On the evening of August 19, Chang ‘an Automobile issued the “Announcement on the Progress of the Investment Cooperation Memorandum and the External Investment of Joint Ventures (hereinafter referred to as the” Announcement “)”, stating that the company’s joint venture Avita Technology (Chongqing) Co., Ltd.(hereinafter referred to as Avita Technology) convened a board of directors to review and approve the “Proposal on Avita’s Foreign Investment Project Plan”.
Source: Changan Automobile announced that according to the “Announcement”, Avita Technology plans to sign an “Equity Transfer Agreement” with Huawei in Chongqing on the morning of August 20, stipulating that Avita Technology will purchase Shenzhen Yinwang Intelligent Technology held by Huawei.
10% equity of Technology Co., Ltd.(hereinafter referred to as Yinwang), with a transaction amount of RMB 11.
5 billion.
After this transaction, Avita Technology holds 10% of Yinwang, and Huawei holds 90% of Yinwang.
Based on this transaction amount, Huawei expects its current valuation to reach 115 billion yuan.
In November last year, it was reported that Changan Automobile would acquire a 30% stake in Huawei Vehicle BU at a valuation of 300 billion yuan.
It is worth noting that the main body of this investment is Avita Technology, which was jointly built by Changan Automobile, Ningde Times and Huawei, and also has deep roots with Huawei.
Sky Eye shows that Changan Automobile and Ningde Times are currently Avita’s first and second largest shares, with equity ratios of 40.
99% and 14.
1% respectively.
Huawei provides more technical support.
Photo source: Tianyan, the “Announcement” emphasized that the funding source of this investment is Avita Technology’s own funds, and pointed out that Avita Technology is an important strategic partner of Huawei and Yinwang.
This transaction will help Avita Technology gain more empowerment from Huawei and accelerate the promotion of Changan Automobile brand upward strategy.
Changan Automobile will take this transaction as an opportunity to comprehensively strengthen strategic cooperation with Huawei and promote Changan Automobile’s transformation into a smart and low-carbon travel technology company.
, the cooperation between the two sides this time has not been smooth sailing.
, From November 25, 2023, Changan Automobile and Huawei signed the “Investment Cooperation Memorandum”.
Huawei plans to establish a company engaged in the research and development, design, production, sales and service of automotive intelligent systems and component solutions (hereinafter referred to as the “Target Company”), Changan Automobile and its related parties plan to invest in the target company and carry out strategic cooperation.
According to the plan at that time, the two parties would finalize the final transaction plan within six months, that is, by the end of May this year.
On January 16, 2024, Huawei completed the registration of the target company, namely Yingwang Company.
Its business scope mainly includes automotive intelligent driving solutions, automotive smart cockpits, smart car digital platforms, smart car cloud, AR-HUD and smart lights, etc.
, However, on May 6 this year, Changan Automobile disclosed a progress announcement on the “Investment Cooperation Memorandum”, stating that “in view of the significance and complexity of the project and the needs of all parties to the transaction to promote internal procedures, the project progress has a certain delay compared with the estimate in the memorandum.
“, and it is expected to sign the final transaction documents no later than August 31 this year.
After more than half a year, Changan Automobile finally has to hand over the final answer to its investment in Huawei Vehicle BU.
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