[dmitra]

Baoneng broke ground on a New Energy Vehicle industrial park in Huangpu, Guangzhou, in late December. The company has announced a total investment of 30 billion RMB in this project, which will create a production capacity of 500,000 vehicles per year along with the establishment of ancillary/component industries, R&D and logistics centers over an area of 0.66 sq km.

In Zhejiang, Baoneng already has an agreement with the Hangzhou Fuyang District government for another New Energy Vehicle project with an investment outlay of 14 billion RMB. This will be a production base for 300,000 vehicles per annum with attendant industries spread over a 2 sq km site.

Not content with this, in November, Baoneng signed a "strategic cooperation framework agreement" with the Kunming government for a number of different projects, including one for a 500,000 vehicles-per-year New Energy Vehicle facility. This one, however, is only at the proposal stage now.

(It is possible though that when the above industrial parks are completed, these might be leased partially to other car manufacturers for their NEV programs.)

After bagging Qoros, Baoneng is looking for a sizable stake in Changhe-Suzuki, and an official announcement is expected soon as Chinese authorities have recently okayed an equity reorganization plan for the ailing JV.

Unlike other new EV startups who go around the world raising capital, Baoneng is itself a finance, insurance, and real estate behemoth, so corralling the funds is not an immediate problem.

http://autonews.gasgoo.com/70012598.html
http://autonews.gasgoo.com/70011044.html
http://www.nbdpress.com/articles/2017-12-14/3634.html

 

[dmitra]

Yet another NEV project

Baoneng Group had a groundbreaking ceremony for yet another new energy vehicle project, involving an investment of about 40 billion RMB. The project is situated in Qinhan New City in Xianyang City (Xixian New Area*), Shaanxi Province.

http://autonews.gasgoo.com/china_news/70014414.html

________________
*Xixian New Area is an economic zone encompassing the cities of Xi'an and Xianyang. Qinhan New City is one of 5 "new divisions" of this large supra-prefectural zone.

 

[Lawrence]

Baoneng's bid for Chery suggests all new ball game

Chery has been operating in the red for some time now. And so from last year a number of companies have shown interest in buying a stake in the state-owned automaker. These included Wuliangye, Baidu, Hybrid Kinetic, Baoneng , and the chairman of Gree Appliances. Now gasgoo news tells us that the Baoneng Group, a private enterprise, is about to announce its planned acquisition of Chery.

http://autonews.gasgoo.com/china_news/70014640.html

Meanwhile Baoneng has a new joint venture with Chery's partner, Qoros, and has also made overtures to Chang'he Suzuki and Foton's Borgward.

After all of Yin Tongyao's struggles, privatization might just be what Chery needs to realize its potential.
State-owned SAIC's 20% stake in the company, early in its life, seems like a distant memory now.

 

[dmitra]

Huatai Securities, a widely-held financial company listed on the Stock Exchange of Hong Kong and promoted by the Jiangsu Provincial Government (via Jiangsu Guoxin AMC) has purchased a 22.87% stake in Chery Holdings Group Co., Ltd.

Chery Holdings Group Co. is the largest shareholder of Chery Automobile Co., Ltd. and owns 100% of Chery Commercial Vehicle (Anhui) Co., Ltd. (i.e. Karry).

This share purchase makes Huatai Securities the third shareholder of Chery Holdings Group Co., Ltd.
Wuhu Construction Investment Co., Ltd. of Wuhu City SASAC owns 40.11% and Wuhu Ruichuang Investment Co., Ltd. of Mr. Yin Tongyao* owns 37.02%.

Huatai Securities, not related to Hawtai Auto, often acts as a broker, mediator or a fiduciary trust in large financial transactions, so speculation is rife about who the possible beneficiary of this transaction could be, and whether it could be Baoneng or some other large corporate group on whose behalf Huatai Securities has picked up the stake.

_____________________________________
*also written Yin Tongyue, chief of Chery Auto

 

[dmitra]

Huatai Securities, ICBC Bank

It appears that the stake recently acquired by Huatai Securities is on behalf of the Industrial and Commercial Bank of China. The bank agreed to convert some of Chery Holdings' debt to equity, and also deputed two representatives to Chery Holdings' board to oversee management.

Separately, at a recent convention, Chery employees unanimously voted in favor of inducting any new shareholder (even a private one) and issuance of new capital to turn around the fortunes of the company. Since Chery is owned ultimately by a government body (Wuhu SASAC), there are actually several layers of approvals required from various classes of stakeholders (not only the government, party committee, financial owners, managers or workers, but also those in the wider community whose lives or livelihood depend upon the company) to convert a state-owned company to a "mixed" enterprise.

http://autonews.gasgoo.com/70014696.html

 

[CCF mod]

First car developed by Baoneng was presented on November 8th.
https://www.autohome.com.cn/news/202011/1066470.html?pvareaid=3311316

 

[Chinese LSEV]

Baoneng released it's first images of it's SUV, to be produced under the Bao brand-name. The brand will focus on creating luxury smart new energy vehicles, and its positioning will be higher than that of Qoros. It is reported that in the next five years, Baoneng will launch at least 16 new models. On June 15, 2021, Baoneng Group and Guangzhou Development Zone held a signing ceremony of a strategic cooperation agreement. The headquarters of Baoneng New Energy Automobile Group Co., Ltd., a subsidiary of Baoneng Group, will be located in Guangzhou Development Zone, and a new energy headquarters base integrating manufacturing, R&D and operation will be established. Guangzhou Development Zone state-owned enterprises will strategically invest 12 billion yuan in Baoneng New Energy Vehicle Group.

【图】宝能全新车型即将于1月22日正式发布_汽车之家

 

[Chinese LSEV]

GX5:

Qoros 6:

【图】BAO GX5/QOROS 6 宝能两款新车首发_汽车之家

 

[Chinese LSEV]

Qoros was once a very promising brand, founded in 2007 as a joint venture between Chery and Israel Corporation. Over the years, the ownership of Qoros shifted and changed repeatedly. Nowadays, the largest shareholder of the Qoros brand is the Baoneng Group.

 

[Chinese LSEV]

Qoros 6 official images

Gas:

Electric:

【图】燃油、纯电动都有 观致6官图正式发布_汽车之家

 

[Chinese LSEV]

GX5 spied:

微博

 

[Chinese LSEV]

Baoneng U-belief (You Baoli) A3

微博

 

[dmitra]

U-Belief A3 debut:

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宝能再战江湖：决战5公里半径城市出行圈
悠宝利A3实车亮相 主打年轻群体_易车