Autohome announces change in controlling shareholder, Song Yang as CEO

Autohome (ATHM) announced that the company has been informed by Yun Chen, a subsidiary of Ping An, its controlling shareholder, that Yun Chen entered into a share sale and purchase agreement with Cartech, a subsidiary of Haier Group. 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% of the issued and outstanding ordinary shares of the company, at a consideration of approximately $1.8B. 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 announced that Tao Wu has resigned from his positions as an executive director and the chief executive officer of the company, effective February 20. Furthermore, the company is pleased to announce that Song Yang has been appointed as an executive director of the company and the CEO, effective February 20.