Core Viewpoint - The company has agreed to sell a 45% stake and a 45% loan in iCar Group Limited to EGL, with a total transaction value of RMB 330 million, which will offset an equivalent amount owed to EGL upon completion of the sale [1] Group 1: Transaction Details - The sale includes a 45% stake in iCar Group Limited for RMB 250 million and a 45% loan for RMB 80 million, totaling RMB 330 million [1] - The company plans to implement a capital restructuring as a prerequisite for the sale, which includes increasing the paid-up capital to approximately RMB 555.6 million and converting shareholder loans of about RMB 385.4 million into preferred loans [1][3] Group 2: Ownership Changes - If the company fully exercises its convertible bonds, its stake in the sold company will increase from 55% to approximately 61.7%, constituting a purchase of equity [2] - Conversely, if EGL fully exercises its convertible bonds, EGL's stake will rise from 45% to about 51.9%, reducing the company's stake to approximately 48.1%, which will be treated as a deemed sale of equity [2] Group 3: Investment Strategy - The rapid growth of the overseas new energy vehicle market presents significant business opportunities but requires substantial operational funding and upfront investment [3] - The company and its chairman have agreed to jointly invest in the overseas new energy vehicle business, with the company contributing 55% and the chairman 45% [3] - A clear framework for future funding, operational responsibilities, and profit-sharing is being established to support the long-term development of the overseas new energy vehicle business [3][4] Group 4: Market Challenges - The company maintains confidence in the long-term prospects of Chinese new energy vehicle brands in international markets but acknowledges the challenges posed by intense competition and capital intensity in the global automotive industry [4] - The decision to reduce equity in the sold group is seen as a prudent measure to mitigate financial risks, allowing for greater financial flexibility and operational resilience [4]
和谐汽车(03836.HK)拟出售iCar Group Limited 45%股权