On the noon of July 20, SAIC Group announced that in order to protect the company’s interests, the company’s wholly-owned subsidiary Shanghai Automotive Hong Kong Investment Co., Ltd. decided to terminate the plan to acquire no more than 613 million shares of Shenzhou Car Rental Co., Ltd. Chen Hong, chairman of SAIC Group , emphasized that the termination of the transaction will not affect SAIC's production, operation and development. SAIC will continue to improve the layout and operation of the travel business, and is committed to providing users with a better travel experience.
At noon on July 20, SAIC Group (600104) announced that the company’s wholly-owned subsidiary Shanghai Automotive Hong Kong Investment Co., Ltd. (hereinafter referred to as SAIC Hong Kong) acquired Shenzhou Rent-a-Car Co., Ltd. (hereinafter referred to as Shenzhou Rent-a-Car ) For the plan of no more than 613 million shares, during the subsequent negotiation of the equity transfer agreement, the parties to the transaction failed to reach an agreement on the prerequisites for delivery within the scheduled time. In order to protect the company's interests, SAIC Hong Kong decided to terminate the transaction.
On the afternoon of the same day, SAIC Group held its first extraordinary general meeting of shareholders in 2020. In response to this matter, the chairman of SAIC Group Chen Hong said in response to shareholders’ questions that the two parties originally planned to reach an equity transfer agreement around July 11, but during the negotiation process, some new situations emerged, and some delivery precedents Conditions failed to reach agreement, mainly about the future operations of Shenzhou car rental .
Chen Hong said that SAIC’s acquisition of a company is not only about the acquisition, but more importantly the operation after the acquisition. In an attitude of being responsible for the interests of the company and shareholders, SAIC terminated the transaction in time.
Looking back on historical data, on the evening of July 2, SAIC Group announced that SAIC Hong Kong and Shenzhou UCAR Co., Ltd. and its subsidiaries UCAR Limited, UCAR Service Limited, UCAR Technology Inc. (hereinafter referred to as: Shenzhou You Car) and Amber Gem Holdings Limited (hereinafter referred to as Amber Gem) signed the "Tender Offer". SAIC Hong Kong intends to acquire no more than 613 million shares of Shenzhou Car Rental at a price of 3.10 Hong Kong dollars per share, and the estimated investment amount will not exceed 1.902 billion Hong Kong dollars. . If the transaction is completed, SAIC Hong Kong will account for 28.92% of the shares of Shenzhou Car Rental .
For the purpose of this transaction, the announcement of SAIC Group at the time showed that the company is currently striving to grasp the industry development trend and accelerate the innovation and transformation, from a traditional manufacturing enterprise, to provide consumers with a comprehensive supply of mobile travel services and products. Business transformation. Shenzhou Rent-A-Car is a leading domestic car leasing company with relatively mature operation and management experience in related fields. If the acquisition can be completed as agreed, it will help accelerate the development of SAIC's travel business. At the same time, based on the principle of marketization, Shenzhou Car Rental and SAIC Group can collaborate in terms of asset efficiency improvement and service innovation model exploration. According to data from
, Shenzhou Car Rental was incorporated in the Cayman Islands on April 25, 2014. It has a large market share in the Chinese car rental industry, with a total fleet of 148,894 vehicles and more than 1,000 stores across the country. According to the information disclosed in the annual report of Shenzhou Car Rental , as of December 31, 2019, the total audited assets of Shenzhou Car Rental were 24.633 billion yuan, total liabilities were 16.54 billion yuan, and net assets were 8.09 billion yuan; operating income for 2019 It was 7.69 billion yuan, and the net profit was 30.77 million yuan.
Chen Hong said that SAIC Hong Kong signed the "Takeover Offer" with UCAR on July 2. It was originally a commercial negotiation, which may or may not be successful. SAIC Motor also pointed out risks in its previous announcement. He emphasized that the termination of the transaction will not have an impact on SAIC's production, operation and development. SAIC will continue to improve the layout and operation of the travel business, and is committed to providing users with a better travel experience. The pictures above
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