Brilliance Auto Group

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Huachen Automotive Group Holdings Co. Ltd.
Brilliance Auto Group
Typestate-owned enterprise
IndustryAutomotive
Founded1992; 29 years ago (1992) (Brilliance Auto)
2002 (current incorporation of Huachen Automotive Group)
Founder
Headquarters
Shenyang City, Liaoning Province
,
China
Area served
Exported worldwide
Key people
Yan Bingzhe(Chairman and Party Committee Secretary of the Group;[1] CEO of Brilliance Auto[2])
Wu Xiao-an(Chairman of Brilliance Auto; director of the Group[2])
ProductsAutomobiles
Automotive components
Brands
  • Brilliance
  • Huasong
  • Jinbei
  • Zhonghua
RevenueIncrease CNY181130 million (2019)
Decrease CNY000279 million (2019)
Total assetsIncrease CNY195348 million (2019)
Total equitySteady CNY004992 million (2019)
Owner
Liaoning Provincial Government(80%)
Liaoning Social Security Fund(20%)
Number of employees
Decrease 5,610 (Brilliance Auto only)[3] (2019)
ParentLiaoning Provincial Government's SASAC
SubsidiariesBrilliance Auto (SEHK: 1114; 42.32%)[4]
Chinese name
Simplified Chinese华晨汽车集团控股有限公司
Traditional Chinese華晨汽車集團控股有限公司
Hanyu PinyinHuáchén qìchē jítuán kònggǔ yǒuxiàn gōngsī
Literal meaning"China morning" automotive group holdings limited company
Brilliance Auto Group
Simplified Chinese华晨汽车集团
Traditional Chinese華晨汽車集團
Hanyu PinyinHuáchén qìchē jítuán
Brilliance Auto
Simplified Chinese华晨汽车
Traditional Chinese華晨汽車
Hanyu PinyinHuáchén qìchē
WebsiteWebsite of The Group
Website of the listed company
Footnotes / references
financial figures are from consolidated financial statements; profit and equity have excluded minority interest. Source:[5]

Huachen Automotive Group Holdings Co. Ltd., known for its brand name Brilliance Auto Group, is a Chinese automobile manufacturer headquartered in Shenyang.[6] Its products include automobiles, microvans, and automotive components.[7] Its principal activity is the design, development, manufacture and sale of passenger cars sold under the Brilliance brand.

Brilliance Auto Group holds a 42.32% shareholding in the Bermuda-incorporated Brilliance China Automotive Holdings Limited (commonly known as Brilliance Auto or Brilliance China), which is listed on the Frankfurt and Hong Kong stock exchanges.[8] Brilliance China Automotive Holdings in turn holds 25% of BMW Brilliance, a joint venture with BMW which produces, distributes and sells BMW passenger cars in mainland China. The listed company also holds a 51% stake of , a joint venture with Renault which designs, develops, manufactures and sells light commercial vehicles under the Jinbei, Huasong and Renault brands.

In 2010, Brilliance Auto Group and its subsidiaries had an annual production capacity of 800,000 vehicles[9] although capacity additions have come on-line since. In 2012, the company manufactured almost 650,000 vehicles, the 8th-largest production of any Chinese vehicle maker that year.[10] Roughly 70% of production was consumer sedans.

History[]

The origins of Brilliance Auto Group (officially Huachen Automotive Group Holdings Company Limited) can be traced to a Chinese government-owned automobile factory which, under Yang Rong, became one of the leading Chinese makers of minibuses between 1991, the year Yang invested in the company, and 2002, when he fled into exile.[6][11]

IPO[]

On 9 June 1992,[12] a subsidiary, Brilliance China Automotive Holding Limited (Chinese: 华晨中国汽车控股有限公司; short name: Brilliance China[13] or sometimes, Brilliance Auto, Brilliance or former NYSE ticker symbol "CBA") was incorporated in Bermuda. In the same year, the company was registered as a foreign company in the Hong Kong Companies Registry, 5 years before the British colony became a special administrative region of China. Initially, the subsidiary owned 40% stake of Shenyang Jinbei Coach Manufacturing Co. Ltd. (Chinese: 沈阳金杯客车制造有限公司),[14] while the rest of the stake was owned by another company, Company Limited (Chinese: 金杯汽车股份有限公司; SSE: 600609).[14][15] The ratio was later changed to 51% owned by Brilliance China Auto and 49% owned by Shenyang Jinbei Automotive.[14]:244 The American depositary shares of Brilliance China Auto was floated in New York Stock Exchange from 1992[14] as NYSE:CBA. The company intended to delist from NYSE in 2007[16][17] and completed in 2009.[18]

In 1999, the Group injected most part of the group assets to the subsidiary, and the shares started to float in the Stock Exchange of Hong Kong (now part of Hong Kong Exchanges and Clearing) as SEHK:1114.[19] As of 31 December 2019, Huachen Automotive Group (Brilliance Auto Group) owned 42.32% shares of the listed company as the largest and controlling shareholder.[4]

In 1999, Brilliance Auto Group also acquired another listed company, (SSIC). The company, as of 2020, is known as (in short: "SSHC" or "Shenhua Holdings"; Chinese: 上海申华控股股份有限公司; SSE: 600653; also known as Shanghai Brilliance Group Co. Ltd. circa 2000).[14]:247 That company became the dealer of Jinbei coach that year.[14]:247 As of 31 December 2019, Brilliance Auto Group still owned 12.80% shares directly, and additional 10.14% indirectly, as the largest shareholder of Shenhua Holdings.[1]:37–38

Acquisition of Jinbei marque[]

The Group has another listed associate company that is listing in the Shanghai Stock Exchange: Company Limited. As of 31 December 2019, the Brilliance Auto Group, via an intermediate company Shenyang Automobile Industry Asset Management Company Limited (Chinese: 沈阳市汽车工业资产经营有限公司), owned 24.38% shares of that company as the largest and controlling shareholder.[20] It was planned to inject the stake into the major listed company of the group, Brilliance Auto, in 2003.[21] However, the deal was collapsed. Nevertheless, Shenyang Jinbei Automotive did not have the controlling interest on Shenyang Jinbei Coach Manufacturing since 1992, which is the predecessor of [22] (now ).

Shenyang Jinbei Automotive was listed in the stock exchange since 1992.[15] Shenyang Jinbei Automotive and Brilliance Auto Group were separate conglomerates, which the controlling stake of Shenyang Jinbei Automotive was acquired by FAW Group in 1995.[14]:246[23] Shenyang Automobile Industry AMC agreed to acquire 29.91% stake from FAW Group in 2000.[24][25] In 2001, Shenhua Holdings agreed to acquire the shares of Shenyang Jinbei Automotive that held by Shenyang Automobile Industry AMC,[14]:248[25] allowing the Jinbei marque integrated into the Group. However, the deal revised into Brilliance Auto agreed to acquire the stake from Shenyang Automobile Industry AMC in 2003.[21][14]:250–251 Despite the final deal became Brilliance Auto Group acquired Shenyang Automobile Industry AMC directly in April 2018 from the Shenyang Municipal People's Government, which in turn has the full control on the stake of Shenyang Jinbei Automotive that held by the AMC.[26]

BMW-Brilliance joint venture[]

In 2003, BMW and Brilliance Auto signed a deal for the production of BMW-branded sedans in China.[7] Its models are, alongside FAW Group Audis and Beijing Benz Mercedes Benzes, some of the only Western luxury cars to have gained popularity in the Chinese market.[27]

In October 2018, BMW Brilliance, a 50-50 joint venture between BMW and the listed company Brilliance Auto, was take over by BMW by acquiring additional 25% shares.[28][29]

2010s to present[]

Alongside many Chinese automakers looking to enter the US market, Brilliance postponed such plans in 2008 but has briefly sold cars in Europe.[30] Sales in several European countries stopped in 2010.[citation needed]

Brilliance the listed subsidiary divested itself of the loss-making Zhonghua branch in November 2009,[31] to its parent company Brilliance Auto Group. As of 2019, the unlisted portion of the Group continues to produce and sell Zhonghua branded vehicles.[5]

In 2012, Brilliance Auto Group[32][non-primary source needed] formed a joint venture Brilliance Shineray (Chinese: 华晨鑫源) in Chongqing with Shineray Group[32] to produce SWM[33] and Jinbei[32] brands automobiles. As of 2019, Shineray Group owned 80% stake of the joint venture. The rest is owned by 沈阳华益新汽车销售有限公司.[34] The latter is not part of the Brilliance Auto Group,[35][36] but the Group provides guarantee to some debt of that company.[37]

In 2013, Brilliance Auto formed a spin-off listed company Holdings Limited.[38]

In 2017, the listed subsidiary Brilliance Auto also formed another joint venture with Renault.[39][40] Renault Brilliance Jinbei and aforementioned , are two separate companies. The listed company Brilliance Auto acquired the remaining 39.1% stake of Brilliance Jinbei from fellow listed company (and sister company) Shenyang Jinbei Automotive,[41] and then Brilliance Auto re-sold 49% stake to Renault.[42]

In November 2020, it was reported that the Brilliance Auto Group, the parent company of the listed company Brilliance Auto, went into bankruptcy administration.[43] Brilliance Auto Group and aforementioned 沈阳华益新汽车销售有限公司 were sued by in August 2020.[37] From October to November, Brilliance Auto Group itself also announced the default of its corporate bonds worth more than CNY6.5 billion.[44] It was reported that the administration is not affecting the listed companies Brilliance Auto, , and or the joint ventures.[44]

Products[]

Brilliance Auto Group and its subsidiaries sell passenger cars under the Brilliance marque

From 2009 to 2011, the group was between the eighth-largest automaker in China.[45][46]

Brilliance products[]

Logo of the Brilliance marque, which is marketed in China as 中华 (Zhōnghuá)

Current products[]

Discontinued models[]

  • Brilliance Tun (Dolphin)
  • Brilliance BS2
    • Brilliance FRV (1.6 1.8 and 2.0 litre)[48]
    • Brilliance FRV Cross (1.5 and 1.6 litre)
    • Brilliance FSV (1.5 and 1.6 litre)
  • Brilliance M1 (Zunchi) (1.8 and 2.0 litre)
  • Brilliance M2 (Junjie) (1.8 and 2.0 litre)
  • Brilliance M3 (Kubao) (1.8 litre)

  • Brilliance Tun

  • Brilliance FRV

  • Brilliance FRV Cross

  • Brilliance FSV

  • Brilliance FSV Sport

  • Brilliance H220

  • Brilliance H230

  • Brilliance H320

  • Brilliance H330

  • Brilliance H530

  • Brilliance H3

  • Brilliance M2

  • Brilliance V3

  • Brilliance V5

  • Brilliance V6

  • Brilliance V7

Operations[]

Subsidiaries[]

While the Group also manufactures gasoline engines and other automotive components,[49][non-primary source needed] automobile manufacture is performed by the indirectly held subsidiaries and joint venture and BMW Brilliance of which Brilliance Auto (the listed company) has 51% and 25% ownership respectively.

Production bases and facilities[]

BMW-branded autos are made at a production base in the Northeastern Chinese city of Shenyang completed in 2004, and ongoing construction saw this base increase its production capacity to 200,000 units/year by 2012.[50]

An engine-making production base is located in Mianyang, Sichuan province.[9]

Joint ventures and alliances[]

A BMW 5-Series LWB produced by BMW Brilliance

BMW Brilliance[]

Main article: BMW Brilliance

In 2003, BMW and Brilliance agreed to make select products of this German luxury carmaker in China.[7] As of 2010, the joint venture makes the BMW 3 Series and BMW 5 Series and had plans to introduce the BMW X1 by 2012.[51] As of 2011, locally produced engines were slated to appear in some offerings soon, and the company had plans to bring up total production capacity to 300,000 by 2013.[52]

These vehicles may differ slightly from those sold in other markets under the same names. As of mid-2010 almost 60% of the components used to manufacture the China-built BMWs were imported to China.[51]

Brilliance Shineray[]

Main article: SWM (automobiles)

Brilliance Shineray is a joint venture between Brilliance Auto Group and Shineray Motorcycle Company (Shineray Group), one of China's largest[citation needed] motorcycle producers. Shineray Group bought the Italian motorcycle brand, SWM (motorcycles), and started an automotive brand with the SWM nameplate. SWM now makes a range of crossovers and compact MPVs.

  • SWM G01

  • SWM X3

  • SWM X7

Toyota[]

Brilliance has made microvans with Toyota technology since the early 1990s, but the two do not have a fully fledged joint venture.[53] Their partnership has been described as "licensing arrangements and alliances."[54]

SAIPA[]

In 2015, Brilliance announced it had started joint production with SAIPA of Iran, to produce the H300 and H200 models, under the local brand name of Saipa.[55]

Renault[]

Sales[]

A total of 188,143 Brilliance marque vehicles were sold in China in 2013, making it the 25th largest-selling car brand in the country in that year (and the 10th largest-selling Chinese brand).[56]

European exports[]

In 2007, Brilliance's BS6 sedan performed poorly in a crash test conducted by Germany's ADAC, receiving only one out of five possible stars in the Euro NCAP rating.[57] Brilliance then redesigned the car, changing at least sixty components, and it saw a three-star performance in a crash test performed by Spain's Idiada.[58] However, the price also rose considerably,[59] and the importer (HSO Motors) went bankrupt in November 2009.[60] Brilliance then tried to go it alone, but with high pricing and considerable market reluctance after the well-publicized crash test failures, exports to Europe were ended in April 2010 with no immediate plans for resumption.[61]

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