·Guangzhou Automobile/LeTV Joint "Building a Car" Established a new joint venture company

On June 8, 2016, Dasheng Technology Co., Ltd. (hereinafter referred to as Jiandasheng Technology) jointly invested by Guangzhou Automobile Group Co., Ltd., Leshi Holdings (Beijing) Co., Ltd. and Zhongcheng Auto Insurance Co., Ltd. was officially announced in Guangzhou.
Dasheng Technology was jointly initiated by Guangzhou Automobile Group, LeTV Holdings and Zhongcheng Insurance according to the share ratio of 45%, 40% and 15%. The initial investment of the project was 1.4 billion yuan and the initial registered capital was 200 million yuan.

"The joint venture will make full use of GAC's offline automobile industry chain, LeTV's online content, channels, traffic, and Zhongcheng's advantages in professional auto insurance services and risk management to create the most reliable car repair and car use. Buying a car, renting a car and changing the one-stop platform to build an open and shared car internet ecosystem.” Zeng Qinghong, general manager of Guangzhou Automobile Group, said at the press conference.

Open and share the promotion of institutional mechanisms and innovations <br> The Guangzhou Automobile, LeTV and Zhongcheng are injecting heavy resources and building Dasheng Technology Co., Ltd. with an innovative system, which will show great openness. Bringing new companies stronger vitality and competitiveness.
First of all, the shareholding ratio, Guangzhou Automobile Group took the initiative to give up the absolute holding position, this move reflects the attitude of GAC opening and the determination to deepen cooperation with Internet companies. And in the future shareholding structure, Dasheng Technology will continue to vigorously promote mixed ownership. According to the company's development plan, in the future, some business operations functions will be gradually injected into the subordinate subsidiaries with car life, vehicle, vehicle networking and Internet venture capital business as the core, forming the structure of Dasheng Technology and the subsidiaries of various business segments. And according to the characteristics of each business, find external partners that can form synergies, continuously absorb external capital and resources, and stimulate the vitality of enterprises.
In terms of operation mechanism, Dasheng Technology will take advantage of the talents, resources, channels and operational experience accumulated by GAC Group in the automotive industry for many years, absorb LeTV's online operation and technology development capabilities, and play the role of Zhongcheng Insurance in the car life service. The professional advantage, the initiative to seek change, establish a decision-making mechanism that is compatible with the characteristics of the Internet industry, to meet customer needs as the highest priority, to achieve rapid iteration of products.

In terms of ecological layout, the most extensive resources will be linked with the most open mind. Dasheng Technology will not be limited to GAC's brand in the future, but will be open to all auto brands; it will not be limited to the OEM resources, but will be open to all parts companies and all dealers; it will not be limited to specific capital. Party, but open to investors in society.
In terms of talent policy, Dasheng Technology will recruit high-end technology and Internet talents from all over the world. In the future, we will implement a fully Internet-based compensation incentive system such as employee stock ownership, options and excess profit sharing, and create a talent partnership program.
Model innovation reshapes the "car + Internet" pattern <br> It is well known that in the field of automotive e-commerce, in recent years, some auto manufacturers, vertical media and integrated e-commerce have become pioneers. But limited to the particularity of car consumption, the true success model of car e-commerce has been in the process of exploration. How Dasheng Technology will differentiate its competition has become the focus of attention in the industry.
In the Internet age, users are everything. Let users enjoy high-quality services in the nearest community, truly experience convenience and efficiency, and build a three-dimensional O2O system based on the user's car life circle. The new company will use the car life platform and the vehicle platform as the skeleton to reshape the "car + internet" pattern while deepening the sales, maintenance, repair and leasing of automobiles.
According to the plan, Dasheng Technology will give priority to launching the vehicle platform and the vehicle life platform.
The vehicle platform includes new and used car business. Among them, the new car business will carry out a variety of online full-category new car sales models, such as the underwriting model jointly developed by the joint manufacturers, the personalized product price model, the crowdfunding one-dollar model, the innovative new car auction model, new products. The pre-sale model of the first launch and the current prevailing clue diversion mode. For a better experience, the platform will be combined with financial, insurance, logistics, licensing and other service teams to provide users with one-stop online and offline consistency experience car purchase services.
In addition to the regular service platform, the car life platform also includes the accessory mall, the supply mall, and the community service chain. Car life will be the core entry point of the ecosystem. The platform will simultaneously start the construction and certification of community stores, as well as the construction of the same city parts storage logistics system.
The technical development and operation preparations for Dasheng Technology Platform have been fully launched and will be officially launched during the Guangzhou Auto Show.

Cross-border integration of resources and complementary energy efficiency fusion <br> Just as the "Guidelines on Deepening the Integration of Manufacturing and Internet Development" issued by the State Council in May this year clearly stated: "Manufacturing is the mainstay of the national economy and the implementation of the 'Internet +' action The main battlefield. China is a big manufacturing country and a big Internet country. It promotes the integration of manufacturing and the Internet, which is conducive to the formation of superposition effect, aggregation effect, multiplier effect, speeding up the transformation of new and old development kinetic energy and production system, with broad prospects and great potential."
At the end of last year, Guangzhou Automobile Group put forward the overall development strategy for the next five years, the “1513” strategy, which is based on the development principle of “internal collaborative innovation and external open cooperation”, completing one goal, consolidating five major sectors and highlighting One key point is to achieve three major breakthroughs. One of the key points of the “three major breakthroughs” is “networking”, which refers to the trend of Guangzhou Automobile Group to adapt to the development of the times and the changes in consumer spending habits, with a new way of thinking. Actively embrace the Internet, from simply changing the "hardware economy" of products to the "ecological economy" of the ecosystem.

LeTV is the most representative Internet eco-enterprises in the world, and it has created a complete open-loop closed-loop ecosystem of “platform + content + terminal + application” in the world. At present, LeTV has formed seven sub-ecological ecosystems across the globe, namely Internet and cloud ecology, content ecology, big screen ecology, mobile phone ecology, sports ecology, automobile ecology and internet finance ecology.
Zhongcheng Insurance has long been focused on the auto insurance market segment and is committed to becoming a “trustworthy and professional auto insurance company”. This investment in e-commerce projects, in depth with the Internet, Zhongcheng Insurance will provide a more personalized and more tailor-made services for the automotive Internet ecosystem.
“The joint venture between Internet companies, traditional OEMs and financial insurers has created a new business model. Based on this innovation, the automotive internet eco joint venture will subvert the existing automotive e-commerce platform and automotive service platform,” LeTV Supercar Ding Lei, co-founder, global vice chairman and CEO of China and Asia Pacific, expressed his views at the press conference.

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