Per reporter: Li Xing Per editor: Sun Lei
On the evening of September 29, Dawning Shares (600303. SH) announced that Dandong Shuguang Automobile Trading Co., Ltd., a wholly-owned subsidiary of the company, intends to transfer 70% of the equity of Dandong DonghanKou Logistics Co., Ltd. (hereinafter referred to as Dandong Donghankou Port Logistics) to Dandong Transportation Asset Management Co., Ltd., with a total transaction price tentatively set at about 144 million yuan.
Image source: Dawning Stock Announcement
In this regard, Sugon said that this move is to further optimize the asset structure and optimize the allocation of resources, which is in line with the company's strategic development needs.
It is worth noting that just two days before Sugon decided to transfer its shareholding in Dandong Donghan High Port Logistics, the company issued a "Related Party Transaction on the Purchase of Assets" announcement that the company intends to transfer the unpowered body assets of Chery S18 (Ruiqi M1) and S18D (Ruiqi X1) held by Tianjin Meiya New Energy Automobile Co., Ltd. (hereinafter referred to as Tianjin Meiya).
The technology transfer was made because Tianjin Meiya was a wholly-owned subsidiary of Huatai Automobile Group, the controlling shareholder of Sugon Co., Ltd., and was a related party of Sugon Co., Ltd., constituting a related party transaction. According to the announcement, the technology transfer price of the related party transaction was based on the relevant assets obtained by Tianjin Meiya from Chery Automobile of 140 million yuan, and the deduction of 7.7 million yuan was determined to be 132 million yuan.
For the technical purpose of acquiring Chery's old models, Shuguang co., Ltd. explained that the related party transaction is to optimize the company's existing product structure, and then enable the company to form a wide series, multi-variety, high-quality serialized passenger car products to meet the market requirements of different levels and different uses, in order to maximize the company's advantages and enhance the company's market competitiveness.
In addition, Sugon also made it clear that the company intends to follow the national strategy of encouraging the development of strategic emerging industries such as new energy vehicles, extend and expand the new energy passenger car product market, and fill the gap in the pure electric passenger car market by accepting advanced mature technology and continuous digestion and absorption of independent research and development, and at the same time keep abreast of the latest products and technological developments of pure electric passenger cars through passenger car projects, so as to accelerate the pace of the company's product structure transformation and promote pure electric passenger car projects.
Image source: Photo.com
It is worth mentioning that the Ruiqi M1 and Ruiqi X1 models are mini cars launched by Chery Automobile in 2009, and then stopped production due to poor market reaction.
On the evening of September 28, Sugon issued an announcement that the company received an inquiry letter from the Shanghai Stock Exchange, requesting clarification of the main considerations and rationality of acquiring relevant assets from the controlling shareholder under the circumstance that the two models of Ruiqi M1 and Ruiqi X1 have been discontinued for many years.
In the industry's view, Sugon's recent actions have frequently sought a way to break the situation, which has a lot to do with its continuous performance in the automobile market at a "low level". According to public data, from 2017 to 2020, Sugon's vehicle sales were 21,000 units, 16,000 units, 7,710 vehicles and 7,892 vehicles, respectively.
According to the latest production and sales data released by Shuguang Shares, its total car sales in August this year were 161 units, down 75.1% year-on-year. Among them, 0 buses were sold; 158 pickup trucks were sold, down 73.8% year-on-year; and 3 special vehicles were sold, down 91.9% year-on-year.
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