BAIC's Leadership Reshuffle Mystery: Zhang Guofu Resigns from Blue Valley, Poised to Take Over Shares—What Card Is Being Played?

【Text/Finance Circle & Dao Ge Talks Cars Zhang Qian】On March 20, two listed companies from BAIC announced notices on the same day.

One is Hong Kong-listed Beijing Automotive (01958.HK), which announced the nomination of Zhang Guofu as a non-executive director, intending to succeed as chairman. The other is A-share listed BAIC Blue Valley (600733), which announced receiving a written resignation report from Chairman Zhang Guofu—resigning from all positions at BAIC Blue Valley.

On the same day, the same person’s name appeared in the announcements of both companies. One side is “nominated,” the other is “resigned.”

Many people’s first reaction was: What’s going on? Just nominated as chairman and then resign?

Don’t worry, there’s a big plan behind this.

Resigned, but not completely out

First, look at BAIC Blue Valley’s announcement, which clearly states: Zhang Guofu, due to work adjustments, will no longer serve as director, chairman, director of the Strategic Committee, nomination committee member, or remuneration and assessment committee member of the board. The resignation is clean and complete, leaving no room for doubt.

Next, look at Beijing Automotive’s announcement. Zhang Guofu was nominated as a non-executive director, and if approved by the shareholders’ meeting, he will further be nominated as chairman. The announcement also disclosed Zhang Guofu’s current positions—Party Committee Standing Member and Vice General Manager of Beijing Automotive Group Co., Ltd., and Party Secretary of Beijing Automotive Co., Ltd.

Putting the two announcements together, the truth becomes clear: Zhang Guofu resigned from the chairman position at BAIC Blue Valley, but he remains a Party Committee Standing Member and Vice General Manager of BAIC Group, and is about to take over as chairman of Beijing Automotive. In other words, he no longer personally serves as chairman of BAIC Blue Valley but continues to oversee related work at the BAIC Group level, while also taking on the chairman role at Beijing Automotive.

Simply put, he used to directly manage BAIC Blue Valley, but now he has moved to a higher position, overseeing both Beijing Automotive and BAIC Blue Valley.

A 70s “tech guy” holding what cards

After understanding the essence of this personnel change, the next question naturally arises: Why is Zhang Guofu being pushed to the forefront at this time, taking on both platforms?

The answer lies in his background. Born in 1977, Zhang Guofu has worked across almost all segments of BAIC—from BAIC Foton to Beijing Haina Chuan, to Beijing Automotive Co., Ltd., BAIC Group Off-road Vehicles, and BAIC New Energy. Someone like him understands technology, products, and the core assets of BAIC.

Now, these “core assets” are all in his hands. The two major platforms he now oversees—Beijing Automotive and BAIC Blue Valley—are substantial: three major domestic brands—Shangjie, Jihu, Beijing Off-road; and two joint ventures—Beijing Benz and Beijing Hyundai, with Beijing Benz holding 51% and Beijing Hyundai 50%, both real profit pillars.

Looking at these two “plates,” BAIC Co. controls Beijing Benz, Beijing Hyundai, and the tough off-road brand Beijing Off-road; while BAIC Blue Valley holds the new energy brands Shangjie and Jihu, along with the production qualifications and technical expertise of BAIC New Energy.

In the past, these two “plates” operated separately. BAIC Co. focused on stabilizing joint ventures, while BAIC Blue Valley aimed to sell new energy vehicles. But now, the market has changed. Joint venture brands are falling behind in the electric wave, and the new energy sector is burning money. If they continue to operate separately, resources will be scattered, making it hard to form a synergy.

Zhang Guofu’s personnel adjustment is precisely to solve this problem—integrate the resources of the passenger car sector, let joint venture profits feed the自主 (independent) brands, and empower joint ventures with自主 (independent) technology, creating real synergy.

In addition, BAIC Blue Valley’s leadership team was also adjusted simultaneously. Liu Guanqiao, born in 1979, was promoted to Chairman. He previously led sales at Beijing Hyundai and is a typical marketing practitioner. Song Jun, born in 1976, was promoted to General Manager; he is a senior accountant and CPA, skilled in cost control and financial management. Industry insiders generally refer to this trio—Zhang Guofu, Liu Guanqiao, and Song Jun—as the “Iron Triangle,” covering technology, marketing, and finance with clear divisions of labor.

Market expectations for this adjustment are straightforward. Analysts suggest that with resource integration, BAIC Blue Valley’s sales are expected to surpass 400,000 units by 2026, launch new SUV and MPV models under Shangjie, and continue leading in L3/L4 autonomous driving, making these goals more feasible and accelerating the company’s path to profitability.

In short, the main goal of this adjustment is to transform BAIC’s passenger car sector from “fighting separately” into “playing as one team.” When a tech-savvy, product-oriented 70s veteran holds both joint venture and自主 (independent), traditional and new energy cards, the battle BAIC is about to fight becomes obvious. The rest depends on how this battle is fought.