A direct equity investment by a joint-stock bank's financial asset investment company (AIC) has achieved a substantive milestone. Recently, Chongqing Changan Automobile Company Limited announced progress regarding its controlling subsidiary, Shenlan Automobile Technology Co., Ltd. (hereinafter referred to as "Shenlan Auto"), increasing its capital and expanding shares through a public listing. China Merchants Bank Co.,Ltd.'s wholly-owned subsidiary, CMB Financial Asset Investment Co., Ltd. (hereinafter referred to as "CMB Investment"), appeared as an investor. Experts interviewed indicated that CMB Investment's stake acquisition in Shenlan Auto represents a significant attempt at direct equity investment by a joint-stock bank AIC, reflecting a trend of deep integration between financial capital and the real economy.
With an investment of 500 million yuan for a stake, CMB Investment is one of three joint-stock bank AICs that expanded this year. The company received approval for its establishment on July 3 and was approved to commence business on November 21. Having been operational for just over a month, CMB Investment has already executed a direct investment in a new energy project, demonstrating its operational efficiency in the equity investment sphere. It is noted that since the successive inaugurations of three joint-stock bank AICs in November, CMB Investment's participation in Shenlan Auto's capital increase is the first substantively completed direct investment project by a joint-stock bank AIC found in publicly available information.
According to a previous announcement from Chongqing Changan Automobile Company Limited, its board of directors reviewed and approved Shenlan Auto's capital increase and share expansion plan, which includes both a public listing capital increase and a non-public agreement capital increase, aiming to raise a total of 6.122 billion yuan. Among this, Chongqing Changan Automobile Company Limited plans to participate via intangible assets and its own funds through a non-public agreement, with an investment scale not exceeding 3.122 billion yuan. Two investors, Chongqing Yufu Holding Group Co., Ltd. (hereinafter referred to as "Yufu Group") and CMB Investment, participated in Shenlan Auto's public listing capital increase. Yufu Group invested 2.5 billion yuan in cash, while CMB Investment invested 500 million yuan in cash, with both funds sourced from their respective own capital.
The announcement shows that after this capital increase, Chongqing Changan Automobile Company Limited's shareholding in Shenlan Auto will remain unchanged at 50.9959%. The two new shareholders, Yufu Group and CMB Investment, will hold 12.0934% and 2.4187% of the shares, respectively, making them the second and ninth largest shareholders of Shenlan Auto. An expert told reporters that CMB Investment's execution of a direct investment project just over a month after its establishment reflects its highly efficient decision-making mechanisms and market-oriented operational capabilities. This benefits from CMB Investment's professional foundation in project screening, risk control, and resource integration, also demonstrating its strategic execution in rapidly responding to market opportunities and actively expanding business boundaries.
Shenlan Auto is a core new energy brand under Chongqing Changan Automobile Company Limited. According to the announcement, the purpose of this capital increase is to continuously enhance new automotive R&D capabilities, innovate core intelligent and electric technologies, elevate its global brand power, and provide financial guarantees for the industry's sustainable development. On December 25, Shenlan Auto officially announced the completion of its C-round financing, raising 6.122 billion yuan. In the view of the expert, CMB Investment's participation serves three purposes: firstly, responding to national policy guidance supporting the new energy vehicle industry and aiding industrial upgrading through capital injection; secondly, positioning in the green, low-carbon sector to align with economic transformation trends and seek long-term investment returns; thirdly, leveraging CMB's comprehensive financial advantages to explore innovative service models and deepen full-cycle support for tech-innovation enterprises.
Another professor told reporters that the current new energy vehicle market is in a high-growth phase, and CMB Investment's focus on equity investment in leading automakers within this sector aligns with the strategic direction of industry development. Against the backdrop of autonomous driving technology driving future industry transformation, Shenlan Auto possesses considerable leading advantages in this field. Recently, the Ministry of Industry and Information Technology permitted two L3-level autonomous driving vehicle models, with Shenlan Auto being one of the two new energy automakers to receive the specialized L3-level autonomous driving license plate.
As new entrants among bank-affiliated AICs, the three joint-stock bank AICs approved for operation this year are injecting more "patient capital" into the technology and innovation sector. The competitive landscape of the bank-affiliated AIC market is consequently set to change. For instance, on the day of its inauguration on November 16, Industrial Bank Co., Ltd.'s AIC signed strategic cooperation agreements with four investment institutions and project cooperation agreements with 12 enterprises, with a total intended value exceeding 10 billion yuan.
The expert stated that the core competencies for future competition among joint-stock bank AICs lie in: first, deep industry expertise to accurately assess investment targets; second, robust risk management capabilities to balance innovative investments with asset safety; third, synergistic integration abilities to leverage the parent bank's comprehensive financial strengths and provide integrated "investment + financing + advisory" services; and fourth, long-term value cultivation capabilities, empowering invested enterprises through post-investment management to achieve sustainable returns.
