After more than nine months of bankruptcy and reorganization, brilliance group finally made the latest progress. On the morning of August 31, the substantive merger and reorganization of 12 enterprises such as brilliance group held the second creditors' meeting (hereinafter referred to as "brilliance second debt meeting"). At the brilliance second debt meeting, three proposals, including BMW China's acquisition of "Zhonghua" automobile brand, have been passed.
It is reported that BMW China will acquire the "China" automobile brand with RMB 1.633 billion. According to public data, as of November 20, 2020, the assets related to the production of "Zhonghua" automobile brand were 1.233 billion yuan, which is equivalent to BMW China spending 400 million yuan to buy production qualification.
BMW China's acquisition of the Chinese brand is not surprising. As early as brilliance group began to publicly recruit restructuring investors on May 20 this year, BMW (China) Investment Co., Ltd., an indirect wholly-owned subsidiary of BMW Group, formally signed up with the manager soon after to indicate its purchase intention.
For the acquisition of the Chinese brand, BMW China replied to the media: "we hope to support the reorganization of brilliance group with practical actions, and are committed to further expanding our business in Liaoning Province. We hope to use the existing production capacity of brilliance Automobile Manufacturing Co., Ltd." In addition, according to people familiar with the matter, the above assets of China auto brand will be used to produce BMW related products, and then China brand will no longer exist.
Brilliance, once the envy of other domestic auto companies, is now ending up in bankruptcy and reorganization, which makes people sigh. In fact, brilliance has its own brilliance. In 1988, golden cup Automobile Co., Ltd., the predecessor of brilliance automobile, was officially established; Seven years later, Brilliance China, founded in 1992, took over Jinbei Automobile. Through cooperation with Toyota, Jinbei soon opened up a situation in the bus market. Since 1997, brilliance golden cup has ranked first in the field of light buses in China for six consecutive years.
In 2000, brilliance automobile officially launched the "Zhonghua" brand car and became a medium and high-grade car of its own brand. In 2003, brilliance automobile and BMW reached a cooperation, and both sides invested 50% to establish brilliance BMW. At this time, brilliance automobile holds the three brands of Jinbei, Zhonghua and brilliance BMW, and has made good achievements in the field of domestic commercial vehicles and passenger vehicles.
In December 2005, Qi Yumin, then vice mayor of Dalian, was ordered to go to Shenyang to take over brilliance, which had lost money for three consecutive years. After taking office, Qi Yumin gave a powerful medicine to the terminally ill brilliance by launching a price war.
The data show that in 2006, the annual sales volume of brilliance automobile exceeded 200000, with a year-on-year increase of 71.4%; In 2007, the whole vehicle sales volume of brilliance automobile group increased significantly again, with the annual sales volume exceeding 300000. At the same time, brilliance automobile turned losses into profits.
Since then, the negative effects of the price war began to appear, and Brilliance China's brand value depreciated rapidly. At the same time, problems such as weak technology accumulation and product quality that does not advance but retreat have gradually led brilliance's independent brand business into a dilemma, and the sales volume has declined sharply. According to the data, in 2018, the annual sales volume of brilliance golden cup was 21400, a year-on-year decrease of 0.46%, and the annual sales volume of Chinese brand was only 67800.
In the same year, BMW acquired 25% of brilliance BMW at a price of 3.6 billion euros, and brilliance was regarded as the first loser. Since then, brilliance motor's development has been difficult, moving towards the edge of bankruptcy step by step. In 2020, Qi Yumin, who has retired for one year, was investigated for violation of discipline; In June this year, Qi Yumin was arrested on suspicion of bribery, misappropriation of public funds, abuse of power by personnel of state-owned companies, etc.
BMW China acquired brilliance "China" brand with an investment of 1.633 billion yuan
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