Sichuan Yema Auto sale offer
In November, the Beijing Equity Exchange listed an open offer of sale for 990 million shares or 82.5% stake in an unnamed automobile company (
link). The bid is open till January 22, 2019. The seller is not mentioned either. On investigating the details of the target company, the media realized it was none other than Sichuan Yema Automobile Co., Ltd., in which Sichuan Fulin Industrial Group Co., Ltd. (Fulin Group) holds 990 million shares or 82.5%. Other details like registered capital, date of establishment, shareholding percentages of secondary and tertiary holders also match with Yema's public information (
see Yema's profile).
https://www.autohome.com.cn/news/201901/928123.html#pvareaid=102624
A few months ago, we learned that Guangxi Automobile Group was
interested in taking over a part of Yema. It now looks like Fulin Group is willing to let go all of what it owns in the company.
Note: In case one is wondering why the date of establishment of Sichuan Yema Automobile Co., Ltd. is January 12, 2011, when clearly we know about Yema cars from much earlier, that is because the current firm is a new one that replaced the older Sichuan Automobile Industry Group Co., Ltd., ("Chuanqi", est. 1994) which Fulin acquired and reorganized in 2002. Complicating matters, Sichuan Yema Automobile Co., Ltd. itself was originally named "Sichuan Automobile Industry Co., Ltd." from January 2011 till April 2015.
P.S.: The entire 82.5% stake that Fulin Group holds in Yema is pledged with a financial institution; therefore the sale is Fulin's only way to discharge its obligations (i.e. service loans) towards this FI.
