Baoneng becomes controlling shareholder of Qoros

Shanghai (Gasgoo)- Today, Qoros, officially announced that the company will have a new strategic investor, Baoneng Group. Qoros is 50% owned by Quantum 2007 (LLC) and 50% by Wuhu Chery Automobile Investment Company Limited.

According to Kenon Holdings, Quantum’s parent company, Baoneng agreed to invest approximately RMB 6.5 billion for a controlling interest in Qoros. The transaction is still subject to certain conditions. The public tender of Chery showed that the company would like to sell half of its stake in Qoros with a floor price of RMB 1.625 billion.

Apart from the 25 percent stake from Chery, Baoneng also acquired another 26 percent stake from Kenon. With a total of 51 percent stake in Qoros, Baoneng became the controlling shareholder of Qoros. It is said that Baoneng, Chery and Quantum will make another new round of investment to confirm the final stake ratio.

After the investment, Baoneng will reorganize Qoros with an all-new development path. The group is said to direct Qoros into the main trends of auto industry, including new energy vehicle. It is still uncertain whether Qoros brand will continue to exit. According to a local media, Baoneng has been trying to find executives with international background for its future auto business.

The statement says that as Qoros tries to make a strategic transition, it revealed the plan to introduce new investors at the beginning of this year. The automaker has discussed with its investors and the potential investors for many times. After several rounds of screening and comparison, Baoneng is the most suitable one.

Baoneng Group is a Chinese property and financial services conglomerate controlled by Chinese billionaire Yao Zhenhua. The investment from Baoneng will bring Qoros not only the capital support, but also innovative development paths and international development vision. What’s more, Baoneng will give Qoros all-around and unconditional support in industry synergy, customer sharing and auto aftermarket.