SAIC Motor moves to simplify IM Motors shareholding structure

Shanghai (Gasgoo)- On December 23, SAIC Motor announced a plan to streamline its equity structure in IM Motors by shifting part of its shareholding from an indirect arrangement to direct ownership. The move involves transferring shares previously held through the Yuanjie Fund to SAIC Motor itself, aiming to clarify and simplify the group's investment structure in the premium electric vehicle brand.

The Yuanjie Fund was jointly established by SAIC Motor, Zhangjiang Hi-Tech, and Hengxu Capital as a dedicated investment vehicle focused on high-end intelligent electric vehicles. The fund has a committed capital of 7.2 billion yuan, with SAIC contributing 5.399 billion yuan and holding nearly 74.986% of the fund's interests. In December 2020, the fund entered into an investment agreement with IM Motors and has since fully injected the agreed 7.2 billion yuan, corresponding to an equivalent amount of IM Motors' registered capital.

According to the announcement, SAIC Motor plans to convert a portion of its indirect stake in IM Motors—currently held via the Yuanjie Fund—into a direct equity holding. To facilitate this, the fund will distribute IM Motors shares with a registered capital value of 5.399 billion yuan to SAIC Motor through an in-kind allocation. The reference date for this distribution has been set as January 31, 2025.

Following the distribution, ownership of the transferred shares will pass directly to SAIC Motor, along with all associated rights and obligations. As a result, SAIC will exit the Yuanjie Fund and replace its indirect shareholding in IM Motors with a direct one. Because the transfer is executed as an in-kind distribution of fund assets, SAIC will not be required to make any cash payment to the Yuanjie Fund for the equity transfer.

After the adjustment, the Yuanjie Fund's remaining committed capital will be reduced to 1.801 billion yian. Hengxu Capital will transfer its fund interests to Shanghai Zhangjiang Haoke Technology Development Co., Ltd. a designated entity of Zhangjiang Hi-Tech Park, and will no longer serve under an entrusted management arrangement. The fund plans to appoint Shanghai Zhangjiang Haocheng Venture Capital as its new manager.

SAIC Motor emphasized that despite the structural adjustments, its overall shareholding ratio in IM Motors will remain unchanged. The company also stated that the changes will not disrupt its normal business operations nor have any material impact on its financial performance or operating conditions.