On the evening of June 23, Changan Automobile Co., Ltd. (000625) announced that it had received a notice from its controlling shareholder, China Changan Automobile Group Co., Ltd. (hereinafter referred to as China Changan). According to the notice, the company has officially changed its name to ChenZhi Automotive Technology Group Co., Ltd. (hereinafter referred to as ChenZhi Automotive). The relevant business registration procedures have been completed, and the new business license has been obtained.
Public records show that ChenZhi Automotive was established on December 26, 2005. Its legal representative is Zhao Fei, and it has a registered capital of 6.0922734 billion yuan. The company's business scope includes the design, development, manufacturing, and sales of automobiles, motorcycles, automotive and motorcycle engines, and related components and parts.
Changan Automobile emphasized that this change in business registration does not involve any change in the number or proportion of shares held by the shareholder and does not affect the company's governance or business operations. It also does not result in any change in the company's controlling shareholder or actual controller.
This change stems from a restructuring of its indirect controlling shareholder, China South Industries Group Corporation (CSGC). On June 5, Changan had previously disclosed that CSGC would undergo a corporate split.
According to the restructuring plan, the automotive business of CSGC will be separated to form a new independent central state-owned enterprise, with the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) acting as the capital contributor. Following standard procedures, SASAC will inject the equity of the newly formed automotive group into China North Industries Group Corporation Limited (NORINCO Group). After the split, Changan's indirect controlling shareholder will be the newly established central enterprise dedicated to automotive operations, while the actual controller remains unchanged.
At the same time, Dongfeng Motor Group also issued an announcement stating that it had been notified by its indirect controlling shareholder, Dongfeng Motor Corporation, that Dongfeng currently does not involve any related asset or business restructuring. This indicates that a potential merger between Changan and Dongfeng is not proceeding at this time.
The separation and restructuring of Changan's controlling shareholder mark a substantial decoupling of the long-standing ties between China's military-industrial system and the automotive sector. The creation of a newly independent central state-owned automotive enterprise is expected to enable more autonomous policy support and preferential resource allocation for the new entity.
