On August 5, Shenyang Jinbei Automotive Co., Ltd. (Jinbei Auto) announced that on August 2, the Intermediate People’s Court of Shenyang (the Court) approved the “Plan for the Substantive Merger and Reorganization of 12 Enterprises Including Brilliance Auto Group Holdings Co., Ltd. (Brilliance Auto)” (the Plan). Shenyang Automobile Co., Ltd. (Shenyang Auto) will become an indirect controlling shareholder of Jinbei Auto, of which the actual controller will be changed to the State-owned Assets Supervision and Administration Commission of Shenyang Municipal Government. After this equity change, Shenyang Auto will acquire 100% of the reorganized Brilliance Auto and hold 40.09% of Jinbei Auto in aggregate.
In addition, Liaoning M&A Equity Investment Fund Partnership (Limited Partnership) (Liaoning M&A Fund), the second largest shareholder of Jinbei Auto, intends to transfer no less than 10.10% shares of Jinbei Auto by such means as block trade and an agreed transfer within 30 days after the Court rules on the Plan. If Liaoning M&A Fund completes the transfer of full shares within the time limit, Shenyang Auto’s aggregate shareholding of voting rights in Jinbei Auto will be reduced to less than 30%; if it fails, Shenyang Auto will make a general offer to all the remaining shareholders of Jinbei Auto in accordance with relevant laws and regulations.
Established on February 21, 2023 with a registered capital of CNY 500 million, Shenyang Auto’s business scope includes manufacturing of automotive parts and accessories, R&D of automotive parts, development of technologies, and sales of New Energy Vehicles.
From Jinbei Auto SSE press releases 1/2
All about Brilliance
On July 3, Baidu AI Cloud announced the holding of the signing ceremony for a memorandum of strategic cooperation between BMW Brilliance and Baidu. The two parties will conduct in-depth cooperation on AI platforms and quantum computing technologies to explore the fusion and innovation of AI technologies and all domains and scenarios of the automobile manufacturing industry.
According to the agreement, Baidu will provide core technical support for the BMW Beacon AI platform, and the two parties will jointly explore the possibility of applying quantum computing in such scenarios as manufacturing and promote cooperation on digitalization and intelligentization technologies.
From a Baidu AI Cloud press release
On May 25, Brilliance China announced that the Intermediate People’s Court of Shenyang recently approved the formal restructuring plan of Renault Brilliance Jinbei Automotive Co., Ltd. (Renault Brilliance).
On May 17, Renault Brilliance, Shenyang Jinbei Automotive Industry Co., Ltd. (SJAI), and the administrator of Renault Brilliance appointed by the Intermediate People’s Court of Shenyang entered into a restructuring investment agreement in relation to the formal restructuring plan. A capital contribution in the amount of up to CNY 1.36 billion is proposed to be injected into Renault Brilliance by SJAI after the relevant conditions are met.
Following completion of the restructuring, Renault Brilliance will be jointly held by SJAI (36.37%), Shenyang Xingyuandong Automobile Component Co., Ltd. (44.61%), and Renault (19.02%).
From Brilliance China HKEX press releases 1/2 and an English HKEX press release