According to an announcement of Shenhua Holdings, its shareholder Brilliance Auto Group didn’t bare a plan for holistic listing. Previously it is reported that Qi Yumin, the president of the group stated that the group was engaged in the preparation of entire listing in June 29.
Upon noticing the report the board of directors of the enterprise made an investigation found there was no director even stating that the group was planning to go public. And until now, the enterprise hasn’t formed such a plan.
Among all the subsidiaries of BrillianceGroup, only four companies have gone public. Brilliance China and Mianyang (China) Xinchen Engine went public in Hong Kong. And Jinbei Auto mobile and ShenHua holding are A-share listed companies. And the four main business sectors cover Vehicle Manufacturing, engine production, commercial vehicleproduction and vehicle sales.
Its two listed subsidiaries JinbeiAutomobile and ShenHua are now holding deficit. Besides, Zhonghua, the most important business of the enterprise, is also experiencing losing money.
Several leaders in Liaoning Province recently have visited BrillianceGroup, pointing out that the Group should head further reform and bring in social capital, to build a great enterprise of Composite-Ownership System, including employee stock ownership. However, apparently the company should wait for a more mature opportunity to go public entirely.
