Recently, Chongqing Chang’an Automobile Co., Ltd. announced that, regarding the transfer of 50% of Chang’an Peugeot Citroen (Chang’an PSA), as of December 30, Shenzhen Qianhai Ruizhi Investment Co., Ltd. (hereinafter referred to as “Front HairuiZhi”) submitted the registration materials, and paid a down payment of 831.3 million yuan. This also means that the news of the dissolution of Chang’an PSA has been basically confirmed, both sides have sold all shares, all business and Shenzhen plant have been replaced, the joint venture’s eight-year history will end.
According to the announcement, on December 30, 2019, Changan Automobile and Qianhai Ruizhi signed an Equity Transfer Agreement, transferring all 50% of Chang’an PSA’s stake to Qianhai Ruizhi for a total transfer value of 1.63 billion yuan. After the completion of this equity transfer, Changan Automobile no longer holds the equity of Changan PSA, Chang’an completely withdraws from the joint venture.
It is reported that Shenzhen Qianhai Ruizhi Investment Co. , Ltd. by “Baoeng Automobile Co., Ltd.” 100% of the holding, the actual controller is Yao Zhenhua. It means that Bao can become Chang’an PSA’s “matchman”. Previously, Baoneng also acquired a 51% stake in Qoco for 6.63 billion yuan, and obtained The Production Qualification of Qoco Motor Vehicles.
It is worth noting that French carmaker Peugeot Citroen (PSA) has confirmed plans to sell a 50 per cent stake in Chang’an PSA,media reported. If there is no accident, Baoneng is the ultimate buyer.
Extended reading: Changan Logo Citroen Automobile Co., Ltd. (Changan PSA) was officially established in November 2011. The parent company is Changan Automobile and France’s PSA Group, each with a 50% stake. Among them, Changan PSA is mainly responsible for the production of luxury car brand DS series models.