When it comes to the most regrettable domestic cars, it is Chery Automobile, which has slipped into a second-tier car company from its own brand leader. Yin Tongyue has worked hard for 18 years, Chery Automobile has fought five times, but it has failed five times, and has also "sold it" twice to survive.
1. The most regrettable domestic car?
In 1997, Chery was born on a barren grass beach in Wuhu, Anhui Province. Yin Tongyue led Chery to gradually develop into a leader in national automobiles, and won the sales champion of independent brands for many consecutive years before 2010, and also embarked on the road of positive independent research and development, winning the reputation of "Technology Chery". However, what people did not expect was that since then, Chery has gradually declined due to poor marketing, multi-brand strategy and repeated defeats, and has been surpassed by the former "little brother" Great Wall, Changan, Geely, BYD, etc., and has become a second-tier car company, which can be described as the most regrettable national car.
2. Chery Automobile lost five battles and five defeats?
The head car companies of independent brands have basically been listed long ago, Changan was listed in 1997, and BYD, Great Wall and Geely were listed in 2002, 2003 and 2005 respectively. On the other hand, Qirui has not been able to land on the capital market until now, becoming the only vehicle company in China that has not been listed. In fact, in the past 18 years, Chery's road to listing has been fateful, with five battles and five defeats. In 2004, Chery promoted the listing for the first time, but it fell short due to equity problems with SAIC Motor and other reasons; in 2008, Chery completed the shareholding system transformation and restarted the listing plan, but due to the fiasco of the multi-brand strategy, the listing was not resolved.
After the overall listing was blocked, Chery reversed the bow of the ship and turned to promote the independent listing of the advantageous business sector, but the progress was not very smooth. Although several parts companies went public independently, important business segments failed to go public. In 2015, Chery Huiyin, a joint venture financial company under Chery, successively attacked the Hong Kong stock and A-share markets, both of which ended in failure; in 2016, Chery New Energy tried to achieve a "backdoor listing" through conch profiles, a building materials listed company, but still failed, and later turned to apply for listing on the A-share science and technology innovation board, or failed.
3. Have you "sold yourself" twice to survive?
After four consecutive wrestling on the road to listing, Chery suffered a cold winter in the auto market in 2018, and its sales fell sharply and deteriorated. In the case of extreme lack of money and unable to list for financing, Chery had to start mixed reform and sell equity to raise funds, but no one cared, which made Chery Yin Tongyue embarrassed. Finally, after multiple capital contacts, Qingdao Wudaokou finally became a delister. Qingdao Wudaokou invested 19.6 billion yuan to become the largest shareholder of Chery Holdings and Chery Shares. As a result, the actual controller changed, and Chery "sold itself" for the first time with nearly 20 billion yuan, alleviating the hunger and thirst of funds.
After the delisting of Qingdao Wudaokou, nearly 30 senior executives of Chery Department withdrew, ushering in more than a dozen senior executives with capital securities backgrounds, and Chery's overall listing was once again put on the agenda. Moreover, Chery achieved profitability for three consecutive years in 2019-2021, sweeping away the biggest obstacle to A-share listing. What is surprising is that the "white knight" Qingdao Wudaokou has a problem and is unable to solve the subsequent tens of billions of delisting funds. "Fruit Chain Brother" Lixun Precision took advantage of the void and invested 10.054 billion yuan to become Chery's new strategic investor. As a result, Chery "sold itself" for the second time and ushered in the fifth listing failure, which is getting farther and farther away from the dream of listing.
Throughout Chery's 18 years of listing history, it has failed to go public five times and "sold it" twice to survive. Chery can be called a master of "playing" with various capitals, but it has unfortunately failed to achieve the overall listing. No wonder some people commented: "Chery is the closest car company to capital, and it is also the car company furthest from capital." "As the earliest leader of its own brand, Chery was once the pride of the Chinese people, accumulating many fans and fans. I hope that Chery can be listed as soon as possible, and have a new look, realize the return of the king, and become the pride of domestic cars again.