Shanghai (ZXZC)- Huatai Asset Management became the new shareholder of Chery Holding. Meanwhile, the registered capital of Chery Holding has increased to 4.2784 billion from 3.3 billion, according to local media.

Founded on October 16, 2014, Huatai Asset Management was a wholly-owned subsidiary of Huatai Securities, a leading integrated securities group in China. It had acquired a 22.86% stake in Chery Holding on March 13 with an investment of around RMB 978 million, becoming the third-biggest shareholder of Chery Auto's parent company. 

Apart from Huatai Asset Management, Chery Holding still has another two shareholders, Wuhu Construction Investment Co., and Wuhu Ruichuang Investment Co. After the new shareholder joining, Wuhu Construction Investment and Wuhu Ruichuang Investment’s equity proportion in Chery Holding decreased to 40.1% and 37.02% respectively from 52% to 48%.

It is noteworthy that the major shareholder of Wuhu Ruichuang Investment is Chery Auto's chairman Yin Tongyue, who possesses 87.52% stake in the investment company. Besides, Wuhu Construction Investment, who has the largest shares in Chery Holding, is a wholly-owned subordinate company of the State Assets Supervision and Administration Commission (SASAC) of Wuhu. Thus, the actual controller of Chery Holding is still Wuhu SASAC.

Senior executives from Huatai Securities refused to take interview and make any comment on the purpose of the company’s investment in Chery Holding.