BAIC may exercise stock-based incentives, CEO of LE-Auto’s investment and financing Department is appointed as its Board Secretary

Gasgoo (Shanghai, November 3)—Traditional auto companies’ bosses are seeking for opportunities in Internet companies in recent years, showing the decreasing attraction from traditional companies. However, an announcement from BAIC group shows that Sun Ke, the former CEO of LE-Auto’s investment and financing Department, has joined BAIC to be the Board Secretary and Investor Relations Management Center Director, taking in charge of Hong Kong listed company’s capital market and public relations communications.

In the previous three quarters of 2016, BAIC Group sells 1.32m units vehicles, increasing 19% and 4 percentage points higher than the industry’s average growth. The company’s net profit reaches RMB 3.92b, increasing 74.2%. Su Ke said, capital market is optimistic about BAIC’s gross profits and gross profit ratio, resulting the great leap in its share price. “BAIC’s share price was HKD 4.84 on June 16^th, increasing to more than HKD 8 after the releasing of Q3 report.” Sun also told reporters that she will take measures to strengthen the company’s market capitalization management, increasing the stock’s activeness and conducting investments to achieve effective strategic cooperation.

Sun is also optimistic about traditional auto companies’ future. “Although management systems and images are the bottlenecks, traditional auto companies are also changing. I hope that my joint will add more innovation to the company.”

Sun also reveals that LETV will have more cooperation with BAIC in the future. Besides, BAIC will also conduct cooperation with foreign Internet companies.