Author: Wu Rui

Produced by: Insight Auto

In March, Deepal Automobile underwent significant business registration changes, including a substantial registered capital increase of over 42%. This move was accompanied by the official implementation of its Series C capital raise and share expansion, as well as a comprehensive reshuffle of its senior management team. These strategic actions underscore Changan Automobile’s commitment to solidifying its position in the new energy vehicle (NEV) sector and driving Deepal Automobile’s transformation towards a more market-oriented approach. This reflects a new operational philosophy of "maintaining control while staying adaptable."

The essence of this business registration alteration lies in the refinement and enhancement of Deepal Automobile’s capital structure. The registered capital surged from approximately 330 million yuan to 470 million yuan, marking a 42% increase and signifying the official execution of its Series C capital raise, which amassed a total of 6.122 billion yuan.

This capital infusion introduced two new shareholders: Chongqing Yufu Holdings and CMB Financial Asset Investment. Chongqing Yufu invested 2.5 billion yuan, acquiring a 12.0934% stake, while CMB Investment contributed 500 million yuan for a 2.4187% stake. This development fosters a novel collaborative dynamic between industrial and financial capital.

The implications of these capital-level adjustments are profound. As Changan Automobile’s flagship NEV brand, Deepal Automobile’s strategic maneuver circumvents the constraints of a singular capital structure. By harnessing Chongqing Yufu’s local state-owned enterprise (SOE) background to bolster regional resource collaboration and leveraging CMB Investment’s financial prowess to diversify financing avenues,

More critically, Changan Automobile retains an absolute controlling stake of 50.99%, ensuring its dominance over Deepal Automobile’s strategic trajectory. This strategy not only addresses the financial hurdles inherent in NEV development but also infuses Deepal Automobile with market-driven dynamism, steering clear of the bureaucratic rigidity often associated with traditional SOE transformations.

Concurrent with these capital adjustments, precise management reshuffles were enacted, with each personnel change tailored to Deepal Automobile’s evolving developmental needs. Deng Chenghao relinquished his role as Deepal Automobile’s manager but retained his position as chairman.

As Changan Automobile’s vice president, Deng Chenghao boasts extensive experience in the NEV sector. His tenure spanning from Changan New Energy to Deepal Automobile equips him to better orchestrate the synergistic growth between Deepal and the broader Changan ecosystem, with a focus on strategic planning and pivotal technological advancements.

The newly appointed management team fills critical gaps in marketization and professionalization. Jiang Hairong assumed the dual roles of manager and director of Deepal Automobile. With a background at Huawei and Honor, he brings inherent intelligence and marketization expertise. His experience in spearheading Honor’s overseas marketing and China brand operations will aid Deepal Automobile in achieving breakthroughs in brand youthification, market outreach, and intelligent user experiences.

Zheng Changjiang succeeded Wang Xiaoling as director. With a longstanding presence in the Changan system and a wealth of experience in joint ventures, cooperation, and technological R&D, Zheng will fortify collaboration between Deepal Automobile, the Changan system, and external partners. Wang Xiaoling’s transfer to the role of executive vice president at Changan Mazda represents a rational allocation of talent within the Changan system.

Against the backdrop of the industry, Deepal Automobile’s dual adjustments come at a pivotal moment. The NEV market is currently undergoing a reshuffling phase, with leading brands accelerating their differentiation strategies. Since 2026, automakers have increasingly turned to differentiated competition in areas such as financial services and technological innovation, with capital support and talent upgrades becoming pivotal for breakthroughs.

Changan Automobile’s recent maneuvers not only precisely empower Deepal Automobile but also signify a restructuring of its own NEV strategy. By bolstering capital, it strengthens its financial muscle to support R&D in intelligent and electric core technologies. Through management reshuffles, it injects market-driven operational genes, addressing the talent bottlenecks faced by traditional automakers in their transformation.

Notably, Changan Automobile’s stock price has exhibited volatility recently, declining by 13.97% over the past three months. The adjustments at Deepal Automobile may serve as a crucial measure to stabilize market confidence. For Deepal Automobile, the implementation of the Series C fundraising will provide financial backing for product iteration and capacity expansion, while the optimization of the management team will enhance operational efficiency, aiding its breakthrough in the high-end NEV market.

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