Shanghai (Gasgoo)- Insiders expose that Chery’s brands will be split to sell although it won’t be sold as a whole. Currently, Cowin is negotiating with Wuliangye and Chery plans to bring in strategic investment. Chery New Energy intends to raise more funds by backdoor listing.
Chery is always striving for its overall listing since the year 2008 and submitted A-share listing application in the year 2010 but failed. On the other hand, Chery is urgent to need external financing to solve fund difficulties. It’s analyzed that the financial strain limits Chery’s developments and selling non-core assets is the best option for it to achieve rapid progress.
It’s known Chery Holdings invest Chery Auto, Cowin Auto, Qoros and Chery New Energy. The high-end brand Qoros has a total loss of nearly RMB 10b, while Cowin Auto sells only 24,600 units in the previous five months. Supported by the preferential policies for alternative energy vehicles, Chery New Energy sells 15,001 units in the previous eight months with a year-on-year growth of 59.3%. All brands except for alternative energy products are showing deficits. Chery brand with little profits is unable to continue providing financial supports. Long-term unbalanced payments stimulate Chery to sell shares of Qoros.
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