Source: Visual China

Produced | Prism · Tencent Xiaoman Studio

A detention investigation notice allowed Wu Xiaoan, chairman of the Board of Directors of Brilliance China (01114.HK) to return to the spotlight.

Brilliance China announced that on August 3, the Hong Kong Integration Office visited the company's main business location in Hong Kong to perform search.Wu Xiaoan was detained by the Intellectual Administration and suspected that it involved in the violation of the violation of the Hong Kong law. Chapter 2-1 of the Hong Kong Law to prevent the bribes from Article 9 (1) (a), which may be suspected of accepting bribes, and the next day, he was released on bail without prosecution.

The key stage of the Huachen Group's bankruptcy and reorganization.On August 2nd, the Shenyang Intermediate People's Court approved the Reorganization Plan for the Brilliance Group.If the reorganization plan is completed, Shenyang Automobile will hold 100%equity of the Brilliance Group, and the state -owned assets of Shenyang will replace the state -owned assets of Liaoning Province to become the actual controller of the Brilliance Group.

The Brilliance Group was one of the most bull carts in China. In addition to having independent car brands such as China and Golden Cup, it is also the largest shareholder of Brilliance China with 30.43%of the shares.The Brilliance China and BMW formed the BMW BMW joint venture, becoming the most important partner of BMW to enter the Chinese market.

Wu Xiaoan has been the chairman of the Board of Board of China in June 2002 and has worked for more than 20 years.Wu Xiaoan even served as chairman from the founding of BMW Brilliance. Until 2022, BMW HMB Holding and BMW, Huachen and Vice Chairman, was at the helm of Huachen BMW for nearly 20 years.

The author combed, Wu Xiaoan's annual salary was about 8 million yuan, and he took the highest salary throne in the domestic automobile circle.The CSRC's punishment notice showed that Wu Xiaoan was currently a resident of the Hong Kong Special Administrative Region.

A senior car industry observers bluntly said to the author that in today's automotive circle, Wu Xiaoan's name is rarely mentioned, and he belongs to the "too long" era.

In the wave of new energy sources, Wu Xiaoan and his helm for more than 20 years, where will Brilliance China go from?

Attacking the helm of BMW Huachen for nearly 20 years, with an annual salary of more than 8 million

Wu Xiaoan is a slightly strange name for the current car circle.However, information on Brilliance China shows that he has more than 28 years of experience in the automotive industry.

Data show that Wu Xiaoan obtained a bachelor's degree in literature from Beijing University of Foreign Languages in 1985, and served as Deputy Manager of the Bank of China New York Branch from 1988 to 1993.

Around 1992, a mysterious businessman named Yang Rong made money through trade and stocks in Shenzhen, bought the original shares of the Golden Cup car at Shenyang, packed into Huachen China through capital operations, and successfully went to the New York Stock Exchange.Listing financing.Wu Xiaoan began as the financial director and vice chairman of the Board of Directors in 1994.

In the same year, as a representative of luxury cars, BMW Group had set up a representative office in Beijing in 1994, but failed to open the situation for a long time.By 2002, BMW's sales in mainland China had only 6,700 vehicles.

BMW who wants to enter the Chinese market has been in contact with the Brilliance BMW project team led by Yang Rong in 2001.At the same time, Audi has taken root in China through FAW, and Mercedes -Benz is also looking for partners. Toyota has also established cooperation with FAW and GAC.The Chinese auto market during this period is at the starting point of 20 years.

In 2002, state -owned capital took over the Brilliance Industry. The Belong Group was established.

The Brilliance Group holds 30.43%of Brilliance China, and also holds three listed companies including Shenhua Holdings, Gold Cup Motors, and Xinchen Power, and has independent brand China and Golden Cup.

Screenshot from the latest announcement of Gold Cup Automobile

In May 2002, Yang Rong ran away from the United States.Wu Xiaoan, Su Qiang, Hon Xing, and He Tao, a member of the "Four Diamond Diamonds" during the Yang Rong period, became successors.According to the southern weekend report, Wu Xiaoan reversed his statement of Yang Rong within a week.In October 2002, Wu Xiaoan, the new President of Brilliance, told reporters: "Mr. Yang Rong's management, operation and business participation in the Group is insignificant."

Although the Yang Rong left, BMW and Brilliance reached a cooperation.In 2003, Brilliance China signed a joint venture agreement with the BMW Group. Both parties established Huachen BMW Automotive Co., Ltd. in accordance with the ratio of 50%of each to produce BMW models in Shenyang.

Wu Xiao'an is the chairman of BMW Brilliance.Beginning at the end of 2004, the other three of the "Four King Kong" gradually faded out. Only Wu Xiaoan stayed in office. This stay was nearly 20 years.

BMW and Brilliance have spent a long honeymoon period.Until the 15th anniversary of the establishment of Hua Chen BMW in 2018, the BMW Group stated that it would increase the shareholding ratio in BMW Brilliance to 75%.Behind this consideration is that China has further encouraged foreign investment and gradually liberalized the restrictions on the stock ratio of foreign investment in the automotive field. In addition, the performance of the Brilliance Group has fallen sharply. BMW must re -consider the negative impact of this partner on the joint venture.

In February 2022, BMW became the first foreign car company to obtain equity in the Hualan -funded car company.The shareholding of the subsidiary decreased from 50%to 25%.BMW Brilliance's legal representative and chairman also changed from Wu Xiaoan to Nicholas Peter, and Wu Xiaoan retired as Vice Chairman Brilliance.Wu Xiaoan has been at the helm of BMW Huachen for nearly 20 years.

Although Wu Xiaonian rarely showed up in front of the media, he couldn't hide his gold.The author sorted out that Wu Xiaoan took the first throne of salary in the car circle all year round, and his annual salary was around 8 million yuan.In 2011, its annual salary reached more than 12 million yuan.

In 2020, Brilliance China deducted non -net profit of 11.22 million yuan, a year -on -year decrease of 99.83%, and Wu Xiaoan's salary was 8.519 million yuan.In 2022, Brilliance China deducted non -net profit of 1.472 billion yuan, a year -on -year decrease of 87.7%. Wu Xiaoan still received an annual salary of 8.261 million, which is equivalent to a monthly salary of more than 680,000 yuan.

The salary level made BYD's Wang Chuanfu, Geely Li Shufu, and Wei Jianjun of the Great Wall.

Profit relying on BMW Brilliance's "blood transfusion"

After the establishment of the BMW BMW joint venture, BMW initially integrated the new factory built in 1999 in 1999, and the imported parts assembled BMW Motor.In the fourth quarter of 2003, BMW Brilliance officially launched the BMW 3 and 5 Series sedan."The BMW cars are very popular in the Chinese market, and the national sales of more than 4,300 units in the country." Brilliance China wrote in the 2003 financial report.

When the BMW 5 Series was listed in 2003, Wu Xiaoan mentioned in his speech that the BMW 5 series is currently producing the most advanced luxury cars in China. It marks that the Chinese automobile industry has the ability to produce well -known global high -end cars.The BMW Group brings advanced technology and international first -class management experience, and Brilliance Automobile has rich experienced employees, advanced facilities and understanding of the Chinese market.

In May 2004, the BMW BMW Dadong Factory was opened. In May 2012, the BMW Tiexilida Factory was opened.Among them, the Tiexilida plant is constructed in accordance with the scenic standards. It is a car industrial park with a 4A -level scenic area with a ticket of 60 yuan.

Having a BMW car is a symbol of identity and wealth. BMW Motors has two prosperous supply and marketing, and quickly breaks Audi's unique pattern in the luxury car market.2006 Hua ChenbaoThe sales volume was 23,000 vehicles, 110,000 in 2011, 310,000 vehicles in 2016, and 665,000 units in 2022.In 2022, the average price of BMW BMW BMW was about 340,000 yuan, and the average gross profit of each vehicle exceeded 60,000 yuan.

BMW Brilliance has also been the first large -scale taxpayer in Shenyang for 17 consecutive years. In 2022, it paid 48.5 billion yuan in Shenyang, contributing more than 60%of Shenyang's taxation.

BMW Brilliance has undoubtedly achieved huge success, but for the independent brands such as China and Golden Cups under the Brilliance Group, it is difficult to hide the loneliness of the golden age of the Chinese automobile market.

When the BMW 5 Series was listed in 2003, Wu Xiaoan mentioned that Brilliance Motors will strengthen cooperation with BMW, absorb international advanced experience and technology, and promote the development of independent brands.

Brilliance's original idea was "market change technology".BMW has also provided support from China and the Gold Cup, but Brilliance's independent brand lacks independent technology and has defeated in fierce market competition.

Brilliance has carried the BMW engine technology in its MPV model Huasong 7. Unfortunately, he has not been able to enjoy the dividend of the development of the Chinese MPV market, nor can he grab the market share of the Betk GL8 with dynamic performance.According to the data, many Huasong 7 flowed into the second -hand market, which was originally equipped with 280,000 yuan, and now it only costs 100,000.

The performance and profits of the Brilliance Group's independent brand cars have severely declined since 2016, and losses have begun to develop in 2017.From the previous average annual sales of about 170,000 vehicles, to 56,000 units in 2018, 46,000 units in 2019, and only 15,000 units left in 2020.

The profits of the Brilliance Group and Brilliance China seriously depend on BMW Huachen's blood transfusion.According to 36 氪 combing, from 2015 to 2019, the Brilliance Group excluded the profit of BMW Brilliance into a total loss of 3.484 billion yuan, while the total "blood transfusion" of BMW Brilliance reached 26.82 billion yuan.

Brilliance China financial report shows that BMW Brilliance contributed net profit in 2020 and 2021, respectively, as high as 1092 billion yuan and 14.515 billion yuan.

In 2022, with the completion of Brilliance China to complete the 25%equity of BMW Brilliance, BMW, although BMW Brilliance's sales and profits reached a new high, BMW Brilliance BMW contributed the net profit to Brilliance China to greatly reduces 83.6%, leaving only 2.38 billion yuan.

Financial counterfeiting and unsuccessful duties, fined 200,000 by the Securities and Futures Commission

The defeat of the Brilliance Group has been buried in 2016, but it was not detonated until 2020.

In October 2020, a private equity bond of 1 billion yuan in the Brilliance Group could not be paid in full on schedule.This has also become a direct reason that caused the Flower Group to eventually fail.

Subsequently, the Brilliance Group announced that the total amount of debt defaults has been 6.5 billion yuan.On November 20, 2020, according to the application of creditors, the Shenyang Intermediate People's Court ruled that the Huachen Group's bankruptcy and reorganization was accepted in accordance with the law.

The financial crisis of the Brilliance Group has appeared in 2016, but in order to renew its life and complete the performance assessment, the company's management did not hesitate to take risks.

The CSRC found in 2021 that the 2017 and 2018 annual reports disclosed by the Brilliance Group were suspected of false records and other issues, and were fined 53.6 million yuan.The specific operation is that the Brilliance Group confirmed the investment income through transfer of the equity of the subsidiaries. However, as of the confirmation of the investment income date, the transaction under the equity transfer contract was not completed, the equity transfer income could not be confirmed, and the profit was suspected.Based on the 2017 and 2018 financial reports, the Brilliance Group publicly issued private equity bonds to qualified investors, raising 5 billion yuan.

As a result, Qi Yumin, then chairman of the Brilliance Group, was fined 600,000 yuan.Wu Xiaoan was fined 200,000 yuan as then a director.

Wu Xiaoan continued to argue with the CSRC, saying that he had always diligently fulfilled the responsibilities of the directors and requested that he was exempted from punishment.

The CSRC disclosed on February 27, 2023 on Wu Xiaoan's penalty decision showed that after the review of the CSRC believes that the three equity transfer issues involved in the case are obvious., Not diligent.

BMW also ushered in the policy benefits when planning to reduce the right to speak in BMW Brilliance China.

In 2018, the National Development and Reform Commission proposed that the automobile industry will implement the type of transition period. In 2018Foreign -funded stock ratio restrictions, at the same time cancel the limits of no more than two joint ventures.

BMW also began to contact with other companies to avoid "put eggs in a basket."In 2018, BMW signed a contract with the Great Wall to set up a beam car, and its Zhangjiagang production base laid the foundation in 2020.According to the plan, the two parties will conduct joint research and development and production of pure electric vehicles, including future MINI pure electric vehicles and new products under Great Wall Motors.

On the other side, Brilliance Group allocated high -quality assets such as BMW Brilliance and other high -quality assets before bankruptcy.According to the Chinese operation report in December 2020, the bankruptcy of the Brilliance Group has no effect on BMW Brilliance.BMW Brilliance also took photos of the work site of the Tiexi factory, showing that everything was used to produce.

The wave of new energy comes.Brilliance China ’s 2022 financial report shows that BMW Brilliance’ s sales and profits have reached a new high. It is expected that new energy vehicles will account for a larger proportion of BMW Brilliance.BMW also said that after the launch of the Shenyang Base, after launching pure electric products BMW IX3 and the new BMW i3, it will put into production innovation pure electric BMW IX1 this year, and will be put into production innovation pure electric BMW i5 next year.

According to Tencent News, at the Shanghai Auto Show in April this year, the BMW Group did not bring a fuel vehicle for the first time in history, but all new energy lineups.In the new energy market, foreign car companies have gradually lost their halo. China's new energy vehicle brands such as BYD and "Wei Xiaoli" make foreign companies dare not underestimate.

The above -mentioned senior car industry observers said that BMW in traditional car companies has developed rapidly in the new energy field, and seven new energy vehicles have been put on.BMW's new energy vehicle sales are ranked first among traditional luxury brands, and they also have a high proportion of more than 300,000 yuan.

It's just that all of this relationship with Wu Xiaoan and Brilliance will become weaker.

Today, the names that consumers will mention are Tesla's Musk, BYD's Wang Chuanfu, Xiaopeng Automobile's He Xiaopeng, Li Xiang of the ideal car, and Li Bin of Weilai Automobile.Wu Xiaoan, who has been at the beginning of Huachen, has been at the beginning of the past 20 years. Only when he was detained, he would become the talk of the elderly in the car circle.