There are indications that BAIC Group has accelerated the independent IPO process of BAIC New Energy. On March 8, Bloomberg Business Week quoted sources as saying that BAIC Group plans to raise 3 billion yuan to seek the listing plan of BAIC New Energy. According to reports, BAIC hopes that Beiqi New Energy will be able to land on the Shanghai Stock Exchange.
An insider of Beiqi New Energy said in an interview with the reporter of China Business News that â€œFinancing is a group-level thing. We are indeed doing preparatory work, and there should be an official announcement later.â€
Financing has started
On the evening of March 8, Bohai Pistons (600960.SH) announced that the company intends to subscribe for 208.48 million shares of BAIC New Energy with a self-raised fund of 532.48 million yuan. The issue price is 2.56 yuan/share." The company holds a shareholding ratio of Beiqi New Energy of 6.50%. Bohai Piston pointed out in the announcement that the transaction is a related party transaction. According to a person from a securities company, BAIC Group is the largest shareholder of Bohai Piston.
Some sources pointed out in an interview with this reporter that BAIC New Energy plans to complete the listing preparation in 2016 and plans to achieve capital listing in 2018. The first phase of financing will reach 10 billion yuan, which will be Beiqi New Energy in 2020. It has laid out five production bases in Beijing, Zhuzhou, Qingdao Laixi, Jiangsu Changzhou and Jiangxi Jiujiang, and provided favorable support for expanding overseas markets. In February 2014, BAIC Group decided to separate the new energy sector before preparing for BAIC's listing in Hong Kong. In the future, BAIC New Energy Automobile Co., Ltd. was formally established in March 2014.
Beiqi New Energy is currently the first joint-stock new energy automobile company in China. The total registered cost of the company is RMB 2 billion, including four founding shareholders, all of which are subsidiaries of Beijing State-owned Assets Supervision and Administration Commission, of which BAIC Group holds 60%, Beijing Industrial Investment Ltd., Beijing State-owned Capital Management Center and Beijing Electronics Holdings Co., Ltd. hold the remaining 25%; 10% and 5% respectively.
Bloomberg Business Week quoted sources as saying that the BAIC New Energy subsidiary, which holds 60% of the shares of BAIC Group, has already attracted investment from LeEco Holdings. However, as of press time, LeTV and BAIC Group did not evaluate this information.
China's new energy vehicle first share
Compared with other new energy vehicle concepts, if the IPO is successful, Beiqi New Energy will be the first new energy vehicle in China. Through financing, BAIC New Energy can help reduce debt, invest and supplement operating costs.
Chen Ping, chief engineer of Beiqi New Energy, said in an interview with the media earlier this year that the company hopes to complete 700,000 electric vehicle sales by 2020, which is close to 35 times of total sales in 2015. In 2015, BAIC New Energy completed sales of 20,129 units, a year-on-year increase of 3.6 times, and its target market share expanded to 25.8%. It continued to win the title of domestic pure electric vehicle sales and ranked fourth in global single product sales.
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