JIDU reportedly sets up holding company in HK for foreign financing

Beijing (Gasgoo)-

Baidu and Geely’s joint auto brand, JIDU, has reportedly established a holding company in Hong Kong for its two Chinese mainland entities, a person close to the matter disclosed to a local media outlet.

Photo credit: JIDU

JIDU Automobile (Hong Kong) Co., Ltd., the rumored holding company of Beijing JIDU Technology Co., Ltd. and Shanghai JIDU Automobile Co., Ltd., is set up by JIDU to expand its financing channels, making it easier for more foreign capitals to invest in the company, the source added.

Aside from that, on June 28th, Jidu Automobile Co., Ltd. was found with another registration change, with Geely withdrawing from the shareholders list.

Specifically, Geely-affiliated Shanghai Maple Automobile Co., Ltd. dropped out of the company as shareholder, and JIDU’s other parent, Baidu-affiliated Dazi County Bairuixiang Venture Capital Management Co., Ltd. become the auto brand’s sole owner.

In the meantime, the CEO of JIDU, Xia Yiping, was removed as the company’s legal representative, board member, and general manager.

Nonetheless, Geely, Baidu, and JIDU emphasized that JIDU is till jointly held by Geely and Baidu. Their partnership stays unchanged, as well as Xia Yiping’s leadership in the company as CEO.