Per reporter: Zeng Jian Per editor: Liang Xiao
In August 2020, Lin Mi, ceo of Yundu New Energy Automobile Co., Ltd. (hereinafter referred to as Yundu Automobile), said publicly: "In 2025, Yundu will rank among the top three domestic pure electric vehicle brands, representing China's new energy brands to participate in the global market competition." "After more than a year, Yundu Automobile has gradually drifted away from the above goals.
According to the announcement of Haiyuan Composite (002529, SZ), Yundu Automobile has been in a state of loss since its establishment, and the capital chain has been broken. In the first two months of this year, Yundu automobiles sold only 516 in total. Haiyuan Composite also decided to empty its stake in Yundu Automobile, and the takeover party was the company held by Lin Mi.
Today (April 13), the Daily Economic News reporter called the Yundu Automobile Investment Hotline, and the other party said that the company was in normal operation.
Haiyuan Composites cleared its shareholding in Yundu Automobile
According to the announcement of Haiyuan Composite on the evening of April 12, the company's board of directors deliberated and passed a proposal to transfer 11% of the shares held by Yundu Automobile to Zhuhai Yucheng Investment Center Limited Partnership (hereinafter referred to as Zhuhai Yucheng), with a transfer price of 22 million yuan. After the completion of the above transaction, Haiyuan Composite will no longer hold the equity of Yundu Automobile.
Earlier, Haiyuan Composite announced in September 2015 that the company intends to jointly invest 900 million yuan with Fujian Automobile Industry Group, Putian State-owned Assets Investment Co., Ltd. and Liu Xinwen to set up a new energy automobile enterprise. Among them, Haiyuan Composite invested 99 million yuan, accounting for 11%. In December 2015, the above-mentioned new energy vehicle company (i.e. Yundu Automobile) was officially established. Yundu Automobile is mainly engaged in the design, research and development, production, processing, sales and after-sales service, consulting services, new energy vehicle leasing and other businesses of new energy vehicles and auto parts.
Since the establishment of Yundu Automobile, the company's shareholding structure has undergone many changes, but the shareholding ratio of Haiyuan Composite has not changed. Why are listed companies opting out today? In this regard, Haiyuan Composite only said in the announcement that the transaction is conducive to promoting the company's financial investment and investment exit of non-core business assets, recovering investment funds and increasing the company's working capital. The Company expects the transaction to have a positive impact on its 2022 net profit of approximately $16 million.
Image source: Yundu Automobile's official website
The "Daily Economic News" reporter noted that the takeover party Zhuhai Yucheng had previously held 15.56% of the equity of Yundu Automobile, and the shareholding ratio after the transaction would increase to 26.56%, still the third largest shareholder of Yundu Automobile. The top two shareholders of Yundu Automobile are Putian State-owned Assets Investment Group (holding 43.44%) and Fujian Leading Industry Equity Investment Fund (holding 30%).
According to Qixinbao data, Zhuhai Yucheng was established in August 2020 with a registered capital of 140 million yuan; in terms of shareholders of Zhuhai Yucheng, Shenzhen Qianhai Shutian Investment Management Partnership (Limited Partnership) (hereinafter referred to as Qianhai Shutian) and Lin Mi held 59% and 41% of the shares respectively. Qianhai WaterSky is held by Wang Mingwang and Wang Wei, the actual controllers of Sunwoda (300207, SZ), holding a total of 100% of the shares. Lin Mi is the managing partner of Zhuhai Yucheng and the CEO of Yundu Automobile.
Yundu Automobile was accused of stopping production, which the company denied
According to the announcement of Haiyuan Composite, Yundu Automobile is not in good operating condition.
It is said that the net profit of Yundu Automobile and its subsidiaries in each year is negative, and the loss situation is becoming more and more serious. At present, due to the break in the capital chain, Yundu Automobile has been in a state of suspension since February this year. At the same time, the production and operation of Yundu Automobile is also greatly affected by the decline of the national supplement and the ground supplement of the new energy automobile industry year by year, the shortage of chips in the market, and the shortage of batteries.
"When Yundu Automobile will resume production in the future, the number of possible orders and revenue recognition are all very uncertain, and it is impossible to make reasonable predictions about the company's operations." According to the evaluation body.
According to financial data, Yundu Automobile's total assets as of the end of March this year were 1.652 billion yuan and net assets were -30.7964 million yuan; in 2021, Yundu Automobile
The revenue and net profit were 67.7632 million yuan and -213 million yuan, respectively; in the first quarter of this year, the company's revenue and net profit were 6.6025 million yuan and -55.7136 million yuan, respectively.
Today (April 13), the Daily Economic News reporter called the Yundu Automobile Investment Hotline, and the other party denied that the company had stopped production, saying that it was still normal investment. The reporter then called the customer service hotline of Yundu Automobile as a consumer, and the customer service staff also said that the company was in normal production.
This afternoon, the reporter called a dealer of Yundu Automobile in Sichuan (Sichuan Kunweida New Energy Vehicle) on the grounds of car purchase, and the other party said that there is no existing car at present, and it will not start production until June, and no car stems from the lack of core and battery. "This car (brand) belongs to fuqi group, and it doesn't collapse so easily." The person said.
Less external financing
Yundu Automobile has a first-mover advantage when starting out. When many new car-making forces are still stuck in the "PPT", Yundu Automobile solved the problem of new energy vehicle production qualification in 2017 and is one of the earliest enterprises in China to obtain a "quasi-birth certificate". At the shareholder level, Fujian Automobile Industry Group, Putian State-owned Assets and Haiyuan Composites all have certain strengths; in terms of the founding management team, Liu Xinwen served as the general manager of Chery New Energy Automobile Technology Co., Ltd., and Lin Mi served as the vice president of Denza Automobile.
However, Yundu Automobile, which has the advantage of time and place, has not been able to shine in the new energy automobile industry.
According to the official website of Yundu Automobile, the company launched the first pure electric SUVπ1 in October 2017 and the second pure electric SUVπ3 in March 2018. According to the website of Autohome, Yundu Automobile also has a van called Yundu V01L.
According to the data of the owner's home, the sales volume of the Yundu car brand can be described as dismal. From July 2021 to February 2022, the monthly sales of Yundu automobiles were less than 400 units, of which 264 vehicles and 252 vehicles were sold in January and February this year.
Image source: Screenshot of the owner's home webpage
New energy vehicles are a very "money-burning" industry. However, from the public information, Yundu Automobile has little financing news. In March 2019, Haiyuan Composite said through the interactive platform that Yundu Automobile is actively promoting the landing on the Science and Technology Innovation Board. But after that, there was no follow-up. In April 2021, Yundu Automobile was exposed to cooperate with Xiaomi to build a car, but Yundu Automobile denied the relevant rumors. In July 2021, China Business Daily reported that Kandi Technology, a "Chinese stock" of new energy vehicles, is in contact with a number of domestic "new car-making forces" such as Yundu Automobile to negotiate acquisitions. As of now, there has been no public progress on the matter.
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