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"Battle" to internal high-level Wulong electric car and Changjiang Automobile want to save themselves

Source: China Automotive News Network | 2020-02-07 13:30:41
Recently, as a listing of Wulong electric vehicles listed on the Hong Kong stock market, the announcement said that its major shareholder, Golden Port Group Investment Co., Ltd., urged the convening of a special general meeting to remove the current directors, including chief executive officer Xie Nengyin and chief technology officer Chen Yanping. 2 directors and 3 independent directors. The special general meeting is planned to be held on March 15, 2020.

China Automotive News Network Recently, Wulong Electric Vehicles, a company listed on the Hong Kong Stock Exchange, issued an announcement saying that its major shareholder, Golden Port Group Investment Co., Ltd., urged the convening of a special general meeting, including the removal of CEO Xie Nengyin and Chief Technology Officer Chen Yanping The current board of directors includes 2 directors and 3 independent directors. The special general meeting is planned to be held on March 15, 2020.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

"E Chehui" communicated with insiders for the first time and learned that the reason for the dismissal or due to internal differences in financing, only when the controlling shareholder entered the board of directors, the related financing could land, while professional directors refused to control shareholders to enter the board. That's why there is this internal "war."

Controlling shareholders "battle" against professional directors

According to public information, there are currently eight directors of the board of directors of Wulong Electric Vehicles. As the largest shareholder of Wulong Electric Vehicles with a 12.2% shareholding, Golden Port Group Investment Co., Ltd., this time, 5 directors and 2 directors were dismissed The directors are CEO Xie Nengyin and CTO Chen Yanping. The three independent directors are Chen Yutang, Xie Jinfu and Fei Daxiong.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

The data shows that among the five directors whose major shareholders have been removed from the company, except Chen Yanping, who holds a small number of shares, none of them holds shares in Wulong Electric Vehicle, whose functions are equivalent to professional managers. For the remaining three, Cao Zhong, chairman of the board of directors, currently holds 3.32% of Wulong Electric Vehicles; Sino Power Resources Inc, a wholly-owned subsidiary of China Eastern Asset Management (International) Holdings Co., Ltd., where Huang Tan is the general manager, is Wulong. The second largest shareholder of electric vehicles, with a shareholding ratio of 10.48%; Lu Yongyi is the chief executive officer of CITIC International Asset Management Co., Ltd., while CITIC International Asset Management is the third largest shareholder of Wulong with a shareholding ratio of 4.23%. These three people are equivalent to Shareholder director of Wulong Electric Vehicle.

According to "E Chehui" learned from insiders, due to the long-term development of Wulong Electric Vehicle's main business and sustained losses for several years, it is urgent to introduce capital for improvement. The requirement of relevant investors is to enter Wulong Electric Vehicle. The board of directors can only be financed. However, this agreement was opposed by the above five directors, resulting in poor financing. Wulong Electric Vehicle's long-term main business development has been slow, and its Changjiang Automobile has reached the critical point of survival. Because it is contrary to the company's development, the major shareholders of Wulong Electric Vehicle decided to jointly launch a shareholders' meeting to dismiss the above five directors in order to raise funds as soon as possible.

Hold dual qualifications but have been stuck in a shortage of funds for a long time

According to public information, Wulong Electric Vehicle is a vertically integrated pure electric vehicle manufacturer. Its core business consists of three parts: pure electric vehicles, lithium-ion batteries, and the development and sales of lithium-ion battery anode materials.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

Previously, Wulong Electric Vehicle entered the public eye due to Li Jiacheng's personal investment. Li Ka-shing's investment in Wulong Electric Vehicles began in 2010, when Wulong Electric Vehicles was still the predecessor Zhongju Leitian Energy Technology Co., Ltd. (hereinafter referred to as "Zhongju Leitian"). After being wholly-owned by Jiasheng Holdings, Zhongju Leitian gained Li Jiacheng's HK $ 292 million stake in the new energy vehicle concept, causing the stock price to soar. By 2015, Li Ka-shing invested another 340 million yuan to increase its holding of Wulong Electric Vehicles, with a stake of 7.96%.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

In 2013, Wulong Electric Vehicle also took advantage of the reorganization of Hangzhou Changjiang Bus Co., Ltd., which was on the verge of bankruptcy, holding 49% of its shares as the largest shareholder, and renamed it Hangzhou Changjiang Automobile Co., Ltd. During the "blessing" period of Li Jiacheng, Wulong Electric Vehicle invested in the establishment of the Guizhou Yangtze River production base in 2016, and bet on the electric vehicle industry in many places. "Double qualification" certification.

However, the main business of Wulong Electric Vehicle continued to fail to develop and the stock price fell repeatedly. Li Ka-shing also gradually withdrew from the list of shareholders of Wulong Electric Vehicle. Today, Li Ka-shing is no longer in the top ten shareholders of Wulong Electric Vehicles, and its shareholding ratio is less than 0.04%.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

In addition to Li Ka-shing, Shenzhou Car Rental has also intentionally entered Wulong Electric Vehicles. In July 2018, Shenzhou Car Rental announced that it plans to subscribe for 9 billion shares of Wulong Electric Vehicles at a price of 0.06 Hong Kong dollars per share and subscribe for 600 million Hong Kong convertible bonds of the company, but no substantial progress has been made since then .

Poor management and shortage of funds have led to the development of Wulong Electric Vehicles and its subsidiaries, Yangtze River Automobile, to be inadequate in terms of products. As the "leading force" of the new car-building forces, in 2016, Changjiang Automobile became the second car company to hold "dual qualification" certifications from the Ministry of Industry and Information Technology and the Development and Reform Commission. In the same year, Changjiang Automobile released the small SUV Yiku, but after Yiku debuted, Changjiang Automobile has not made any new moves so far.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

Last year, Wulong Electric Vehicles and Changjiang Automobile shifted their business focus overseas, officially announced their entry into the European market, and found breakthroughs in the core parts of electric vehicles. According to the information previously announced, Changjiang Automobile will provide European customers with thousands of sets of core parts for electric vehicles from 2019 for the production and sales of commercial models in Europe. In addition, Wulong Electric Vehicles also cooperates with FedEx to advance the process of zero-emission vehicles.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

In addition to exploring overseas markets, in order to improve operating conditions and increase capacity utilization, Changjiang Automobile has also reached a foundry cooperation with the new forces of zero-running cars and low-speed electric vehicle companies Hantang. The zero-run S01 and Hantang electric vehicles are assembled by Changjiang Automobile. produce. Changjiang Automobile, which has dual qualifications, has become a springboard for car companies without dual qualifications to seek listing. At the same time, it has found a way out for idle capacity, which proves the value of dual qualifications again.

Self-help of Wulong Electric Vehicle

Stuck with long-term funding shortages and unsatisfactory progress in the main business, there have also been major differences within Wulong Electric Vehicles. The removal of the directors can be seen as a detonation of the previous problems, and Wulong Electric Vehicles can also be seen. Electric cars with the Yangtze River are actively helping themselves.

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

Before 2016, the capital market was enthusiastically pursuing new car-making forces, and the amount of financing once exceeded 100 billion. However, starting from 2018, the financing environment for new car-making forces has deteriorated. The current investment in the electric vehicle industry is huge, and technological breakthroughs are not enough, so it rarely moves investors. More importantly, the current capital market is in a cold winter, especially the primary market is in a "money shortage", and capital is tight. It is not difficult to understand the lack of investment for new powers that are "burning money".

"Battle" to internal high-level, Wulong electric car and Changjiang Automobile want to save themselves

In this case, it is crucial to be able to obtain financing to ensure the company's development, and obviously Wulong Electric Vehicle does not want to give up this financing opportunity. The shareholders' request for removal was obviously due to the fact that the professional managers who did not hold the shares touched the interests of the shareholders of the company. It is worth noting that the major shareholder, Golden Port Group Investment Co., Ltd., who was removed from the board of directors this time, is a new shareholder. Under such circumstances, it is really urgent to get Wulong Electric Vehicle back on track.

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