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[YesAuto News] Regarding the change of the major shareholder of Liaoning Shuguang Automobile Group, Huatai Automobile Group (hereinafter referred to as “Huatai Automobile”) and Suguang Group have “dealed” many times within a year.
On July 18, Sugon (600303) announced the clarification announcement issued by its subsidiary Liaoning Sugon Automobile Group Co., Ltd. (hereinafter referred to as “Liaoning Sugon”). The announcement stated that there were media reports that Sugon Group and Huatai Automobile had reached an earlier agreement. The equity transfer has been “difficult to produce”, and Huatai Automobile may face a liquidated damage of 160 million. After verification, the transfer of 5.28% shares of Liaoning Sugon to Huatai Automobile by Sugon Group has been completed, but to ensure that Liaoning Sugon successfully completes the new energy vehicle access certification work, Sugon and Huatai Automobile agreed to postpone the transfer of 14.49% equity in Liaoning Suguang. , The adjustment will be completed before September 28, 2018.

In January 2017, Sugon Group signed a framework agreement with Huatai Automobile regarding the transfer of Liaoning Suguang’s equity. On February 28, 2017, the two parties formally signed the “Equity Transfer Agreement” and “Voting Rights Entrustment Agreement”, and Sugon Group agreed to transfer them The 14.49% equity of the target company Liaoning Shuguang was transferred to Huatai Automobile, and the transfer price was calculated at 23.21 yuan per share and determined to be RMB 2,272 million.

Since then, Sugon Group and Huatai signed an agreement on the transfer of Liaoning Suguang’s equity (5.28%). Sugon Group decided to transfer its 5.28% equity in Liaoning Suguang to Huatai Automobile. The transfer price was calculated at 23.21 yuan per share and determined to be RMB 828 million.

Liaoning Shuguang stated in the clarification announcement that after the agreement was signed, Huatai Auto paid a performance deposit of 300 million yuan to the joint account, and then paid 700 million yuan of equity transfer money to the Suguang Group through the joint account. The registration procedures for the transfer of 5.28% of the shares of Sugon Group and Huatai Automobile were also completed on July 25, 2017.

However, the transfer of 14.49% of the equity has not been completed, and has been postponed five times in the past year. The Shanghai Stock Exchange has also issued a supervisory work letter. Liaoning Shuguang explained: “In order to complete the company's new energy vehicle access certification work with high quality.”

Liaoning Shuguang stated that it has received the “Extension Agreement on the Transfer of 14.49% Equity of Liaoning Shuguang Automobile Group Co., Ltd.” signed by the major shareholder Shuguang Group and Huatai Automobile. New energy vehicles are an important strategic business of the company and are related to the survival of Huanghai Bus. In order to ensure that Liaoning Shuguang’s new energy vehicle production and operation qualifications fully meet the “New Energy Vehicle Production Enterprise Access Review Requirements”, and to ensure that it passes the review by relevant departments before July 1, 2019, after careful study and agreement between Huatai Automobile and Suguang Group, It was agreed to adjust the transfer time of the shares involved in the 14.49% equity transaction to be completed before September 28, 2018.

In addition, Liaoning Sugon also emphasized the responsibility of Sugon Group and Huatai Group for breach of contract: If Huatai Automobile unilaterally terminates the agreement, the 300 million yuan performance bond it paid will not be refunded; if Sugon Group unilaterally terminates the agreement, it will double the performance bond. Margin. As for the changes in the equity transfer process, the two parties will negotiate and deal with it.

Public information shows that Liaoning Shuguang Automobile Group Co., Ltd. is a cross-regional enterprise group whose main business is complete vehicles, axles and related parts. It has two major brands, “Huanghai Automobile” and “Shuguang Axle”. Obtained the qualification for the production of new energy vehicles and commercial vehicles, and proceeded to establish a new energy heavy truck project.

Huatai Automobile's current products cover traditional and new energy SUVs, sedans, mini cars, etc., and began to deploy new energy sources in Tianjin in 2016. In addition, Huatai Automobile has also been preparing to build a “Dandong Base” with a production capacity of 50,000 vehicles. The base project involves new energy buses, etc., while Liaoning Shuguang is located in Dandong. It can be seen that Huatai Automobile may fully develop new developments by acquiring the assets of Suguang shares. Energy bus product line.