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SST Qiangfeng changes name, new progress for BAIC BJEV to be listed on A-share market

Monika From Gasgoo| June 13 , 2018 14:27 BJT

BAIC BJEV back-door listing, China EV news, SST Qiangfeng, China automotive news

Shanghai (Gasgoo)- On June 12, SST Qianfeng has officially changed its name as BeiJing QianFeng Electronic Co.Ltd and settled in “China Blue Valley” (“Lan Gu" in Chinese) of Beijing Economic Technological Development Area, where the BAIC BJEV headquarters. At the same time, relevant procedures like the changing of company’s name, registered address and business scope have already been approved by governmental departments. 

On June 1, SST Qianfeng announced that it has been approved by China Security Regulatory Commission to issue stock shares to acquire 100% stake of BAIC BJEV. 

According to the approved files, SST Qianfeng will replace its whole assets and debts to BIAC BJEV, issue stock shares to buy 100% stake of BAIC BJEV, and raise supporting funds worth of RMB 2 billion. Specifically, BAIC BJEV will inject RMB 28.85 billion in SST Qianfeng. After exempting the RMB 187 million worth of SST Qianfeng's total assets and debts, BAIC BJEV only needs to inject RMB 28.669 billion to SST Qianfeng. SST Qianfeng will issue 761 million shares with each share of RMB 37.66 to 35 BAIC BJEV's shareholders, including BAIC Group. 

Xu Heyi, chairman of BAIC Group said that BAIC BJEV can be listed on the stock exchange in June if everything goes smoothly, and the listing can be finished in as early as in July. And the listing information was also confirmed by the relevant person of BAIC BJEV's brand department. 

According to relevant data, BAIC BJEV delivered a total of 48,753 vehicles for the first five months with a year-on-year growth of 101.7%. In March, the EV company launched a new BEV (battery electric vehicle) SUV model the EX360, and then showcased another EV model the EU5 (with a mileage of 500km) at Auto China 2018 in Beijing. 

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