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Chery said to transfer equity openly in the end of November

Nancy From Gasgoo| November 09 , 2017

Chery Changjiang Equity Exchange,Chery Holding, Cowin Auto, Chery New Energy and Qoros Automotive

Shanghai(Gasgoo)-It is reported that Chery will entrust Changjiang Equity Exchange to openly transfer its equity by the end of this month. After having been rumored for several months, Chery may give a clear response for the public soon.

In fact, over the past two months, several rumors on Chery were spread widely. In early October, Chery was rumored to be sold entirely to a private enterprise, and then Chery denied it but admitted its willingness to introduce strategic investors. A few days later, another rumor said that Chery will be divided into four parts, which are Chery Holding, Cowin Auto, Chery New Energy and Qoros Automotive. Among them, Wuliangye intends to purchase Cowin Auto, Baoneng Group desires to buy Qoros Automotive. In addition, investors like Dong Mingzhu, Baidu and Industrial Bank also had contacted with Chery.

The latest rumor said that Hybrid Kinetic Group will be Chery's new rumored investor, who will invest RMB 12 billion to acquire 87.5% equity of Chery Automobile. These rumors were all spread during October, signaling that Chery is more urgent on investment than it showed in its statement. According to the person briefed on the matter, as a state-owned enterprise, Chery must list on an equity exchange to transfer its equity openly, in order to prevent the loss of state-owned assets. Therefore, every investor has the chances to acquire Chery.

Due to the heavy investment on technology and the non-performing assets, Chery now faces shortage of money. Introducing new investors, optimizing equity structure and realizing IPO will be the key solutions to the bottleneck of Chery's development.

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