CIMC Group recently announced that CIMC Groupâ€™s subsidiaries CIMC Vehicles Co., Ltd. (hereinafter referred to as CIMC Vehicles) and Wuhu Tairui Investment Co., Ltd. (hereinafter referred to as Tyre Investment) and Shenzhen Jiusi Investment Co., Ltd. (below JS Investment Co., Ltd. signed the sponsor agreement in Shenzhen on January 9 this year. The company was established to set up Jirui Union Truck Co., Ltd. (hereinafter referred to as Jishui Truck); CIMC Vehicles and Terry Investment and Jiusi Investment entered into a joint venture. Set up Juri Union Heavy Industry Co., Ltd. (hereinafter referred to as Juri Heavy Industries Co., Ltd.).
According to the announcement, the project of the company is a project company prior to the establishment of a joint truck company with a registered capital of 400 million yuan, CIMC vehicles accounted for 45% of the registered capital, Terex Investment accounted for 45% of the registered capital, and Jiusi Investment accounted for 10 of the registered capital. %.
Terry Investment is a Chery Automobile affiliate and its chairman is the chairman and general manager of Chery Automobile, Yin Tongyao. An informed source, who asked not to be named, once said in an interview with the media, â€œThe directors of Tairui Investment Co., Ltd. are Cheryâ€™s people. The company and Chery are inextricably linked. Therefore, this time, The cooperation between CIMC and Terry Investment is actually a cooperation with Chery."
Li Ping, manager of CIMC Vehicle Planning Department, told the media, â€œIn this project, our partner is Chery.â€
A securities industry veteran who has long paid attention to CIMC pointed out that â€œJenshi Investment, which accounts for 10% of registered capital, is worth paying close attention toâ€.
According to statistics, Shenzhen Jiusi Investment Co., Ltd., with a registered capital of 21 million yuan, is the legal representative of Hao Hao, and its major shareholders are Shenzhen Mingnuo Investment Co., Ltd., Hao Hao, and Ding Mingguang. The actual controller of Shenzhen Mingnuo Investment Co., Ltd. is also Hao Hao. In fact, Jiusi Investment is Haohao Control.
CIMC Group previously announced that â€œbecause of the impact of the global economic recession on the global shipping market and the declining domestic economy, the main products of the Group, the dry cargo containers, were basically stopped in the fourth quarter, and the demand for road transport vehicles was reduced, which resulted in the companyâ€™s related business. The decrease in profitability "is expected to have a net profit of approximately RMB 1.5 billion in 2008, a year-on-year decrease of 40% to 60%."
The source said, "Because of good prospects for the heavy truck market, CIMC and Chery Automobile jointly entered the heavy truck production. CIMC will not give up its existing business."
Insiders pointed out that Chery and CIMC do not directly own heavy truck manufacturing technology and technology, and the technology sources of Jirui Truck have not yet been disclosed. The joint venture is not good for CIMC and Chery, and it is difficult to predict.
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