On November 25, the financial news agency reported (Journalist Zou Juntao) that Chongqing Changan Automobile Finance Co., Ltd. (hereinafter referred to as 'Changan Automobile Finance') is publicly listing 20% equity for transfer, according to information from the Chongqing property trading network. The information disclosure period is from November 25, 2024, to December 20, 2024.

The listing information shows that the equity transferor is Chongqing Yufu Capital Operation Management Group Co., Ltd. (hereinafter referred to as 'Yufu Group'), which is currently the fourth largest shareholder of Changan Automobile Finance. The base price for this equity transfer is 2.3 billion yuan.

It is noteworthy that Yufu Group is one of the earliest founding shareholders of Changan Automobile Finance; if the aforementioned equity is successfully transferred, Yufu Group will no longer hold any equity in Changan Automobile Finance.

Yufu Group intends to completely exit Changan Automobile Finance.

It is understood that Changan Automobile Finance was formerly known as 'Chongqing Automobile Finance Co., Ltd.', which was established in 2012 in Chongqing with the approval of the China Banking and Insurance Regulatory Commission. It was initiated by Qingling Motors (Group) Co., Ltd., Chongqing Yufu Asset Management Group, and CQRC Bank, with an initial registered capital of 0.5 billion yuan.

Among them, Qingling Motors contributed 0.205 billion, accounting for 41%; Yufu Group contributed 0.195 billion, accounting for 39%; CQRC Bank contributed 0.1 billion, accounting for 20%. In August 2012, the company officially commenced operations, mainly engaging in consumer auto loans, auto dealer vehicle purchase loans, and operational equipment loans.

In 2016, Chongqing Automobile Finance Co., Ltd. completed a capital increase and restructuring and changed its name to the current 'Changan Automobile Finance Co., Ltd.' In 2017, after the renaming and restructuring, Changan Automobile Finance continued to increase capital and adjust its equity structure, further raising the registered capital to 4.77 billion yuan, establishing the current equity structure.

The official website shows that Chongqing Changan Automobile Finance is currently a state-controlled financial enterprise. The current shareholders are China North Industries Group Corporation, Chongqing Changan Automobile Co., Ltd., North Industries Group Finance Co., Ltd., and Chongqing Yufu Capital Operation Management Group Co., Ltd., with each holding 30.37%, 28.66%, 20.97%, and 20% respectively.

The listing information indicates that on November 12, 2024, the controlling shareholder and actual controller of Yufu Group, Chongqing Yufu Holding Group Co., Ltd. (hereinafter referred to as 'Yufu Holding'), will convene the second board of directors' 13th temporary meeting of 2024 to review and approve the proposal regarding the transfer of 20% equity of Chongqing Changan Automobile Finance.

There has recently been an equity change.

In addition, according to the disclosure by the National Financial Regulatory Administration, on November 13, the Chongqing Financial Regulatory Bureau approved the transfer of 20.97% equity held by North Industries Group Finance Co., Ltd. to China North Industries Group Corporation. After the transfer, China North Industries Group Corporation will hold 51.34% equity of Chongqing Changan Automobile Finance.

The Chongqing Financial Regulatory Bureau noted in the approval document given to Chongqing Changan Automobile Finance that 'your company should strengthen equity management, further optimize the equity structure, strictly control shareholder related transactions, improve corporate governance and internal control mechanisms, and prevent and resolve risks.'

It is worth noting that the listing information indicates that this project involves the original shareholders not waiving their right of first refusal. The transferor sent a letter to the original shareholders on November 8, 2024, inquiring whether they agree to this transfer, and some original shareholders have not yet responded.

Yufu Group stated that if non-shareholder intending transferees are collected through this listing and a final quote is generated: if no other shareholders exercise their rights subsequently, the final quote will be the transferee, and the final quote will be the fill price; if other shareholders choose to exercise rights in the market, the exerciser will be the transferee, and the final quote will be the fill price.