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Old 03-02-2020, 01:02 PM   #1
Leo
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Default Huachen vs. Brilliance

Brilliance China Automotive Holdings (BCAH) is a listed company. It has an informative website and publicly available annual reports. So I've come a long way understanding the group. However a few operating companies are missing from the BCAH website.

Now BCAH is owned by Huachen Automotive Group Holdings (a provincial government entity) for ~42%, the rest of the shares are public. I wonder if the companies I'm missing, are owned by Huachen directly, instead of indirectly through BCAH.

Shenyang Jinbei Vehicle Manufacturing Co Ltd
Makes JBC trucks and Jinbei pickups and light trucks. I guess this company is actually a BCAH subsidiary through several holding companies, including Shenyang Jinbei Automotive Industry Holdings Co Ltd and Shenyang Jinbei Automotive Co Ltd. It's not in the annual reports though, so can anyone confirm.

Brilliance Chongqing Xinyuan Automobile Co Ltd
This is the joint venture with Dongfang Xinyuan Holdings (Oriental Shineray Holdings). It's nowhere on the Brilliance website or annual reports. The Brilliance name suggests it's part of BCAH, or is it a joint venture between Huachen and Xinyuan?

Mianyang Huarui Automotive Co Ltd
It's a couple of factories producing cars for several other BCAH companies. Again I can't find it in the group structure.
I have a note that says it's a subsidiary of Southern Base Investment, a holding company registered in the British Virgin Islands. I also have a note that says that Southern Base was used as a vehicle to form Xinchen China Power Holdings Ltd, the engine making joint venture with Wuliangye Group and Southern Base was moved from direct subsidiary of BCAH to subsidiary of Xinchen China Power. If Mianyang Huarui is a subsidiary of Southern Base, it would be part of the Wuliangye joint venture.
I have a conflicting note that says Mianyang Huarui is a subsidiary of Shenyang Jinbei Vehicle Manufacturing. Or is Mianyang Huarui owned by Huachen directly? What is correct?
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Old 03-03-2020, 10:55 AM   #2
Lawrence
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Default Re: Huachen vs. Brilliance

Leo, I hope the following archived document will shed some light on your research. It predates the creation of Huachen:

https://www1.hkexnews.hk/listedco/li.../1114/f113.pdf

As far as I know the Liaoning Provincial government (creator of Huachen) purchased Brilliance from the Chinese Financial Education Development Foundation in 2003.

In any event, I think you will find that the evolution of Brilliance is even more convoluted than BAIC.

The more recent formation of Renault-Brilliance joint venture, and the acquisition of Speedy Working Motors (SWM), by Xinyuan, are also now part of the larger picture.
Note: The www.jinbei.com website (copyright 2014) became www.renault-brilliance.com around 2017.

Last edited by Lawrence; 03-03-2020 at 11:16 AM. Reason: clarificaton of content
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Old 03-04-2020, 09:29 AM   #3
Leo
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Default Re: Huachen vs. Brilliance

Lawrence,
Thanks for the document.

I started my research here:
http://www.brillianceauto.com/company/chart.html

It's a "summary" of the Brilliance China structure (lot's of intermediate holding companies etc. are missing), and after digging a little further I think I have a reasonable understanding of what it really looks like and how it came to be.

However the 3 companies I mentioned above are absent from the Brilliance China website and their annual reports (available under the "investor relations" tab in the menu) and Google doesn't help me. So I wonder where they are in the group structure.
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Old 03-05-2020, 01:08 PM   #4
Leo
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Default Re: Huachen vs. Brilliance

This is my understanding of the group so far.
I'm uncertain about the black boxes, don't know if they are in the right place.

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