Shanghai (ZXZC)- BAIC Group's registered capital was up by 16.49% to 19.957 billion yuan ($3.05 billion), effective Dec. 23, 2020, according to the corporate data platform Tianyancha.

The group did not immediately respond to a request for comment.

BAIC EU7; photo credit: BAIC Group

BAIC Group faced a significant executive reshuffle this year. On July 31, the group announced that the 63-year-old Xu Heyi had stepped down as Secretary of the Party Committee and Chairman of BAIC Group. According to the arrangement, Jiang Deyi, former chairman of BBMG Corporation, officially took the posts of Secretary of the Party Committee and Chairman of BAIC Group.

Succeeding Xu Heyi, Jiang Deyi became BAIC Group's legal representative on August 18, according to Tianyancha.

In October, BAIC Group announced a new management and personnel shake-up. Liu Shijin, former director of operations and management department of BAIC Group, was named chairman of BAIC Marketing Company.

BAIC Marketing Company was established as a joint venture between BAIC and BAIC BJEV, serving a third-tier subsidiary within the group. After the adjustment, the joint venture was upgraded to the second tier, operating parallel to BAIC Motor and BAIC BEJV.

“The core strategy of the new chairman rests upon strengthening BAIC's self-owned brands, thus the overall efforts should be supported by marketing business. The upgrade of BAIC Marketing Company demonstrates the group's resolution to develop self-owned brands,” said a person at BAIC Group.

Currently, BAIC Group's business still largely relies on joint ventures.

BAIC Motor, BAIC Group's HK-listed subsidiary, saw its revenue decrease 11.6% from a year ago to 77.854 billion yuan ($11.898 billion) for the first half of 2020, mainly due to the reduction in the revenue of Beijing Benz and Beijing Brand, according to the company’s semi-annual report.

The first-half revenue associated with Beijing Benz fell 3.7% over the previous year to 74.92 billion yuan ($11.449 billion), mainly because of a 4.2% year-on-year decrease in sale volume affected by the outbreak of COVID-19.