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Chery denies to be sold entirely

Nancy From Gasgoo| October 11,2017

Chery,Wuliangye,Kweichow Moutai Group,Baoneng Group, Yao Zhenhua

Shanghai (Gasgoo)-A rumor saying that Chery was sold entirely spread quickly since Oct. 9. 

It is reported that Chery will be sold entirely to a private enterprise, and the news was spread in internal Chery. The report also said that Chery started to take measures to handle public response.

Latter, Wang Wei, PR Director of Chery replied, “We've heard the rumor, but it's not true.” Then, Chery denied the rumor on its official Weibo, and also illustrated a picture with words “you're thinking too much”

Chery stated that it will not be entirely sold, but the investors may become its shareholders. It is known that Chery is introducing strategic investors, and several companies have contacted with Chery, including Wuliangye, Kweichow Moutai Group, and Baoneng Group.

One month ago, Yao Zhenhua, Chairman of Baoneng Group had showed his intention to purchase Chery entirely, but the process of their negotiation still keeps unknown.

Due to the complicated equity structure, Chery's introduction of strategic investors will involve state-owned assets transferring. Thus Chery will spend a long time for its new capital management. It may undergo several changes for Chery in the near future. 

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