SST's merger and acquisition review for the forward has been approved, and BAIC New Energy is about to officially be listed on the A-share market.
On the evening of April 27th, SST Vanguard released an announcement stating that the company's major asset restructuring plan had been approved by the China Securities Regulatory Commission's (CSRC) M&A Review Committee. It is understood that the restructuring plan approved this time is part of the listed company's implementation of shareholding reform, including asset exchange, the issuance of shares to purchase 100% equity of BAIC New Energy, and the raising of no more than 2 billion yuan in supplementary funds. Following the approval of this restructuring plan, the asset transfer enters the implementation phase, and BAIC New Energy's official debut on the capital market is imminent.
On December 26, 2017, Vanguard Group released an announcement that the controlling shareholder's state-owned equity was transferred to BAIC Group free of charge, and the shareholding reform process of Vanguard immediately began to rapidly progress. The relevant shareholding reform and restructuring plan was released on January 22, 2018, and was passed with a high vote at the shareholders' meeting on February 12th. At the end of February this year, the CSRC accepted the plan.
BAIC New Energy is a leading enterprise in China's new energy vehicle industry, ranking first in domestic new energy vehicle sales for five consecutive years. In 2017, its market share reached as high as 23%, and it was also the annual sales champion in the global pure electric vehicle market. BAIC New Energy is currently the new energy vehicle enterprise with the largest market share, largest scale, and most complete industrial chain in China's pure electric vehicle market. It is one of the few new energy vehicle enterprises in China that possesses the three core technologies of batteries, motors, and electronic controls for pure electric vehicles, as well as complete vehicle integration and matching technology.
In April 2017, in the Series B financing of BAIC New Energy, Tianjin Zhongji Huixin Enterprise Management Partnership (Limited Partnership), under China Zhongji Investment Co., Ltd., officially signed a capital increase agreement with Beijing New Energy Automobile Co., Ltd. (referred to as "BAIC New Energy"). Zhongji Huixin subscribed for 100 million shares of BAIC New Energy's Series B issuance with RMB 530 million in cash. After the capital increase, Zhongji Huixin will hold approximately 1.89% of BAIC New Energy's shares. China Zhongji Investment was one of the three social capital investors introduced in the Series B financing.
Energy conservation, environmental protection, and new energy vehicles are one of the key strategic investment directions of China Zhongji Investment. Investing in BAIC New Energy is an important strategic layout for China Zhongji Investment in the new energy vehicle field. This successful backdoor listing of BAIC New Energy signifies the complete success of China Zhongji Investment's investment layout in the new energy vehicle field.
In 2018, China Zhongji Investment continued to implement its "1+4" strategy, namely the development strategy of "one platform and four pillars", with four business structures—investment business, fund management, industrial operation, and wealth management—as its four pillars, supporting one internationalized comprehensive financial service platform. In its operations, the company adheres to the principle of "gathering the strength of private capital, focusing on the coordinated development of Beijing, Tianjin, and Hebei, and promoting industrial transformation and upgrading", and practices the core corporate values of "integrity, diligence, and integrity; openness, inclusiveness, and mutual benefit; steady progress and far-reaching development". Currently, the company has built a market-oriented, professional, and international financial services team. Relying on its strong professional team, the company will leverage its unique regional resource advantages, be based in Hebei, focus on Beijing, Tianjin, and Hebei, expand nationwide, and look to the world, continuously forging ahead to build the company into a leading large investment group in China and a world-renowned financial brand.
Caption: Chairman Geng Jianming (left) and President Wen Yuanhua (right) visit BAIC New Energy
