UCAR’s chairman Lu Zhengyao confirmed to chair Beijing Borgward

Shanghai (Gasgoo)- Wang Baiyin, former chairman of Beijing Borgward Automobile Co., Ltd (Beijing Borgward), has withdrawn from this position and was replaced by Lu Zhengyao, CEO and chairman of ride-hailing company and car retailer UCAR Group, according to Chinese company information service Qichacha.

(Photo source: UCAR's WeChat account)

Besides, Qichacha also shows that Changsheng Xingye Enterprise Management Consulting, a company based in Xiamen, Fujian province, was no longer an investor of Beijing Borgward. Meanwhile, UCAR (Xiamen) Information Technology Co.,Ltd joins as the new investor.

（Photo source: Borgward's WeChat account)

Beiqi Foton Motor Co., Ltd. (Foton Motor) said on December 28 that it had found a transferee—namely, Changsheng Xingye—who was willing to take over 67% stake in Beijing Borgward for a value of RMB3.973 billion.

By the way, the transferee should provide a legitimate and valid guarantee agreed by Foton Motor over the RMB4.271 billion worth of shareholder loan offered by Foton Motor to Beijing Borgward.

On the same day, UCAR Group also released an announcement saying it planned to provide a guarantee with a value of no more than RMB2.4 billion for the aforesaid shareholder loan to assist the transferee with the acquisition of Beijing Borgward's 67% stake.

On March 18, UCAR claimed that its subsidiary would spend roughly RMB 4.1 billion to acquire 67% stake in Beijing Borgward, which were primarily held by Changsheng Xingye then. Up until now, the latest changes of top executives and investor structure signified that the chauffeured car service provider has formally controlled the Beijing-based automaker.