Breakout in Shanghai! Chen Demei was investigated

For stock trading, please read Jin Qilin analyst research reports. They are authoritative, professional, timely and comprehensive, helping you to tap potential theme opportunities! Source: China Fund News China Fund News Chen Xi Anti-corruption in the automotive industry, there is another latest report! On April 25, the official website of the Central Commission for Discipline Inspection and the State Supervision Commission showed that Chen Demei, the former vice president of Shanghai Automotive Group Co., Ltd., is suspected of serious violations of disciplines and laws and is currently undergoing disciplinary review and supervisory investigation by the Shanghai Municipal Commission for Discipline Inspection and Supervision.

It is reported that Chen Demei has worked at SAIC for many years and has served as vice president of SAIC since 2012. She retired in April 2023 and was investigated only one year after her retirement.

Served as vice president of SAIC Motor for many years. He was investigated one year after retiring. Public information shows that Chen Demei was born in October 1962. She is a member of the Communist Party of China, has a master\’s degree in business administration and is a senior economist. She started working in August 1984.

Chen Demei has worked at SAIC for many years, and has served as deputy manager and manager of the Economic Operations Department of Shanghai Automotive Industry (Group) Corporation, manager of the Economic Operations Department, Manager of the Quality and Economic Operations Department of Shanghai Automotive Group Co., Ltd., and quality manager of Shanghai Automotive Industry (Group) Corporation. Executive Director of the Economic Operation Department, Deputy Chief Economist of SAIC Motor Corporation Limited, General Manager of Shanghai Huizhong Automobile Manufacturing Co., Ltd. and General Manager of Shanghai Wanzhong Auto Parts Co., Ltd., Vice President and Automotive of Shanghai Automotive Industry (Group) Corporation General Manager of Service Trade Division, etc.

In January 2012, Chen Demei became the vice president of SAIC Motor Corporation Limited and served for 11 years.

During her tenure, Chen Demei participated in many public events and spoke out on behalf of SAIC Group.

In April 2023, SAIC Group announced that its board of directors agreed to Chen Demei\’s application to resign as vice president of the company due to age. After Chen Demei resigned, she will no longer serve in the company.

The board of directors expresses its sincere gratitude to Chen Demei for her efforts in the development of the company during her tenure as vice president of the company.

That is to say, Chen Demei was investigated one year after her retirement.

Public information shows that SAIC Motor was listed on the main board of the Shanghai Stock Exchange in November 1997. The controlling shareholder is Shanghai Automotive Industry (Group) Co., Ltd. and the actual controller is the Shanghai State-owned Assets Supervision and Administration Commission.

As of the close of trading on April 25, SAIC Group\’s stock price was 15.14 yuan per share, an increase of 1.34% that day, and the total market value was 175.3 billion yuan.

The 2023 annual report shows that SAIC Group achieved total operating income of 744.705 billion yuan for the current period, a year-on-year increase of 0.09%; it achieved net profit attributable to the parent company of 14.106 billion yuan, a year-on-year decrease of 12.48%.

As of the end of 2023, SAIC Group\’s total assets reached 1.00665 billion yuan.

In August 2023, SAIC Motor stated in a report on the progress of centralized rectification during inspections that 8 of the 12 issues reported during the inspections had been rectified.

91 corrective measures were proposed, 81 of which have been completed.

Two cases were filed under Party discipline and two persons were punished by Party discipline.

Admonishment talks were given to 3 people, and 5 people were organized and dealt with through reminder talks, criticism and education, written inspections, job adjustments, etc.

A total of 163,700 yuan of illegal money was withdrawn, and 7 systems have been revised and improved.

Intensive anti-corruption in the \”automotive circle\” Since entering 2024, anti-corruption work in the automotive field has continued to advance, and many well-known figures in the industry have been investigated.

Among them, Dongfeng Company has reported that many cadres have been investigated since this year.

Among them are: Wang Shuou, former member of the Standing Committee of the Discipline Inspection Commission of Dongfeng Motor Co., Ltd., former Party Secretary, Discipline Inspection Commission Secretary and Labor Union Chairman of Shenlong Automobile Co., Ltd., Pan Jiannian, Supervisor of China Dongfeng Motor Industry Import and Export Co., Ltd., Xu Tiansheng, Commercial Director of Dongfeng Motor Group Co., Ltd., and former Dongfeng Renault Automobile Co., Ltd. Hu Xindong, executive vice president of the company, Lu Weidong, honorary chairman of Dongfeng Design and Research Institute Co., Ltd., Chen Yafu, former chief professional engineer of Dongfeng Light Engine Co., Ltd., Li Puming, executive committee member of Xiangyang Da\’an Automobile Inspection Center Co., Ltd., etc.

Two officials of China FAW were also notified by the Central Commission for Discipline Inspection. They are Ye Huaming, director of the operations center of China FAW Audi Sales Co., Ltd., and Yan Feng, general manager of the Audit and Legal Department of China FAW. Both of them were investigated for suspected serious violations of disciplines and laws.

In addition, on April 2, according to the Anhui Provincial Commission for Discipline Inspection and Supervision, An Jin, the former Party Secretary and Chairman of Anhui Jianghuai Automobile Group Holdings Co., Ltd., was suspected of serious violations of discipline and law and was subject to disciplinary review and supervisory investigation by the Anhui Provincial Commission for Discipline Inspection and Supervision.

Previously, the Central Commission for Discipline Inspection issued a document stating that the operating conditions of automobile companies are highly related to corruption issues.

Once corruption breeds, problems such as substandard parts and components are likely to arise, which will affect brand reputation and corporate image.

The automobile industry is a key industry facing corruption risks and challenges. It must maintain the intensity of \”punishment\”, adhere to the main tone of \”strictness\”, build a strong anti-corruption barrier, and strictly prevent \”depending on cars to eat cars.\”

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