Geely invested about 900 million yuan to take over Lifan's "resurrection". Who is beautiful?

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In 20 12, Lifan's output accounted for more than half of the Russian automobile factory with an annual output of 50,000 vehicles, and the factory also produced a small number of Geely and Great Wall models. —— The independent brand's going out to sea during this period is an example of Lifan and Geely at the same starting line.

Eight years have passed, and their situations have been very different. The intersection that once happened in history ushered in great changes at the end of 2020.

On February 22, 65438, Lifan announced that the controlling shareholder of Lifan was changed from Lifan Holdings to Chongqing Manjianghong Fund, which was jointly funded by Geely Maijie and Liangjiang Fund. As the sole general partner and executive partner of Manjianghong Fund, the controlling shareholder of the company, Manjianghong Company, Chongqing Liangjiang Management Committee and Geely behind it become the actual controllers of Lifan.

Three days later, Lifan released a detailed equity change report, which means that the formal delivery is just around the corner. At the same time, Chongqing Jianghehui Enterprise Management Co., Ltd., a subsidiary of Geely Technology Group, will formally become a shareholder in Lifan.

Lifan filed for bankruptcy reorganization in August this year, and released the reorganization plan in June 5438+065438+ 10. As a "white knight", Geely Technology stepped forward and avoided the end of Lifan's bankruptcy.

Last year, the sales volume of Lifan 1 1 in the first month was less than one fifth of that of Geely 1 1 in the first month. Under the influence of the normalization of the cold winter in the automobile market and the black swan incident, the stronger the strong, the weaker the weak, and now it has become a substantive merger.

As early as 20 18, when he became a shareholder in Daimler, Li Shufu, chairman of Geely Holding Group, cautiously predicted that only two or three enterprises in the global traditional automobile industry would survive in the future. "Whoever can occupy the commanding heights of technology at that time will be the winner."

Why did Geely save Lifan?

165438+1On October 9, ST Lifan issued the announcement of *ST Lifan's manager on the investor's equity adjustment plan of the reorganization plan (draft). According to the announcement, Manjianghong Equity Investment Fund will replace Lifan and become the controlling shareholder of *ST Lifan. According to the announcement information, Geely Technology Group invested about 900 million yuan to participate in this restructuring as an industrial investor and became the second largest shareholder of Lifan.

The reason for the indirect shareholding is that it is not Geely and its parent company Geely Holding Group that participated in the reorganization of *ST Lifan, but Geely Maijie. The latter was founded on 20 15 and belongs to Geely science and technology group. Mainly engaged in forward-looking businesses such as new energy and future travel, such as flying cars and low-altitude satellite orbits. Geely Technology Group, a subsidiary of Geely Holding Group, has rich experience in industrial restructuring and strategic management.

It is understood that after the delivery of Lifan, Geely Technology, as an industrial investor, will comprehensively improve the quality of listed companies in terms of main business upgrade, cash flow support and operation management innovation.

This is the first case of reorganization of listed companies in the automobile and motorcycle industry in China's capital history. The complex creditor's rights relationship and business system can be called the most complicated case of private enterprise restructuring in history, and its successful delivery undoubtedly provides experience for future enterprise restructuring.

Geely participated in the reorganization precisely because Lifan still has certain brand recognition and influence in the market, with profound industrial accumulation and technology accumulation, mature and advanced production technology, relatively complete industrial chain system and extensive sales network channels, as well as a large number of mature industrial workers.

At the same time, the Chengdu-Chongqing Economic Circle where Chongqing is located is committed to the development of new energy industry and the intelligent upgrade of big data. Good business environment and location advantages also have great synergy with Geely Technology in new energy and Internet of Things.

The power exchange business also has huge imagination space. In June165438+1October, the General Office of the State Council issued the New Energy Automobile Industry Development Plan (202 1-2035), which clearly pointed out that in order to further improve the infrastructure system and promote the construction of the charging and replacing network, it was proposed to encourage business model innovations such as "replacing electricity".

As early as 20 18, Lifan announced that the 2.48 billion yuan raised through the fixed increase will be used for the development of intelligent lightweight quick-change pure electric vehicle platform, intelligent new energy vehicle energy station project, intelligent new energy vehicle1600 million WHr lithium battery and other projects.

In September this year, Geely Technology released the industry's first "Trinity" business model integrating research and development of power exchange technology, electric vehicle manufacturing and power exchange station operation, and promoted the rapid popularization of power exchange business services with the opening of technology.

According to public information, the restructuring investor will authorize the listed company to produce a model for free by means of authorized production, and develop follow-up models through various channels such as cooperation and opening up to transform the new energy vehicle production line of the listed company.

Earlier, Lifan Motor said at the second extraordinary shareholders' meeting that once the restructuring work is completed, it will first mass-produce the 80V battery-changing pure electric MPV maple leaf under Geely Technology Group.

According to the data, Geely Science and Technology Group has signed contracts to operate more than 65,438+0,000 power stations in Chongqing, Jinan, Hangzhou and Zibo. According to the plan, Geely will build 35 power stations in Chongqing this year, 202 1 year 100 and 200 in 2023.

Of course, for Geely's participation in Lifan restructuring, some insiders pointed out that under the expansion of Geely in the past two years, it is risky to invest in a car company with high debt.

Lifan finally came back to life.

The rise and fall of Lifan is highly related to its founder Yin Mingshan.

Yin Mingshan, who started his business at an advanced age, started from the motorcycle industry, surpassed Jialing and Jianshe, and became the leader of the motorcycle industry in Chongqing. After 20 10 went public, its market value reached more than 30 billion, and Yin Mingshan became the richest man in Chongqing.

As motorcycles are gradually replaced by automobiles, Lifan has also invested in automobile manufacturing. However, after several detours, Lifan completely lost its competitiveness.

For the core technology that is indispensable for the development of traditional automobiles, Lifan repeatedly chose to copy, and finally lost the strength of independent design. During the new energy subsidy period, Lifan was included in the list of "fraudulent compensation" enterprises because the battery did not meet the standard requirements, and its brand plummeted.

In 20 17, Yin Mingshan officially announced his resignation as chairman at the shareholders' meeting of Lifan. Since then, Lifan Holdings has continued to face debt risks. From the second half of 20 18, the chain effect of debt appeared, and a large number of debt collection suppliers gathered at the door of Lifan Group.

What really brought Lifan's defeat into public view was CCTV's report on Lifan at the end of 20 19. According to the report, the production base of Lifan Automobile, headquartered in Beibei District of Chongqing, has been in a semi-shutdown state, and employees have not received wages for two months. At the same time, Lifan's performance has also plummeted 20 times.

Last year, in the month of 1 1, Lifan sold 5 14 passenger cars, of which only 73 were traditional passenger cars, down 98.6% year-on-year. The number of new energy vehicles was 44 1 vehicle, down 67.7% year-on-year. Before 1 1 month, the cumulative sales volume of Lifan passenger cars was about 25,000.

On the one hand, the declining sales in the past two years have basically made Lifan lose its presence in the domestic market, relying only on a small number of export orders, and the passenger car brand is on the verge of self-abandonment. On the other hand, Lifan has actively tried to save itself, and even Yin Mingshan, who is old, has come back to lead the reorganization.

In order to withdraw funds, Lifan also broke his arm several times to survive. For example, the Yuanyang plot production base with 6.5438+0.5 million passenger cars was sold to the Land Reserve and Reconstruction Center of Liangjiang New Area in Chongqing at a price of about 33./kloc-0.50 billion yuan. Another example is to transfer 0/00% equity of the subsidiary chongqing lifan Automobile Co., Ltd./KLOC to Li at a price of 650 million yuan.

However, these measures failed to bring Lifan back to life, and even the Chongqing municipal government, which tried to prevent Lifan from going bankrupt and directly ordered banks not to cut off loans to Lifan Group, had to turn to foreign soldiers.

In June this year, when the rumor of "Geely's acquisition of Lifan" appeared, Lifan's share price soared, sealing the daily limit. As of the close of the day, Lifan shares quoted 5.5 yuan, with an increase of 10%. It has set a new high for Lifan in the past year or so.

In July, Geely signed a strategic cooperation agreement with Chongqing Liangjiang New Area, and Geely will promote its high-end new energy vehicle project, Geely Industrial Internet Headquarters and digital factory project to settle in Liangjiang New Area. Automobile industry is the pillar industry of Liangjiang New Area, and many enterprises such as Changan Automobile, Changan Ford and SAIC Hongyan have settled in.

Some insiders said that Geely's contact with Lifan had the intention of the local government. Joining Geely can not only strengthen the integration of resources between the two sides, strengthen the connection between Geely and Chongqing, but also bear the debts left over from history.

In any case, the completion of this delivery means that both parties have reached a * * * understanding on debt distribution. For Lifan, the smooth implementation of the bankruptcy reorganization plan can get support from many aspects, including fund investment, industrial capital and debt-to-equity swap shareholders. This ownership structure will lay the foundation for the brand-new Lifan to continue to operate.