Jingwei shares to raise 5 billion to build high-end German electric vehicle project

- Mar 13, 2017-

On March 10, Jingwei shares issued a non-public offering of A shares of the stock plan (revised), the company plans to raise a total of not more than 5 billion yuan for the German high-end electric vehicle R & D and production base project.

The stock plan shows that the total number of shares issued by the company not more than 250 million shares changed to 150 million shares, the total amount of funds raised accordingly the total amount of not more than 7 billion yuan into not more than 5 billion yuan.

Data show that the German base with an annual output of 100,000 vehicle capacity planning. The total investment for the project infrastructure and project investment, the project a total investment of 1.139 billion euros (equivalent to 8.431 billion yuan), planning an annual output of 30,000 vehicles. The project construction period is 36 months, starting from September 2016, is expected to start production in September 2019, is expected to put into production after the annual operating income of 26.656 billion yuan, net profit of 3.595 billion yuan.

Jingwei Co., Ltd. is a comprehensive manufacturer and general service provider for providing passenger car interior and exterior trim system, key function parts and intelligent electronic integrated control system. It mainly provides R & D and related services for medium and high grade passenger cars. Based on the favorable policy environment of new energy vehicles, the market prospect and the company's accumulated experience in the automotive industry for many years, the company will be the future of new energy vehicles as an important strategic direction for the future.

The German project mainly for high-end customer market, build high-end electric vehicles. Jingwei shares proposed to raise investment projects in response to the country "going out" strategy, relying on the German automobile manufacturing industry and new energy automotive industry advanced technology, research and development production of high-end electric vehicles. At the same time, relying on the domestic new energy vehicle platform, with the company to master the leading German electric vehicle R & D technology in the domestic development of high-end electric vehicle market. The company is currently through equity cooperation, shares of Wuzhou Long, Jiangsu Kawai and Changchun new energy and other new energy automobile manufacturing enterprises.

Wang Wei, a major shareholder of Jingwei shares, currently holds a 75% stake in EFA-S of Stuttgart, Germany. EFA-S is principally engaged in the design, production and conversion of electric vehicles for the German electric vehicle industry. Its customers are Mercedes-Benz and United Parcel Service of America. The main products are Mercedes-Benz sprinter city 35 mini-bus modification, UPS logistics car modification. New energy automotive industry prospects for the future development of the company through the implementation of raised investment projects to develop new energy vehicles, can optimize the company's industrial structure, develop new profit growth point, enhance the company's overall competitiveness.

In addition, Jingwei shares recently released 2016 annual report shows that during the reporting period, the company achieved revenue of 48.12 billion yuan, up 33.09% over the same period last year; attributable to shareholders of listed companies net profit of 635 million yuan, up 40.10 over the same period last year %.