Cyrus Group plans to invest 1.329 billion to increase Cyrus Automotive's shareholding ratio to 100%

【ITBEAR】According to news on August 12, Thalys Group announced on the evening of August 9 that the company plans to acquire 19.355%
of the equity of Thalys Automobile held by Jinxin Fund, a minority shareholder of its controlling subsidiary Thalys Automobile. The transaction amount was approximately RMB 1.329 billion. After the completion of this transaction, the company's shareholding ratio in Cyrus Automobile will increase from 80.645% to
100%, and the scope of the company's consolidated statements will not change. According to the editor’s understanding, although as of March 31, 2024, Sailis Auto’s net assets were -10.462 billion yuan, and the premium of this transaction was relatively high compared to the book value, considering that Jinxin Fund’s investment in Sailis The original investment amount of Cyrus Automobile and the reasonable market capital cost, coupled with the fact that Cyrus Automobile finally achieved operating profits in the first quarter of 2024 after years of R&D investment, therefore, this equity acquisition is of great significance to Cyrus Group. has a positive meaning. It not only helps to increase the net profit attributable to shareholders of the parent company and improve the company's overall profit level, but also protects the interests of all shareholders, especially small and medium shareholders.

Main Business of Cyrus Automobile

The announcement further reveals the main business of Cyrus Automobile and its subsidiaries, namely the research and development, manufacturing, sales and service of new energy vehicles and core components. Its main products include:

1. AITO M9
2. AITO M7
3. AITO M5 series models

Technical R&D strength

Sales Automobile has strong strength in technology research and development, with complete vehicle ownership , powertrain, electric drive assembly and other core technologies, its independent research and development and application capabilities are in a leading position in the industry. Data shows:

• As of June 30, 2024, the company has more than 1,700 authorized patents
• There are more than 5,200 patents being applied for

Smart factory and production

Sales Group It was emphasized that its smart factories cover all vehicle production processes such as stamping, welding, painting, and final assembly, and currently mainly produce AITO World Series models. As the company's operating quality continues to improve and sales grow steadily, economies of scale are gradually emerging. Since the first quarter of 2024, Cyrus Automobile has achieved operating profits, showing good development space and prospects. -->

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