Tengxing Yangtze River Delta is a new company founded in July 2019. Its registered capital is unknown. It belongs to the accommodation and catering industry. It is obviously a temporary enterprise which has not yet started its actual business. According to media reports, the Tengxing Yangtze River Delta not only has the intention to participate in Cherys mix-up, but also has paid Chery a deposit of 4.7 billion yuan.
Chery did not make any public statement about the news. The 21st Century Economic Reporter contacted the relevant person of Volkswagen New Energy Technology Co., Ltd, the executive partner of Tengxing Yangtze River Delta, who also acquiesced that Tengxing Yangtze River Delta was negotiating to invest in Chery.
Cherys new shareholder status is of great concern to outsiders. A PE investor told the 21st Century Economic Reporter that although he certainly cant afford it, he has been following Cherys mixed change progress, mainly to find out who can win it and what impact it will have on Cherys strategic trends.
What kind of company is Tengxing Yangtze River Delta? Who is the gold owner? Has an agreement been reached with Chery? What is the progress of Cherys mix-up behind the listing of the Yangtze Property Exchange? These are the latest questions about Chery.
It is worth mentioning that after the previous announcement, Chery re-listed for the project on the Yangtze Property Exchange. The information shows that the registration start and deadline are September 10 and November 7, respectively. Nearly two months into the listing, Chery seems not anxious to establish a final investor, everything is variable.
Tengxing Yangtze River Delta will be a shareholder?
Kaixinbao shows that there are ten shareholders in Tengxing Yangtze River Delta, including Haining Asset Management Company, Haining Jianshan New Area Development Co., Ltd., and Volkswagen New Energy Technology Co., Ltd. However, at present, the registered capital of the company and the proportion of these shareholdersshares have not been disclosed.
Among them, Volkswagen New Energy is the executive partner of Tengxing Yangtze River Delta, and its legal representative, Zheng Leou, is also shown as the ultimate beneficiary of Tengxing Yangtze River Delta. Volkswagen New Energy was established in February 2016. Its business scope covers the research and development of new energy technology, Internet technology and automobile charging system technology.
Recently, on the issue of Cherys mixing reform, the 21st Century Economic Reporter once consulted the public about new energy. The other side said: Zheng Zong has been on a business trip recently, so he can ask him about it when he comes back. She confirmed to reporters that Zheng Zong is Zheng Leou, and said that she did hear about Qirui, but did not know the specific situation.
According to the public information, including the Tengxing Yangtze River Delta, there are 11 Zheng Leou holding companies. Among them, the largest registered capital is Yueqing Nanshang Industrial Co., Ltd. which belongs to wholesale and retail businesses with registered capital of 1 billion RMB. Zheng Leou holds 67% indirectly and acts as a manager and executive director. In addition, Zheng Leou holds 63% of the shares in an enterprise registered in Wuhu, Anhui Province through public new energy. The company is called China-EU Construction Investment Co., Ltd.
There are still many doubts about who is the owner of Cherys capital increase and share expansion. Recently, several media reported that Zheng Libin, a Wenzhou Yueqing businessman, was the actual investor behind the investment.
Shanghai Oujiang Group is the earliest and highest registered capital enterprise in Zheng Libins actual holding company. Oujiang Group was founded in 2005, with a total registered capital of RMB 300 million. In its early years, Oujiang Group engaged in steel trade business and sponsored many meetings in the steel industry. However, its business has changed in recent years.
The 21st Century Economic Reporter recently visited the headquarters of Oujiang Group, which is located in the private residential area of Sinan Mansion in Shanghai and is not open to outsiders. The reporter contacted the insiders through the property and indicated his intention. The other side refused to further communicate on the grounds of the absence of the boss.
However, information from different channels shows that Zheng Libin intends to enter the automotive industry.
As for the fact that Tengxing Yangtze River Delta will participate in Cherys mixed reform, some insiders believe that it is impossible from the point of view of rationality: on the one hand, there are many shareholders in Tengxing Yangtze River Delta, which does not meet Cherys requirement of not accepting joint venture capital increase; on the other hand, Chery may prefer stronger industrial strength and greater business synergy. The management.
Whether Tengxing Yangtze River Delta will invest in Chery or not, there are still many investors coveting the business. According to media reports, more than two intentional investors have signed up and paid Chery 5 billion yuan in good faith gold. This information has not been confirmed by Chery, but other investors who have participated in Cherys capital increase and share expansion have complained to the media, and the behavior of Tengxing Yangtze River Delta and Chery may violate fair competition.
The above-mentioned investors indicated that before the project was listed publicly, Chery and Tengxing Yangtze River Delta would bind the relationship by signing an exclusive negotiation agreement to conduct secret negotiations, and stipulated that the intending investors would pay 5 billion yuan in good faith within five days of the announcement period.
This shows that investors who participated in Cherys capital increase and equity expansion in the last round are still interested in this project. In fact, after Cherys intention to mix up last year, seven interested parties were exposed to be interested in intervening. According to the reports at that time, Baoneng Group, Fuxing Group, Huaxia Happiness, Wuliangye, Zhengdao Automobile, Putuo Capital and Cornerstone Capital were all potential investors.
Very normal. The automotive industry is big enough, and there is hardly any industry that has such a big opportunity now. The PE investors said to the 21st century economic reporter that Chery is a big player in the industry and an ideal target for industrial capital.
However, successful participation in Cherys mix-up is not easy. On the one hand, Cherys asking price is not low. On the other hand, as a state-owned enterprise, it is not clear that Chery can give new shareholders rights. This is also one of the reasons why the last round of mix-ups failed.
In fact, there are two main bodies of Chery Open Equity, one is Chery Holdings Group, the other is Chery Automobile Stock, both of which need to introduce the same investor, and the investor must be a single subject. According to the announcement, the bottom price of capital increase and share expansion of the two main bodies is 7.5387 billion yuan and 6.81572 billion yuan respectively, totaling about 14.35 billion yuan. Although the base price of fund-raising has been lowered by 1.893 billion yuan compared with last years plan, the overall scale is still very large.
After the new shareholders enter, although they will become the largest single shareholder, they will not enjoy the actual control rights. Take Chery Holding Group as an example, the new shareholders hold 30.99% shares after the mixed reform. The former major shareholders, Wuhu Construction Investment and Ruichang Investment, hold 27.68% and 25.55% shares respectively. The actual controllers of the two groups are Wuhu SASASAC and Chery Chairman Yin Tongyue. Even if new shareholders are introduced, the original pattern will not be changed.
The new shareholders voice in Chery depends on the share of shares on the one hand, the strength of the new shareholder itself on the other hand, and even whether his main business is in the automotive industry chain. Cao He, a veteran automotive industry analyst, told reporters on 21st century economic reports.
Source: Responsible Editor of Economic Report in the 21st Century: Chen Hequn_NB12679