Ping An to sell 42pc stake in Autohome to Haier Group for US$1.8 billion

Hong Kong-listed Autohome (2518) said on Thursday the financial conglomerate Ping An Insurance (2318) will cease to be its controlling shareholder after agreeing to sell a 41.91 percent stake in the company for US$1.8 billion (HK$14.04 billion).

Yun Chen Capital Cayman, a unit of Ping An, will sell 200.9 million shares of the auto services portal provider to a unit of Haier Group Corp.

It also said company insider Song Yang has been appointed as the new chief executive officer following the resignation of Tao Wu.

Ping An was looking to offload its stake in Autohome and held talks with several strategic and private equity investors, Reuters reported in 2021, citing sources.

Founded in 2005, Autohome serves as an information portal for automobile buyers and an online car-trading marketplace in China.

The company's net income attributable to ordinary shareholders declined over 13 percent for fiscal 2024.

REUTERS