Xinri Hengli explains the cross-border acquisition of Aerospace Automobile to enter the field of new energy vehicle production

Xinri Hengli explains the cross-border acquisition of Aerospace Automobile to enter the field of new energy vehicle production

After several failed attempts at cross-border acquisitions, Xinri Hengli is now planning to enter the new energy vehicle field. Its new move has attracted great attention from the market. Yesterday, Xinri Hengli held a media briefing on major asset restructuring at the Shanghai Stock Exchange, answering a number of key questions, including the reasons for the cross-border acquisition of Yuhang Automobile, the risks of opening up new markets, subsequent integration arrangements, the resumption of production of the target company, and sustainable profitability.

According to the restructuring plan, Xinri Hengli intends to purchase 90% of the equity of Yuhang Automobile held by Huangcheng Xiangfu Group in cash, with a transaction price of 218 million yuan; after the equity transfer is completed, the company intends to increase the capital of Yuhang Automobile by 575 million yuan in cash at a price of 1 yuan/1 yuan of registered capital, with a total transaction amount of 793 million yuan. After the completion of this transaction, Yuhang Automobile became the company's holding subsidiary, and Xinri Hengli thus entered the field of new energy vehicle production and manufacturing, and entered the new energy vehicle terminal product consumer market.

The main business of Yuhang Automobile is the research and development, production and sales of new energy vehicles. Since Yuhang Automobile has been in a state of suspension since January 2017, the main task of the company's former management is to seek strategic partners. At present, Yuhang Automobile has begun to prepare for the relevant application work for the models to be produced in 2018, and stated that it will strive to turn losses into profits in 2018.

At the restructuring briefing, the Investor Protection Center questioned the time for Aerospace Automobile to resume production, as well as its continued profitability in the face of insufficient core technology and R&D capabilities.

Regarding when the target company will resume production, Gao Xiaoping, chairman of Xinri Hengli, said that Yuhang Automobile has been carrying out preliminary preparations in accordance with the resumption plan. After the transaction is completed, Yuhang Automobile should be able to start production next month. In addition, the company has formed a team with rich experience in new energy vehicle R&D, production, and management through external recruitment and delegation based on the existing personnel to ensure the smooth resumption of production and rapid development of Yuhang Automobile in the future.

Gao Xiaoping frankly said that based on our comprehensive consideration of the existing modification of Yuhang Automobile and its geographical location, we hope to produce 5,000 to 10,000 logistics vehicles and 500 new energy buses this year, but this is still being implemented. It is reported that in the future, the company will mainly improve its production capacity through the construction of the "Shanxi Zhongneng Yuhang New Energy Vehicle Project". The first phase of the project will build a production line with an annual output of 10,000 new energy buses and 100,000 new energy special vehicles.

In addition, regarding the target company's continued profitability, the company said that in order to achieve its annual goals, Aerospace Automobile has begun to optimize the technology of existing production lines and optimize the layout based on existing production facilities and conditions to meet production needs.

The company further stated that it has begun to implement order reserves and market development plans, and has achieved very good results. It has also signed a letter of intent with a large domestic logistics vehicle operator, laying a good foundation for the company's product sales in the next few years.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.

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