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On November 25th SAIC (600104.SH) announced that it intended to spin off its controlling subsidiary, JERG Technologies, into a joint stock company.
After the spin-off, SAIC's equity structure will not change and it will retain control of JERG.
According to the announcement, SAIC directly owns 4.6211 percent of JERG technology, and directly holds 47.99 percent of Thesseus shares, indirectly holding 100 percent of Changzhou Ventures. As a result, SAIC group holds a total of 68.3011% of the shares directly/indirectly, and is the indirect controlling shareholder of JetHest Technology.
It is reported that the industry is hydrogen energy and fuel cell industry, founded in June 2018.
In recent years, China's fuel cell automobile industry has developed rapidly, but due to the current domestic hydrogen energy and fuel cell industry is still in the initial stage of development, the relevant basic supporting construction is still in perfection, the market large-scale commercialization there is uncertainty. As a result, the company's business is smaller than the mature auto parts industry and is not yet profitable.
SAIC's third-quarter 2021 report showed that the company's main revenue was RMB552.713 billion, up 10.84% YoY;
However, as of the close on November 25th, SAIC's share price was 20.56 yuan per share, trading at less than 10 times earnings. The carrier, the country's largest car company, has maintained a low price-to-earnings ratio.