SAIC Motor offers non-public share offering plan to boost innovation

The SAIC Motor (stock code: 600104) unveiled a non-public share offering plan on Nov 6 to issue no more than 964 million shares to 10 special investors from the Shanghai Automotive Industry Corp and its core staff members.

The plan aimed to raise 15 billion yuan including 7.2 billion yuan for new energy vehicle project, 2 billion for big-scale smart custom-made project, 1.9 billion for forward-looking technology and car networking project, and 3.9 billion for auto service and financial project. Those projects cover many innovations, including energy-conserving and new energy vehicles, smart manufacturing, fuel cell vehicle, smart driving, big data and e-commerce platform.

SAIC Motor recently announced its vision of becoming a famous global auto company that leads future auto life. It has focused on innovation and speeds up to extend the two ends of auto industry value chain, in an effort to seize commanding height of future sustainable development.

The company has strived to transform itself from a traditional manufacturing business into a provider of comprehensive products and services.

The nonpublic offering was intended to deepen SAIC Motor's pure electric, plug-in hybrid, unplug-in hybrid technical routes and realize transformation from traditional auto business to new energy one. At the same time, the company will build smart commercial vehicle manufacturing system, meet custom-made needs of clients, and develop an innovation business model featuring products and services.

The large-scale smart custom-made manufacturing will be an effective way to raise SAIC Motor's market competitiveness. In addition, the company's strategy in smart, internet as well as fuel cell vehicles will offer solid technical support for future new products research and development. Cloud computing platform will be established to broaden auto service, finance business and develop an integrated auto chain.

The projects mentioned above will all revolve around innovation, base themselves on information and data, also to help establish product, technology, sales, finance, customers and service networks to create differentiation competitive advantage.

They are the shape of things to come in the auto industry and will be the new engine for SAIC Motor's medium as well as long-term development, help the company make breakthroughs in its innovation strategy and consolidate its leadership in China's auto industry.

Both top as well as middle-level leaderships and hard-core staff members in SAIC Motor all joined the stock plan, which was an innovative move by the company to deepen reform and improve long-term incentive mechanism. The plan will motivate managers and employees, stimulate innovation enthusiasm among them and realize long-term sustainable development.

The company will speed up innovation-driven transformation development, be market-oriented and reply on an elite team to sustain product and service innovation and create value for relevant parties.

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