Changans new energy mix reform falling hammer

category:Finance
 Changans new energy mix reform falling hammer


On December 3, time finance and economics learned from the new energy aspect of Changan that the new energy mixed reform project of Changan was broken. The financing was completed in November this year, introducing four strategic investors, including Changxin fund, Nanjing runke fund, Liangjiang fund and Nanfang Industrial Fund. The four shareholders plan to increase their capital by 1 billion yuan, 1 billion yuan, 740 million yuan and 100 million yuan respectively, totaling 2.84 billion yuan. According to insiders, the capital increase signing activity was held in Chongqing Changan New Energy Vehicle Technology Co., Ltd. on December 3.

Subsequently, Changan Motor issued a notice in the evening of the same day, saying that the capital increase and share expansion were carried out in cash. After the capital increase, the equity ratio of the new energy technology company will be diluted from 100% to 48.95%, and the control right will be lost. The new energy technology will become a joint venture. It is expected that the impact of the waiver of rights on its consolidated statements will increase the net profit by 2.291 billion yuan.

Picture of shareholding after capital increase source: announcement of Changan Automobile

All four war investment companies have national capital background

Changan new energy Co., Ltd., Nanjing runke Industrial Investment Co., Ltd., Chongqing Liangjiang New Area equity investment fund partnership (limited partnership) and Chongqing Southern Industrial equity investment fund partnership (limited partnership) are the four strategic investment companies introduced by Changan new energy Co., Ltd., respectively, with a planned capital increase of 1 billion yuan, 1 billion yuan, 740 million yuan and 100 million yuan, accounting for the increase The share ratio of the company is 17.9737%, 17.9737%, 13.3006% and 1.7974% respectively.

According to time finance and economics, Nanjing runke is the background of local state-owned capital in Nanjing, Changxin equity fund and Liangjiang fund are the background of local state-owned capital in Chongqing, while Southern Industrial Fund has the mixed attributes of central enterprises, local state-owned capital and private capital.

Picture source: tianyancha

According to Tianyan survey data, Nanjing runke was founded on January 24 last year as a 100% holding subsidiary of Nanjing Lishui Economic and Technological Development Group Co., Ltd.; the suspected actual controller can be traced back to the state owned assets supervision and Administration Office of Lishui District Peoples Government of Nanjing.

Changxin equity fund was established on November 18 this year. Its main shareholders include Chongqing carrier Enterprise Management Co., Ltd., Chongqing strategic emerging industry equity investment fund partnership (limited partnership), Chongqing Yufu capital equity investment fund management Co., Ltd. and Chongqing liangjiangxin District equity investment fund partnership (limited partnership). The suspected actual controller can be traced back to Chongqing State Asset Management Commission.

Liangjiang fund was established on May 30, 2016. Its main shareholders are Chongqing carrier No.2 Enterprise Management Co., Ltd., Chongqing Liangjiang New Area Development and Investment Group Co., Ltd. and Chongqing Liangjiang New Area Industrial Development Group Co., Ltd.; the suspected actual controller can be traced back to Chongqing Liangjiang New Area Management Committee.

Founded on March 11, 2016, the main shareholders of South Industrial Fund include Guohua military civilian integration Industrial Development Fund (limited partnership), South Industrial Asset Management Co., Ltd., Chongqing Industrial Guidance equity investment fund Co., Ltd., Chongqing South Industrial Equity Investment Fund Management Co., Ltd., and China State owned capital venture capital fund Co., Ltd. Among them, the suspected actual controllers of Guohua military civilian integration Industrial Development Fund (limited partnership) and Nanfang Industrial Assets Management Co., Ltd. are the state owned assets supervision and Administration Commission of the State Council; the suspected actual controllers of Chongqing Industrial Guidance equity investment fund Co., Ltd. are Chongqing Finance Bureau.

Southern Industrial Fund picture source: tianyancha

The capital increase and share expansion project was publicly listed in Shanghai Stock Exchange on September 30 this year. At that time, it was hoped to introduce at least two strategic investors through the capital increase and share expansion, and Changan Automobile gave up the preemptive right of this capital increase. As of December 3, the above-mentioned four strategic investors have submitted investment intention registration materials to Shanghai Stock Exchange and paid deposit.

The shareholding dropped to 48.95% and Changan Automobile lost control

After this capital increase, the registered capital of Changan new energy will increase from 99 million yuan to about 202 million yuan. At the same time, the proportion of shares held by Changan Automobile in the new energy technology company will be diluted from 100% to 48.95%, losing the control right, and changing from its wholly-owned subsidiary to an associated company.

According to Changan Automobile, giving up the right to invest in new energy technology companies in the same proportion is mainly due to the fact that it will be more difficult to develop new energy business by relying on Changan Automobile alone. In order to enhance the development vitality of new energy technology companies, improve their operation efficiency and accelerate the integration of new energy automobile industry chain resources, it is necessary to introduce external resources to carry out equity diversification reform, and finally realize new energy Smooth transformation of energy technology companies.

In October 2017, Changan Automobile released the new energy strategy - Shangri La plan, and mentioned two time nodes: in 2020, three new energy special platforms will be built; in 2025, the sales of traditional fuel vehicles will be stopped in an all-round way to realize the electrification of the whole spectrum of products, with a planned investment of 100 billion yuan.

It is worth noting that Changan new energy is a subsidiary of Changan automobile which was set up in July last year. It is regarded as an important support of the Shangri La plan, but it has been in a serious loss so far.

According to the announcement of Changan Automobile, as of October 31 this year, the total assets of Changan new energy were 2.683 billion yuan, while the total liabilities reached 2.25 billion yuan, and the net profit was 579 million yuan.

Changan new energy performance picture source: Changan Automobile announcement

Zhang Xiang, a senior auto industry analyst, told time finance that the financing introduced by Changan new energy is related to its own development. The parent companys performance is under pressure and has no time to attend to its development. For the consideration of further development, Changan new energy needs to alleviate the funding pressure through financing to ensure the follow-up R & D and product investment. He pointed out that at present, the product competitiveness of Changan new energy is insufficient. In the future, it is necessary to readjust the strategy according to the policy, develop more new products, etc., and invest more funds in research and development.

In the future, some models still need to be commissioned

In fact, after the introduction of foreign aid, Changan new energy is still facing great transformation pressure.

Looking at the product matrix of Changan new energy, there are only four new energy models, i.e. Yidong ev460, Yidong et, Benben ev360 and cs75phev. Compared with the brands of BAIC new energy and BYD in the industry, the layout is still a long way away. According to the data, the sales volume of Changan new energy in September this year was 965, down 87.2% year on year, and the cumulative sales volume in the first three quarters was 29048.

Changan new energy product matrix image source: Official Website of automobile enterprises

Changan new energy said to times finance and economics that Changan new energy will next speed up the pace of new product promotion, including the pure electric live Pro which will be launched this month, the e-rock which will be launched in Guangzhou auto show this year, and the e-star which has just released no fake spy photos will be introduced into the market. According to the public information, pure electric live Pro is developed on the basis of Changan CS15 fuel vehicle.

It is worth noting that time finance and economics saw in an asset evaluation report issued by Changan automobile that at present, Changan new energy does not have its own production plant.

In 2021, Changan new energy will purchase the first phase of Nanjing Jiangning new energy vehicle production base (invested and built) invested by Changan Automobile to build its own production capacity. As of 2021, the production and installation of vehicle parts are commissioned for processing and assembly, and the cost of commissioned processing still accounts for a certain proportion of the main business cost.

The report also pointed out that the new energy vehicles produced by Changan new energy include oil and electricity compatible models and pure electric new platform models. Before 2021, all the oil and electricity compatible models produced in the same line with the traditional vehicles will be commissioned to Changan Automobile for OEM production; after 2021, the new platform new energy vehicles produced will adopt the mode of combination of OEM and self production.

In addition to introducing funds to accelerate the transformation, Changan new energy also urgently needs to further improve the product structure, layout and technology improvement, and improve the maintenance rate of new energy vehicle products, which is expected to further promote the transformation of comprehensive electrification. Luo Lei, Deputy Secretary General of Automobile Circulation Association, told time finance.

Source: Time Financial Editor: Zhong Qiming