BEIJING, Feb. 20, 2025 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced that the Company has been informed by Yun Chen Capital Cayman ("Yun Chen", a subsidiary of Ping An), its controlling shareholder, that on February 20, 2025, Yun Chen entered into a share sale and purchase agreement (the "Share Sale and Purchase Agreement") with CARTECH HOLDING COMPANY, a subsidiary of Haier Group Corporation (the "Purchaser"). Pursuant to the Share Sale and Purchase Agreement, Yun Chen has agreed to sell, and the Purchaser has agreed to acquire, 200,884,012 ordinary shares of the Company, representing approximately 41.91%[1] of the issued and outstanding ordinary shares of the Company, at a consideration of approximately US$1.8 billion (the "Share Transfer").
The Share Transfer shall be completed upon satisfaction of the conditions precedent set out in the Share Sale and Purchase Agreement, including, without limitation, obtaining the necessary regulatory approvals. Upon the completion of the Share Transfer, Yun Chen will hold 23,916,500 ordinary shares of the Company, and Yun Chen will cease to be the controlling shareholder of the Company.
The directors of our Company do not expect that the Share Transfer, if completed, will have any material adverse impact on the financial position and business operation of the Company.
The Company further announces that Mr. Tao Wu has resigned from his positions as an executive director and the chief executive officer (the "Chief Executive Officer") of the Company, effective February 20, 2025. The Company would like to take the opportunity to express its sincere gratitude to Mr. Wu for his valuable contribution to the Company during his tenure.
Furthermore, the Company is pleased to announce that Mr. Song Yang has been appointed as an executive director of the Company and the Chief Executive Officer, effective February 20, 2025. The directors of our Company determined that Mr. Yang has valuable and relevant qualifications and experience, and it is in the best interests of the Company to appoint Mr. Yang as an executive director of the Company and the Chief Executive Officer.
Mr. Yang has over 20 years of experience in automotive industry in both China and the U.S. Since he joined Autohome in October 2021, Mr. Yang has served as Senior Vice President overseeing OEM business, new retail business, used car business, and TTP Car Inc.. Before joining Autohome, Mr. Yang held different leadership positions at multiple automakers. From April 2019 to September 2021, he worked at Ford China, serving as President of NDSD (National Distribution & Service Division) and Deputy General Manager of the Passenger Vehicle Division. Prior to that, he served as CEO of Borgward Passenger Vehicle Group and the Chairman of its North American R&D Center from February 2018 to February 2019. He held several key leadership positions in marketing and sales at Dongfeng Nissan and NNA (Nissan North America) from May 2005 to December 2014. Mr. Yang received his bachelor's degree in economics from Fudan University in July 1995.
Mr. Quan Long, the chairman of the Board, stated, "We are delighted to welcome Mr. Song Yang to join in the Board as our executive director and Chief Executive Officer. Mr. Yang has been working in automotive industry both in China and overseas markets for more than 20 years, where he played different crucial leading roles in multiple important automakers. We strongly believe that his leadership and extensive industry experience will be a great asset to the future development of Autohome. The Company looks forward to working with him closely in the future."
Mr. Long continued, "On behalf of the Board, I would like to express our sincere gratitude to Mr. Wu for his professional dedication and contributions to the Company. We wish him continued success in all of his future endeavors."
About Autohome Inc.
Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. Its mission is to relentlessly reduce auto industry decision-making and transaction costs driven by advanced technology. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit https://www.autohome.com.cn.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Statements that are not historical facts, including statements about Autohome's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in Autohome's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Autohome does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Autohome Inc. Sterling Song Investor Relations Director Tel: +86-10-5985-7483 E-mail: ir@autohome.com.cn
[1] Based on 479,288,580 issued and outstanding ordinary shares of the Company (excluding 30,099,020 treasury shares and ordinary shares that had been issued and reserved for the purpose of the share incentive plans of the Company) as at December 31, 2024.
