BAIC BJEV to go public in Shanghai, BAIC BluePark changes stock short name

Shanghai (Gasgoo)- BAIC BJEV will see its A shares listed on Shanghai stock market on September 27 through a back-door listing, making it China's first publicly-listed NEV maker, according to people with direct knowledge of the plan. 

BAIC BluePark New Energy Technology Co.,Ltd, the shell company for BAIC BJEV going public, announced on September 25 that its stock short name will be changed to “BAIC BluePark” from “S BluePark” with the stock code “600733” remaining unchanged. The decision will come into effect from September 27.

As early as 2014, BAIC Motor had spun off its NEV arm before it went public on Hong Kong Stock Exchange. In 2016, BAIC BJEV started the mixed-ownership reform and closed a RMB3 billion A-round funding. Then, the NEV maker completed a RMB 11.118 billion Series B-round financing in 2017 with its market value reaching RMB28 billion and had so far attracted 33 shareholders in total. 

The listed company S*ST Qianfeng (later known as SST Qianfeng) announced in last December that BAIC Group became its controlling shareholder. 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.

In August, SST Qianfeng took another major step forward for its ultimate back-door listing plan by announcing 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.