Ruixing’s last game: Lu Zhengyao’s former game: Miaozi Youche industry fund looks for the right party


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Text / Stone Jin
Source: financial graffiti (ID: caijingtuya)
Original title: Ruixing’s investigation: Lu Zhengyao, Li Hui, former Bureau, Miaozi Youche industry fund, looking for the right party
According to financial graffiti, Reuters yesterday quoted people familiar with the matter as saying that Shenzhou Youche has approached potential investors to consider selling 30.75% limited partner (LP) interests in the Youche industry fund managed by Dazhen capital.
After consulting industrial and commercial information, financial graffiti found that the entity of Youche industrial fund is Fujian Youche investment partnership, and the executive partner is Rizhao Dazhen equity investment management center, namely Dazhen capital.
In addition to Shenzhou Youche and Dazheng capital as sponsors, the LP of Youche industry fund also includes ICBC and Zhongguancun master fund for M & A.
On May 19, 2017, the excellent car industry fund was officially registered and established. On June 8 of the same year, Shenzhou Youche (OC: 838006) announced that it planned to use its own capital of 1 billion yuan to subscribe for the partnership share of Youche industrial fund and become LP of the latter.
The announcement also pointed out that the excellent automobile industry fund is a RMB equity investment fund specially for the upgrading and integration of automobile ecosystem industry. Its main investment directions include vertical integration of automobile related industry chain and innovation of consumption mode, new energy automobile and its upstream and downstream supporting industries and new business mode, intelligent driving and Internet of vehicles related technologies and applications, and independent decision of the general partner Relevant investment areas.
On September 19 of the same year, industrial and Commercial Bank of China signed a strategic cooperation agreement with China Youche, and announced to invest 1.5 billion yuan in Youche industrial fund, becoming one of its largest investors. As of October 23, 2019 (the last approval of industrial and commercial information), ICBC Credit Suisse Investment Management Co., Ltd. holds 46.13% of the shares of Youche Industrial Fund.
However, there was no public report about Zhongguancun M & a master fund’s participation in the investment of premium car industry fund. However, on March 3, 2017, Shenzhou Youche announced that it planned to use 150 million of its own funds to subscribe for Zhongguancun M & a master fund. As of October 23, 2019, Beijing Zhongguancun M & a master fund investment center holds 15.38% shares of Youche industry fund.
It is worth mentioning that on June 12, 2017, the excellent car industry fund announced to complete the first investment after the foundation of the Fund – leading the investment of 2.2 billion yuan in a round of financing of Xiaopeng automobile. On September 15 of the same year, Xiaopeng automobile completed the industrial and commercial change, Fujian Youche investment partnership became the new shareholder, and Lihui became the new director.
At that time, Li Hui, who had just resigned as vice chairman of China Youche, had not yet started the raising of Dazheng capital’s first US dollar fund. In 2017, Li Hui acted as chairman and managing partner of Youche industry fund.
As the excellent car industry fund belongs to RMB fund, financial graffiti combs all foreign investment projects of the investment entity of excellent car industry fund since its establishment, including “sharing car accessories” for auto parts dealers, “car cloud” for intelligent auto parts supply chain service platform, “big technology” for big data technology providers, “post kilometers” for intelligent car washing enterprises, and gene detection Platform “genebox” and “days technology”, a full computing system platform and solution provider.
Among them, the proportion of projects related to the automobile industry chain is about 50%. (Note: this does not include the investment withdrawn from domestic entities due to the establishment of vie structure, for example, all investors of Xiaopeng automobile have withdrawn from Guangzhou orange bank Intelligent Automobile Technology Co., Ltd. on May 18)
It should be noted that in the external publicity and media reports of individual projects, it is not mentioned that the investment of the excellent car industry fund is obtained, but that Dazhen capital is the investor.
Obviously, as the co sponsor of the excellent car industry fund, Dazheng capital has a lot to do with it.
It is worth mentioning that all the above mentioned invested companies (the latest round of financing has been excluded for about 12 months or less) have entered the next round, which undoubtedly proves that the investment judgment of Youche industry fund or Li Hui is still commendable from one side.
(statement: This article only represents the author’s point of view, not Sina’s position.)