Chery Automobile was exposed to IPO!

IDG Capital is considering buying up to 7 billion yuan ($976 million) of shares in Chery Holding Group Co., Ltd. from existing shareholders to become Chery's controlling shareholder, according to market sources, and IDG is raising funds from investors for the potential deal, but Chery Holding is still considering it. At the same time, it is also reported that Chery Holding is reconsidering listing the shares of its subsidiary Chery Automobile, which is planning to submit an IPO application as soon as next year, possibly seeking a valuation of up to 150 billion yuan.

Chery's "mixed reform" lasted for many years, but it has never been listed. In December 2019, Qingdao Wudaokou subscribed for a 30.99% stake in Chery Holdings for 7.586 billion yuan and an 18.52% stake in Chery Automobile for 6.863 billion yuan. In addition, Qingdao Wudaokou also acquired a total of 19.56% of Chery Holdings' shares from Huatai Asset Management and Wuhu Ruichuang. After the completion of the transaction, Qingdao Wudaokou held 51% of the shares of Chery Holding and 35.58% of Chery Automobile, respectively, becoming the largest shareholder, and replacing Wuhu State-owned Assets Supervision and Administration Commission as the de facto controller of Chery Holdings.

However, due to the financial problems of Qingdao Wudaokou, its mixed reform with Chery was not completely completed. In February 2022, Luxshare Precision, a holding subsidiary of Luxshare Co., Ltd., announced that the company signed a "Strategic Cooperation Framework Agreement" with Chery Group, and planned to jointly establish a joint venture company with Chery New Energy, specializing in the R&D and manufacturing of new energy vehicles. On the same day, the company's controlling shareholder Luxshare Co., Ltd. and Qingdao Wudaokou signed the "Equity Transfer Agreement", which stipulated that Luxshare Co., Ltd. purchased 19.88% equity of Chery Holdings, 7.87% equity of Chery Co., Ltd. and 6.24% equity of Chery New Energy held by Qingdao Wudaokou for 10.054 billion yuan. After the completion of the transaction, Luxshare Limited does not control Chery Holdings, Chery shares and Chery New Energy.

With the addition of Lixun Precision and the withdrawal of Qingdao Wudaokou, the control of Chery has returned to Wuhu from Qingdao. At present, Chery Holding is jointly held by Wuhu Construction Investment Co., Ltd., Wuhu Ruichuang Investment Co., Ltd., Anhui Investment Group Holdings Co., Ltd., and Luxshare Co., Ltd., of which Wuhu Construction Investment Co., Ltd. holds 27.7% of the shares, and the actual controller is the State-owned Assets Supervision and Administration Commission of Wuhu Municipal People's Government.

Although the mixed reform has gone through several twists and turns, Chery Automobile's ultimate goal is the capital market. In September 2022, Chery launched the "Yaoguang 2025" strategy and announced that "the mixed reform has been completely completed". The "Yaoguang 2025" strategy puts forward high requirements for Chery's capital investment: "In the next five years, Chery plans to invest 100 billion yuan in technological innovation and train more than 20,000 R&D personnel, of which the proportion of software talents will exceed 50%. It is understood that Chery Automobile plans to achieve an A-share IPO by 2025, Chery Huiyin plans to be listed in Hong Kong, and Chery New Energy plans to be listed on the Science and Technology Innovation Board or NASDAQ.

Today's Chery Automobile does have a certain market imagination. According to the official website, Chery Automobile has three major brands: Chery, Jietu and Chery New Energy, of which Chery is the main source of sales, with Tiggo series, Arrizo series and Ou Mengda. According to retail sales, from January to November 2023, Chery Automobile's cumulative sales volume was 697,400 units, a year-on-year increase of 9.6%, ranking among the top 10 domestic manufacturers.

To seize the new energy track, all mainstream independent brands have launched a multi-car product strategy. But this is not all, in the face of the joint venture brand that once "dominated" the market, highlighting the position of plug-in hybrid products in the new car series is the key for independent brands to seize market share. On September 16, Chery Automobile officially announced that its new energy product sequence was named "Fengyun" and released a new brand logo. In the same month, the Zhijie S7, the first model of the Zhijie brand cooperated by Chery Automobile and Huawei, was officially launched, with a price range of 249,800-349,800 yuan. Zhijie is another "world" brand selected by Huawei Hongmeng after Wenjie, and will compete with Tesla Model 3, ZEEKR 007, ZEEKR 001 and AVATR 12 after listing.

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