BAIC BJEV back-door listing Update: SST Qianfeng changes name to BAIC BluePark New Energy Technology
Shanghai (Gasgoo)- SST Qianfeng announced on August 8 that its company name has been changed from “BeiJing QianFeng Electronic Co.Ltd” to “BAIC BluePark New Energy Technology Co.,Ltd” and the company's business scope and by-laws have been varied at the same time.
Xu Heyi, chairman of BAIC Group, had said that BAIC BJEV will go public in the third quarter. The change of company name may indicate that BAIC BJEV's back-door listing is close to completion.
According to the announcement, SST Qianfeng's business scope has been expanded to cover such areas as design, R&D and sale of vehicles, auto parts, mechanical equipment and electrical apparatuses, import and export of goods and services, software development, economic and trade consultation, property management as well as the development, service, consultation and transfer of technologies. The company previous registered business scope was mainly relevant to electronics and communications.
SST Qianfeng announced on January 20 that Beijing authority had agreed the transfer of 100% equity of Sichuan Xintaike Digital Equipment Co., Ltd, which held by Beijing First Capital, to BAIC Group without compensation. Sichuan Xintaike Digital Equipment Co., Ltd. holds a 41.13% stake in SST Qianfeng, which was the latter's largest shareholder. From then on, BAIC BJEV initiated the preparation to go public through back-door listing.
On June 1, SST Qianfeng claimed that it had 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.
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