Reporter Feng Yao.
Recently, Chery, the only unlisted car giant in China, has attracted widespread attention, and speculation about the progress of its IPO has been noisy. Among them, there is a lot of news such as "IDG Capital acquires equity" and "IPO application will be submitted next year".
The reporter verified a series of rumors with Chery Group, and the company responded that "no relevant news has been received at present." However, a person in the industry chain recently told reporters that Chery is expected to complete the pre-listing share reform by the end of the year. However, this news has not been confirmed by Chery.
Respond to many rumors
On December 12, it was reported that IDG Capital was considering acquiring the equity of Chery Group from existing shareholders for 7 billion yuan.
According to public information, among the shareholders of Chery Group, Wuhu Construction Investment holds 2768% of the shares, and Wuhu Ruichuang Investment Co., Ltd. *** Chery Group Chairman Yin Tongyue holds 87% of the shares53%) hold 2555% of the shares, and the parent company of "Fruit Chain Brother" Lixun Precision Luxshare *** Lixun Co., Ltd.) holds 1988% equity.
In addition, the news said that Chery Automobile, a subsidiary of Chery Group, will also consider submitting an IPO application as early as next year, with a valuation of 150 billion yuan. However, it was later reported that Chery executives responded, "The company is actively preparing for listing, but the rest of the information is inaccurate."
In response to a series of rumors, the reporter verified with Chery Group. The company's response is: no relevant information has been received at present.
However, the speculation about Chery's IPO has indeed become significantly hot in the market recently. An industry chain source who did not want to be named told reporters that Chery is expected to complete the pre-IPO share reform by the end of the year. However, the reporter verified this with Chery, and this statement was not confirmed.
However, in the eyes of the industry, Chery's listing can effectively expand financing channels. For a long time, Chery's capital has mainly relied on bank financing, and promoting the listing is conducive to Chery's replenishment of capital and ammunition for the new energy transformation, and also adds guarantee for the more fierce market competition in the automotive industry in the future.
After all, under the trend of increasing "involution", the automotive industry has entered the "knockout round", and the fund reserve is the most important bargaining chip who can win in the "knockout round".
The road to listing was bumpy
As the only unlisted leading independent brand in China, Chery has experienced a bumpy road to listing. As early as 2004, Chery promoted its listing for the first time, but it was temporarily shelved due to the fact that the equity relationship with SAIC has not yet been clarified.
Subsequently, in 2007, Yin Tongyue publicly stated that Chery would soon land in the domestic capital market. But there has been no follow-up on the listing.
Since then, Chery has tried to operate its own independent listing. In 2015, Chery's joint venture, Chery Huiyin, failed to hit Hong Kong stocks and A-shares. In 2016, Chery New Energy tried to "backdoor listing" through conch profiles, but it was still unsuccessful, and later turned to the Science and Technology Innovation Board to be listed, but it was still blocked.
After that, Chery started the mixed reform again. In December 2019, Qingdao Wudaokou ended with 758.6 billion yuan to subscribe to Chery Group 3099% equity to 686.3 billion yuan to subscribe to Chery Automobile 1852% equity.
In addition, Qingdao Wudaokou also acquired a total of 1956% equity. After the completion of the transaction, Qingdao Wudaokou will hold 51% of Chery Group and 35% of Chery Automobile58% of the shares, became the largest shareholder, and replaced Wuhu State-owned Assets Supervision and Administration Commission as the actual controller of Chery Group.
After the capital was alleviated, Chery's operating conditions were also alleviated. From 2019 to 2021, Chery achieved profitability for three consecutive years.
However, due to Qingdao Wudaokou's own financial problems, its mixed reform with Chery has not been completely completed. Chery ushered in the parent company of Luxshare Precision, the parent company of Luxshare Precision.
In February 2022, Luxshare Co., Ltd. signed an agreement with Qingdao Wudaokou to stipulate that Luxshare Co., Ltd. will pay 1005.4 billion yuan to buy 1988% equity, Chery Automobile 787% equity and Chery New Energy 624% equity interest, becoming Chery's new strategic investor.
Overseas exports "play the leading role".
Since then, Chery has also entered a stable period and ushered in a comprehensive sales volume.
In the past November, Chery sold 21210,000 units, up 111% y/y. From January to November this year, its cumulative sales volume was 16660,000 units, a year-on-year increase of 478%。In terms of performance, Chery's revenue in the first three quarters was 2130200 million yuan, a year-on-year increase of 474%, which has exceeded the whole of last year.
But in fact, Chery's best position is its overseas sales. According to official data, Chery exported 450,000 vehicles in 2022, accounting for 39% of Chery's cumulative annual sales. In the first half of this year, its export proportion increased to 53%, and the export volume was 39With 40,000 units, it ranked second in export sales of Chinese automakers, second only to SAIC.
However, the reason why Chery can create good results is mainly due to the support of fuel vehicles. According to its sales in November, although the official did not announce the specific sales of new energy vehicles, from the data of 8 hot-selling models that exceeded 10,000 and accounted for 63% of the total sales in November, fuel vehicles are still the main force supporting Chery's sales to rise.
Chery is also aware of the shortcomings in the field of new energy. On October 16 this year, at Chery Technology Day, Yin Tongyue proposed that Chery "got up early in the morning and rushed to the late set" in terms of new energy vehicles. According to Chery's plan, it is expected to launch 24 super hybrid models and 15 pure electric models on the E0X platform within two years.
In addition to its own new energy vehicle layout, Chery is also trying to rely on external forces. Recently, Chery officially entered Huawei's "circle of friends" and became its smart car partner. On November 9th, Chery and Huawei joined forces to create the Zhijie S7 pre-release debut. By the time of its official release on November 28, the number of reservations for the S7 had exceeded 20,000 units.
Edit: Captain's Review: Muyu.