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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Brilliance China Automotive Holdings Limited    1114   BMG1368B1028

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED

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Brilliance China Automotive : Change of Directors

07/29/2020 | 05:45am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED

( 華 晨 中 國 汽 車 控 股 有 限 公 司 )*

(Incorporated in Bermuda with limited liability)

(Stock Code: 1114)

CHANGE OF DIRECTORS

The Board wishes to announce that with effect from 29th July, 2020:

  1. Mr. Qian has resigned as an executive Director;
  2. Mr. Sun has been appointed as an executive Director; and
  3. Ms. Ma has been appointed as an executive Director.

RESIGNATION OF EXECUTIVE DIRECTOR

The board (the "Board") of directors (the "Directors", and each a "Director") of Brilliance China Automotive Holdings Limited (the "Company", together with its subsidiaries, the "Group") announces that with effect from 29th July, 2020, Mr. Qian Zuming ("Mr. Qian") has resigned as an executive Director due to his other business commitments which require more of his time and attention.

Mr. Qian confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the shareholders of the Company (the "Shareholders").

The Board would like to express its appreciation to Mr. Qian for his efforts and valuable contribution to the Company during his tenure of office as an executive Director.

  • For identification purposes only

1

APPOINTMENT OF EXECUTIVE DIRECTORS

The Board is pleased to announce that Mr. Sun Baowei ("Mr. Sun") and Ms. Ma Nina ("Ms. Ma") have been appointed as executive Directors with effect from 29th July, 2020.

The biographical details of Mr. Sun and Ms. Ma are set out below:

Mr. Sun

Mr. Sun, aged 58, a Senior Economist, was appointed as an executive Director on 29th July, 2020 and the Executive Vice President of Supply Chain of the Company on 1st December, 2019. Mr. Sun was also appointed as the Chairman of Shenyang XingYuanDong Automobile Component Co., Ltd. ("Xing Yuan Dong", a subsidiary of the Company) on 14th October,

2019. Mr. Sun was appointed as a Chief Officer of Capital Operations of Huachen Automotive Group Holdings Company Limited(華晨汽車集團控股有限公司資本運營總監)("Huachen",

the controlling shareholder of the Company) since July 2020. From 1990 to 1995, Mr. Sun has

served as Deputy General Manager, Vice Chairman and General Manager of Liaoning Long March Tire Company Limited(遼寧長征輪胎有限公司副總經理、副董事長及總經理).

Mr. Sun has once held various positions in several Liaoning provincial state-owned enterprises

since June 1996, including but not limited to, the Deputy General Manager of Liaoning Trust and Investment Company(遼寧信託投資公司副總經理)from June 1996 to April 2004. From

April 2004 to March 2006, Mr. Sun was the Deputy General Manager of Zhongtian Securities Company Limited(中天證券有限責任公司副總經理). From March 2006 to October 2019,

Mr. Sun has served as Director, General Manager and Chairman of Liaoning State-owned Assets Operation Company Limited(遼寧省國有資產經營有限公司董事、總經理及董事

長). Mr. Sun obtained a bachelor's degree of economics from Liaoning College of Finance and Economics(遼寧財經學院)in the People's Republic of Chinathe "PRC"in 1985 and

a master's degree of business administration from California State University, Fullerton(加利 福尼亞州立大學富勒頓分校)in the United States of America in 2001.

Save as disclosed herein, as at the date of this announcement, Mr. Sun (i) does not have any relationship with any Directors, senior management, substantial or controlling shareholders of the Company; (ii) does not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) does not hold other positions within the Group; and (iv) does not have any directorship or major appointment in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years.

2

Mr. Sun has signed a letter of appointment with the Company for his appointment as an executive Director for a term of three years commencing from 29th July, 2020 unless terminated by either party giving not less than one month's notice in writing. Mr. Sun is subject to the provisions in the bye-laws of the Company (the "Bye-Laws") relating to retirement by rotation. Moreover, under the Bye-Laws, Mr. Sun will hold the office until the next following general meeting of the Company and will retire at that general meeting and shall be eligible for re-election at that meeting. As an executive Director, the emoluments of Mr. Sun will be determined by the Board with reference to his qualification, industry experience, duties and responsibilities within the Group, the Group's remuneration policy and the prevailing market conditions. The director's remuneration of Mr. Sun will be subject to annual review by the remuneration committee of the Company.

Save as disclosed above, Mr. Sun confirmed that there are no other matters that need to be brought to the attention of the Shareholders in connection with his appointment and there is no other information that should be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Stock Exchange.

Ms. Ma

Ms. Ma, aged 50, a Senior Economist and an International Accountant (AAIA), was appointed as an executive Director on 29th July, 2020. Ms. Ma was also appointed as a director of Xing

Yuen Dong on 14th October, 2019. Ms. Ma was appointed as a Deputy Chief Accountant of Huachen(華晨副總會計師)since September 2019. Ms. Ma has once held various positions

in ICBC since 1993, including but not limited to the Deputy President of Wuai Branch(五

愛支行副行長), the Director of Personal Loan Center, Business Department of Liaoning Branch(遼寧省分行營業部個人貸款中心主任), as well as the Branch Manager of Shenyang Economic and Technological Development Zone Branch(瀋陽經濟技術開發 區支行行長). From December 2012 to April 2015, Ms. Ma was the Director of Shenyang

Economic and Technological Development Zone Financial Management Office(瀋陽經濟技 術開發區金融管理辦公室主任). From April 2015 to August 2018, Ms. Ma was the Director

of Shenyang High-tech Industrial Development Zone Financial Affairs Office(瀋陽高新技 術產業開發區金融工作辦公室主任). From August 2018 to June 2019, Ms. Ma was the Director of Hunnan District Financial Service Center of Shenyang(瀋陽市渾南區財政事務 服務中心主任). From June 2019 to September 2019, Ms. Ma was the Chairman of Shanghai Huasong Car Rental Company(上海華頌商旅租賃服務有限公司董事長). Ms. Ma obtained

a bachelor's degree of economics from Shenyang University Of Finance and Economics(瀋 陽大學財經學院)in the PRC in 1993 and a master's degree of business administration from Xi'an University of Technology(西安理工大學)in the PRC in 2007.

Since June 2020, Ms. Ma has been appointed as a director of Shanghai Shenhua Holdings Co., Ltd.(上海申華控股股份有限公司), a company whose shares are listed on The Shanghai

Stock Exchange.

3

Save as disclosed herein, as at the date of this announcement, Ms. Ma (i) does not have any relationship with any Directors, senior management, substantial or controlling shareholders of the Company; (ii) does not have any interests in the shares or underlying shares of the Company within the meaning of Part XV of Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) does not hold other positions within the Group; and (iv) does not have any directorship or major appointment in any public companies the securities of which are listed on any securities market in Hong Kong or overseas in the last three years.

Ms. Ma has signed a letter of appointment with the Company for her appointment as an executive Director for a term of three years commencing from 29th July, 2020 unless terminated by either party giving not less than one month's notice in writing. Ms. Ma is subject to the provisions in the Bye-Laws relating to retirement by rotation. Moreover, under the Bye-Laws, Ms. Ma will hold the office until the next following general meeting of the Company and will retire at that general meeting and shall be eligible for re-election at that meeting. As an executive Director, the emoluments of Ms. Ma will be determined by the Board with reference to her qualification, industry experience, duties and responsibilities within the Group, the Group's remuneration policy and the prevailing market conditions. The director's remuneration of Ms. Ma will be subject to annual review by the remuneration committee of the Company.

Save as disclosed above, Ms. Ma confirmed that there are no other matters that need to be brought to the attention of the Shareholders in connection with her appointment and there is no other information that should be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Stock Exchange.

The Board wishes to express its warm welcome to Mr. Sun and Ms. Ma on their new appointment.

By order of the Board

Brilliance China Automotive Holdings Limited

Wu Xiao An

(also known as Ng Siu On) Chairman

Hong Kong, 29th July, 2020

As at the date of this announcement (given that the change of Directors takes effect on the date of this announcement), the Board comprises five executive Directors, Mr. Wu Xiao An (also known as Mr. Ng Siu On) (Chairman), Mr. Yan Bingzhe (Chief Executive Officer), Mr. Zhang Wei, Mr. Sun Baowei and Ms. Ma Nina; and three independent non-executive Directors, Mr. Xu Bingjin, Mr. Song Jian and Mr. Jiang Bo.

4

Disclaimer

Brilliance China Automotive Holdings Ltd. published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 09:45:00 UTC


© Publicnow 2020
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Sales 2020 3 337 M 511 M 511 M
Net income 2020 8 313 M 1 273 M 1 273 M
Net Debt 2020 1 731 M 265 M 265 M
P/E ratio 2020 3,47x
Yield 2020 7,27%
Capitalization 27 970 M 4 283 M 4 283 M
EV / Sales 2020 8,90x
EV / Sales 2021 7,94x
Nbr of Employees 5 390
Free-Float 69,4%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 25
Average target price 8,85 CNY
Last Close Price 5,54 CNY
Spread / Highest target 126%
Spread / Average Target 59,6%
Spread / Lowest Target 14,2%
EPS Revisions
Managers
NameTitle
Bingzhe Yan Chief Executive Officer & Executive Director
Yu Min Qi President
Xiao An Wu Chairman
Zu Ming Qian Chief Financial Officer
Bing Jin Xu Independent Non-Executive Director
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