Hai’er Group Subsidiary Becomes Controlling Shareholder of Autohome

CNBC AI News, August 28th – Autohome (NYSE: ATHM), a leading online destination for automobile consumers in China, announced on August 27th via a Hong Kong Stock Exchange filing a pivotal shift in ownership. Katai Capital, a holding company under the Haier Group umbrella, has completed the strategic acquisition of a controlling stake in the company, marking a significant transition for the automotive platform.

The transaction saw Haier Group, through Katai Capital, acquire approximately 43.0% of Autohome’s shares from Yunchen Capital, an entity associated with Ping An Insurance, for a total consideration of roughly $1.8 billion USD. This move establishes Haier Group as the controlling shareholder of Autohome.

Ping An Insurance will retain a substantial stake in Autohome through Yunchen Capital, indirectly holding around 5.1% of the company’s shares, indicating a continued involvement in Autohome’s future.

Concurrently with the transaction, Autohome announced executive leadership changes. Wu Tao has stepped down as Executive Director and CEO, with Yang Song appointed as the new Executive Director and CEO.

In a company-wide memo, Yang Song addressed concerns regarding potential workforce adjustments, stating that the acquisition would not result in layoffs and that employee job stability, compensation, and benefits would remain unaffected. He emphasized that Autohome’s operations would continue without disruption.

Looking ahead, Yang Song outlined a strategic vision for Autohome. He stated that the company will collaborate with both Haier and Ping An to propel Autohome’s strategic evolution from a vertical automotive media platform to a comprehensive automotive ecosystem.

Autohome, founded in 2005 by Li Xiang, the visionary behind Li Auto, has become a prominent player in China’s automotive online marketplace.

The company’s ownership history has seen several transitions. In 2008, Telstra, the Australian telecommunications giant, acquired a 55% stake. Then, in 2016, Telstra divested its 47.7% holding to Ping An Insurance Group.