1 thought on “The CSRC takes relevant measures on the Brilliance Automobile Group and related intermediaries”
Dan
1. The CSRC has taken relevant measures on the Brilliance Automobile Group and related intermediary agencies ? Recently, Huachen Automobile Group Holdings Co., Ltd. (hereinafter referred to as Brilliance Group) related bond defaults, which has attracted market attention. The CSRC has conducted special inspections on it in accordance with the law. According to the inspection situation, today's administrative regulatory measures with a warning letter to the Brilliance Group and decided to investigate their suspected information disclosure and violations of laws. , Seriously investigate and deal with illegal violations. The Securities Regulatory Commission attaches great importance to the protection of the legitimate rights and interests of investors, comprehensively implements the requirements of the “zero tolerance” of the State Council ’s“ zero tolerance ”, severely crack down on various types of illegal acts in accordance with the law, and maintain a good order in the bond market. At the same time, it will continue to maintain and exert the normal functions of the bond market, and support the legal compliance of various types of ownership enterprises through the financing and development of the bond market. In the next step, the CSRC will do a good job of supervision in accordance with the law, firmly adhere to the bottom line of no systemic risk, deepen reform, improve the system, implement responsibilities, strict supervision, and promote the steady and healthy development of the bond market. (Source: China Securities Supervision and Administration Commission) 2, BMW Brilliance continues to blood transfusion in the incident without supplement to the Huachen Group's bankruptcy and reorganization. Automobile Group Holdings Co., Ltd. (referred to as "Brilliance Group") reorganization, marking the formal entering the bankruptcy reorganization process. Previously, Brilliance Automobile Group said that due to the tight company's funds, 6.5 billion yuan of debt has constituted a default, and the interest of 144 million yuan has overdue. In October this year, the 1 billion yuan private equity bond issued by the Brilliance Group expired only interest, and the principal failed to pay. On November 13, the creditors of Brilliance Automobile Group Holdings Co., Ltd. applied for bankruptcy and reorganization, and the applicant Weigzhi Auto Technology Co., Ltd. Ti Chenchen Automobile Group Holdings Co., Ltd. is a key state -owned enterprise affiliated to the SASAC of Liaoning Province. The headquarters is located in Shenyang City. Two Hong Kong stock listed companies. Among them, Brilliance China is the most important asset of the Brilliance Group. Data show that from 2015 to 2019, the net profit of Brilliance China was 3.495 billion yuan, 3.682 billion yuan, 4.376 billion yuan, 5.821 billion yuan, and 6.763 billion yuan, showing a trend of rising year by year. source. and "BMW Brilliance" is almost the only "cash cow" in Brilliance China. In the first half of the year, under the influence of the epidemic, BMW Brilliance still contributed a net profit of about 4.4 billion yuan to Brilliance China. After excluding this part of the profit, Brilliance China lost 340 million yuan. In 2019, BMW Brilliance contributed a net profit of 7.6 billion yuan to Brilliance China. After excluding this part of the profit, Brilliance China lost about 1 billion yuan. In fact, the independent business of Brilliance China has been losing money in recent years. From 2015 to 2019, it lost 540 million yuan, 600 million yuan, 860 million yuan, 420 million yuan and 1.064 billion yuan, respectively. , despite relying on the cash cow of BMW Brilliance, Brilliance China ’s profitability has risen years, but due to the downward initiation of the environment, Brilliance China’ s revenue scale fell all the way after seeing it in 2017. 2018 and 2019, Brilliance China revenue was 4.519 billion yuan and 4.027 billion yuan, which was -16.56%and -10.30%year-on-year. Due to the impact of the epidemic this year, the revenue from the first half of the year fell to 1.492 billion yuan, a year -on -year decrease of 25.31%. In addition to the blood transfusion from Brilliance China, in order to get rid of the predicament, the Brilliance Group also frequently reduced holdings of Brilliance China. In June this year, Brilliance Group sold 200 million Hualochen China stocks in the secondary market, and reduced its holdings of 400 million shares in August, with a total amount of approximately 4.2 billion Hong Kong dollars. At the same time, Brilliance also reached an agreement with BMW to transfer 25%of BMW Brilliance at a price of 3.6 billion euros to the BMW Group. In the news of the bankruptcy reorganization of the Brilliance Group, the stock price of Brilliance China rose by more than 10%. After losing the burden of the Brilliance Group, whether Brilliance China can "lightly play", the market seems to be looking forward to it. （来源：新浪财经）rn３，通用电动和自动驾驶投资增加35%在华40%新车将是电动车rn【盖世汽车】11月20日，通用汽车发布声明称，该公司It will go all out and accelerate the electrification strategy to challenge Tesla and occupy a leading position in the global electric vehicle field. Marybarra, CEO Marybarra, said at the Global Climate Conference held by Bank of Barclays that by 2023, the general plan will increase the expenditure of electric and autonomous vehicles by 35%to 27 billion Dollar. In addition, the general plan has gradually launched a variety of types of electric vehicles, ranging from less than 30,000 yuan to more than 100,000 yuan. The purpose is to enable everyone to afford electric vehicles. MSC also confirmed that the launch of new electric vehicles will be accelerated, and 30 electric vehicles will be launched around the world by 2025 (previously universal goals are to launch 20 electric vehicles before 2023), covering Cadillac, All global brands, including GMC, Buick, Chevrolet, meet different consumer needs and usage scenarios. Among them, the proportion of new energy models launched by GM will exceed 40%of the new models in China. Bora revealed that GM hopes to surpass the goal of selling 1 million electric vehicles each year in the United States and China that it has previously set up by 2025. ME will also increase its production capacity of the Battery joint venture factory in northern Ohio with South Korea ’s LG chemistry, and will increase the number of factory production of electric vehicles.博拉认为，通过销售电动汽车，可以将该公司在美国沿海地区的销量每年增加28万辆，博拉表示，“我们想成为北美电动车市场的领头羊。”rn此前，一些投资The person pressured Borat to separate the electric vehicle business from the traditional internal combustion engine business of the electric vehicle business. When asked if it was planned whether it was planned to be out of the battery business, Bora said, "We don't think it is necessary to strip it away." On the contrary, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora,, Bora,, to Bora,, to Bora, Bora Emphasizing the integration of internal combustion engines and electric vehicle business, pointing out that electric vehicles can share 70%of the components used by traditional internal combustion engines. Welen technology center in Michigan, USA has a chemical and material system laboratory and battery trial line, and will be built next year to the new battery innovation laboratory and manufacturing technology center to support the development of the next generation of Ultium batteries ( Image source: GM) MSD also focused on its Ultium battery technology at the meeting. This technology can be charged at 450 miles at a time, which is higher than the previously estimated 400 miles. Thanks to the flexibility of the ULTIUM battery and electric drive technology platform and the mature application of virtual development tools, GM will complete the development of 12 global electric models in advance. Among them, the R
1. The CSRC has taken relevant measures on the Brilliance Automobile Group and related intermediary agencies
?
Recently, Huachen Automobile Group Holdings Co., Ltd. (hereinafter referred to as Brilliance Group) related bond defaults, which has attracted market attention. The CSRC has conducted special inspections on it in accordance with the law. According to the inspection situation, today's administrative regulatory measures with a warning letter to the Brilliance Group and decided to investigate their suspected information disclosure and violations of laws. , Seriously investigate and deal with illegal violations.
The Securities Regulatory Commission attaches great importance to the protection of the legitimate rights and interests of investors, comprehensively implements the requirements of the “zero tolerance” of the State Council ’s“ zero tolerance ”, severely crack down on various types of illegal acts in accordance with the law, and maintain a good order in the bond market. At the same time, it will continue to maintain and exert the normal functions of the bond market, and support the legal compliance of various types of ownership enterprises through the financing and development of the bond market. In the next step, the CSRC will do a good job of supervision in accordance with the law, firmly adhere to the bottom line of no systemic risk, deepen reform, improve the system, implement responsibilities, strict supervision, and promote the steady and healthy development of the bond market. (Source: China Securities Supervision and Administration Commission)
2, BMW Brilliance continues to blood transfusion in the incident without supplement to the Huachen Group's bankruptcy and reorganization. Automobile Group Holdings Co., Ltd. (referred to as "Brilliance Group") reorganization, marking the formal entering the bankruptcy reorganization process.
Previously, Brilliance Automobile Group said that due to the tight company's funds, 6.5 billion yuan of debt has constituted a default, and the interest of 144 million yuan has overdue. In October this year, the 1 billion yuan private equity bond issued by the Brilliance Group expired only interest, and the principal failed to pay.
On November 13, the creditors of Brilliance Automobile Group Holdings Co., Ltd. applied for bankruptcy and reorganization, and the applicant Weigzhi Auto Technology Co., Ltd.
Ti Chenchen Automobile Group Holdings Co., Ltd. is a key state -owned enterprise affiliated to the SASAC of Liaoning Province. The headquarters is located in Shenyang City. Two Hong Kong stock listed companies. Among them, Brilliance China is the most important asset of the Brilliance Group.
Data show that from 2015 to 2019, the net profit of Brilliance China was 3.495 billion yuan, 3.682 billion yuan, 4.376 billion yuan, 5.821 billion yuan, and 6.763 billion yuan, showing a trend of rising year by year. source.
and "BMW Brilliance" is almost the only "cash cow" in Brilliance China.
In the first half of the year, under the influence of the epidemic, BMW Brilliance still contributed a net profit of about 4.4 billion yuan to Brilliance China. After excluding this part of the profit, Brilliance China lost 340 million yuan. In 2019, BMW Brilliance contributed a net profit of 7.6 billion yuan to Brilliance China. After excluding this part of the profit, Brilliance China lost about 1 billion yuan.
In fact, the independent business of Brilliance China has been losing money in recent years. From 2015 to 2019, it lost 540 million yuan, 600 million yuan, 860 million yuan, 420 million yuan and 1.064 billion yuan, respectively.
, despite relying on the cash cow of BMW Brilliance, Brilliance China ’s profitability has risen years, but due to the downward initiation of the environment, Brilliance China’ s revenue scale fell all the way after seeing it in 2017.
2018 and 2019, Brilliance China revenue was 4.519 billion yuan and 4.027 billion yuan, which was -16.56%and -10.30%year-on-year. Due to the impact of the epidemic this year, the revenue from the first half of the year fell to 1.492 billion yuan, a year -on -year decrease of 25.31%.
In addition to the blood transfusion from Brilliance China, in order to get rid of the predicament, the Brilliance Group also frequently reduced holdings of Brilliance China.
In June this year, Brilliance Group sold 200 million Hualochen China stocks in the secondary market, and reduced its holdings of 400 million shares in August, with a total amount of approximately 4.2 billion Hong Kong dollars. At the same time, Brilliance also reached an agreement with BMW to transfer 25%of BMW Brilliance at a price of 3.6 billion euros to the BMW Group.
In the news of the bankruptcy reorganization of the Brilliance Group, the stock price of Brilliance China rose by more than 10%. After losing the burden of the Brilliance Group, whether Brilliance China can "lightly play", the market seems to be looking forward to it. （来源：新浪财经）rn３，通用电动和自动驾驶投资增加35%在华40%新车将是电动车rn【盖世汽车】11月20日，通用汽车发布声明称，该公司It will go all out and accelerate the electrification strategy to challenge Tesla and occupy a leading position in the global electric vehicle field.
Marybarra, CEO Marybarra, said at the Global Climate Conference held by Bank of Barclays that by 2023, the general plan will increase the expenditure of electric and autonomous vehicles by 35%to 27 billion Dollar. In addition, the general plan has gradually launched a variety of types of electric vehicles, ranging from less than 30,000 yuan to more than 100,000 yuan. The purpose is to enable everyone to afford electric vehicles.
MSC also confirmed that the launch of new electric vehicles will be accelerated, and 30 electric vehicles will be launched around the world by 2025 (previously universal goals are to launch 20 electric vehicles before 2023), covering Cadillac, All global brands, including GMC, Buick, Chevrolet, meet different consumer needs and usage scenarios. Among them, the proportion of new energy models launched by GM will exceed 40%of the new models in China. Bora revealed that GM hopes to surpass the goal of selling 1 million electric vehicles each year in the United States and China that it has previously set up by 2025.
ME will also increase its production capacity of the Battery joint venture factory in northern Ohio with South Korea ’s LG chemistry, and will increase the number of factory production of electric vehicles.博拉认为，通过销售电动汽车，可以将该公司在美国沿海地区的销量每年增加28万辆，博拉表示，“我们想成为北美电动车市场的领头羊。”rn此前，一些投资The person pressured Borat to separate the electric vehicle business from the traditional internal combustion engine business of the electric vehicle business. When asked if it was planned whether it was planned to be out of the battery business, Bora said, "We don't think it is necessary to strip it away." On the contrary, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora, Bora,, Bora,, to Bora,, to Bora, Bora Emphasizing the integration of internal combustion engines and electric vehicle business, pointing out that electric vehicles can share 70%of the components used by traditional internal combustion engines.
Welen technology center in Michigan, USA has a chemical and material system laboratory and battery trial line, and will be built next year to the new battery innovation laboratory and manufacturing technology center to support the development of the next generation of Ultium batteries ( Image source: GM)
MSD also focused on its Ultium battery technology at the meeting. This technology can be charged at 450 miles at a time, which is higher than the previously estimated 400 miles. Thanks to the flexibility of the ULTIUM battery and electric drive technology platform and the mature application of virtual development tools, GM will complete the development of 12 global electric models in advance. Among them, the R