabilities. This strategic cooperation will rapidly develop the Tier1 business of listed companies on the basis of building a cooperative car-making ODM model, realize dynamic entry, and rapidly improve the company's core component comprehensive capabilities as a Tier 1 manufacturer. In terms of business, Chery is good at the vehicle business, the joint venture company will be led by Chery, and Luxshare Precision will coordinate in terms of business and customers.
In addition, on the evening of February 11, Luxun Precision issued an announcement that the company and Chery New Energy Automobile Co., Ltd. intend to jointly establish a joint venture company, specializing in the research and development and manufacturing of new energy vehicles. In addition, the company's controlling shareholder, Lixun Limited, intends to purchase Chery-related equity held by Qingdao Wudaokou for 10.054 billion yuan.
According to the announcement, on February 11, Lixun Precision signed the Strategic Cooperation Framework Agreement with Chery Holding Group Co., Ltd., Chery Automobile Co., Ltd. and Chery New Energy, laying a strategic partnership for both parties. On the basis of the agreement, 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, and providing cutting-edge R&D design, mass production platform and sea exit for Lixun Precision's core auto parts business.
According to the announcement, on the day of the signing of the above agreement, Lixun Precision's controlling shareholder, Lixun Limited, signed the Equity Transfer Framework Agreement with Qingdao Wudaokou New Energy Automobile Industry Fund Enterprise (hereinafter referred to as "Qingdao Wudaokou"), stipulating that Lixun Limited would purchase 19.88% of the equity of Chery Holdings, 7.87% of the equity of Chery Shares and 6.24% of the equity of Chery New Energy held by Qingdao Wudaokou for 10.054 billion yuan, and after the completion of the transaction, Lixun Limited would not form control over 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.
However, the news did not boost Lixun Precision's stock price. On February 12, Luxun Precision fell 6.09% to close at 41.05 yuan / share.
