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2025-04-02 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >
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Shulou(Shulou.com)12/24 Report--
CTOnews.com, December 12 (Xinhua)-- IDG Capital is considering buying shares in Chery Holdings Group Co., Ltd. from existing shareholders for up to 7 billion yuan ($976 million), which could expose the buy-out company to one of China's few major unlisted automakers, according to Bloomberg.
Beijing-based IDG is raising money from investors for potential deals, according to people familiar with the matter, who spoke on condition of anonymity.
Given that Chery has revived plans to list Chery in China, any deal will be struck as Chery seeks to simplify its shareholding structure, according to people familiar with the matter. As part of the restructuring, Chery shareholders can choose to exchange their shares for Chery's shares, they added.
Chery is considering applying for an initial public offering as early as next year and could seek a valuation of up to 150 billion yuan, according to people familiar with the matter.
The review is ongoing and may not lead to any deals, according to people familiar with the matter. The details of Chery's potential IPO could also change, they added. Representatives of Chery and IDG Capital didn't respond to requests for comment.
Chery is one of the last unlisted carmakers in China. This is also the most important asset of the Chery Group, which is also engaged in other businesses such as financial services and real estate.
Chery is also one of China's largest car exporters. The company plans to set up subsidiaries to sell products directly to customers in the UK, Germany and France. The company will invest US $400m (CTOnews.com Note: about RMB 2.872 billion) to build a plant in Argentina with a goal of producing 100000 cars a year by 2030, and announced plans to build plants in Indonesia, Malaysia and Thailand. In Vietnam, the company plans to start production of the first phase of the plant at a cost of $800m (currently about 5.744 billion yuan) by the end of 2025.
Chery Holdings Group sold 212076 cars in November, up 111 percent from a year earlier, exceeding 200000 for the second time in a row. From January to November, it sold a total of 1665626 vehicles, up 47.8 percent from the same period last year.
Chery Group's main passenger car brands-- Chery, Xingtuo and Jettcut, sell as follows:
The Chery brand sold 147916 vehicles in November, up 109 per cent from a year earlier. Taiwan sold 1197650 vehicles from January to November, up 41.9 per cent from a year earlier.
Xingtu brand sold 15296 vehicles in November, an increase of 173.3% compared with the same period last year. Taiwan sold 111352 vehicles in January-November, an increase of 129.5% over the same period last year.
The Jetway brand sold 41027 vehicles in November, up 139.7% from January to November, up 72.8% from January to November.
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