Through a complicated deal, BAIC New Energy Automobile (BJEV) has now been subsumed by a new company that has listed on the Shanghai stock exchange.
Beiqi Langu ("Blue Park" or "Blue Valley") New Energy Technology Co., Ltd., (formerly known as Beijing Qianfeng Electronics Co., Ltd. and Chengdu Qianfeng Electronics Co., Ltd. previous to that) was a listed Chengdu-based company trading as S*ST Striker. This was owned mainly by Sichuan Xintaike Digital Equipment Co., Ltd. (41.13%) and other shareholders. Sichuan Xintaike Digital Equipment Co., Ltd., in turn was owned by the Beijing Capital Group which is a financial arm of the Beijing municipal govt. (Beijing SASAC).
In late December of 2017, an assets transfer and swap deal was approved by the authorities by which Beijing Capital Group transferred Sichuan Xintaike Digital Equipment Co., Ltd. to BAIC Group Co. without compensation. This was done as a prologue to listing BAIC New Energy Automobile on the stock exchange. Later, after some rounds of asset restructuring, wherein some assets of S*ST Striker were transferred to BAIC Group Co. directly, S*ST Striker relocated to Beijing and renamed itself Beijing Qianfeng Electronics Co., Ltd. It was decided that 100% of shares and assets of BAIC New Energy Automobile (BJEV) would be transferred to Beijing Qianfeng Electronics Co., Ltd. which would manage BJEV as its wholly owned subsidiary
. Also, other former shareholders of S*ST Striker were to be reissued shares of the restructured firm, according to a predetermined ratio, as the company was entering a new business arena (thus requiring a revaluation of the enterprise). The company was renamed once more to Beiqi Langu New Energy Technology Co., Ltd. Trading in the old shares of S*ST Striker had been suspended in the meantime.
Under the new scheme, BAIC Group Co. would directly hold 22.75% of Beiqi Langu, and along with indirect stakes held through group companies (BAIC Motor, BAIC Motor Guangzhou, Beijing Hainachuan Automotive Parts Co., Bohai Piston, and Sichuan Xintaike Digital Equipment Co.) control 38.78% of the company.
So, essentially, Beiqi Langu will take over all affairs of BJEV now and the performance/potential of BJEV will be reflected in the price movements of the newly listed shares of Beiqi Langu. This is also why the media is reporting the event as a "backdoor listing" of BJEV.
and numerous other articles
(The whole thing is really very complicated)
The official asset restructuring document: