On Tuesday, Tianyancha showed that Hangzhou BYD Automobile Co., Ltd. made a registration change with the Industrial and Commercial Administration showing that Wang Chuanfu, BYD’s founder, had stepped down as chairman.
Hangzhou BYD Automobile Co., Ltd. was established in April 2015 with a registered capital of 100 million yuan ($16 million), and its business scope mainly focuses on the production of automobile parts, in addition to their wholesale and retail.
BYD responded to local media outlet The Paper, saying, “Recently, BYD Group has changed its legal representation and chairman of its subsidiaries into actual business leaders, so as to simplify the administrative process and facilitate the development of various businesses of the companies. Aside from the change of the person in charge of legalities and the role of the chairman, the companies’ operation and ownership structure remain the same, and the companies’ business development has not been affected.”
The company went on to explain, “Hangzhou BYD Automobile Co., Ltd. involved in this change is one of the many subsidiaries of the group. The legal person, chairman and president of the group’s parent company, BYD Co., Ltd., is still Wang Chuanfu.”
Prior to this, Wang had stepped down as the legal representative or chairman of several BYD subsidiaries, including Wuhan BYD Automobile Co., Ltd., Shanghai BYD Co., Ltd., Xi’an BYD Industrial Co., Ltd. and Shantou BYD Industrial Co., Ltd., among others.