Qoros executive denies Baoneng as new shareholder

Shanghai (Gasgoo)- “Up to now, there is no such news.” Ning Shuyong, Qoros’ vice president of marketing and communications, said to a local media as a response to the rumor that Baoneng is the new buyer of Qoros’s shares.

On November 22, sources said that Baoneng has become a new shareholder and a board member of Qoros. The new shareholder is said to bring capital and vehicle orders whose total value was about RMB 6.5 billion.

In June, there were reports that Baoneng would invest RMB 6.5 billion to buy 51 percent stake of Qoros, but the automaker denied the news. At the beginning of this month, Qoros got an order of ten thousand vehicles from Baoneng’s subsidy Shenzhen Liandong Yun Vehicle Renting Company.

In July, Qoros planned to transfer 25 percent stake for RMB 1.6575 billion, but failed to find a suitable buyer. On November 17, Changjiang Equity Exchange released an announcement on its official website, stating that Qoros Auto would transfer its 25% shares for another time with a target price of RMB 1.625 billion.

As to all the rumors and reports, Baoneng hasn’t made a comment up to now. But it seems that the company has specific plans in auto industry. On November 21, Baoneng Group signed strategic cooperative framework agreement with Kunming municipal government to invest a large sum of money for a program, under which will build 500,000 new energy vehicles. In October, the company signed a cooperation framework agreement with Fuyang District government of Hangzhou, which concerns a program with an annual output of 300,000 new energy vehicles.