Ping An Insurance Group has agreed to sell a 41.91% stake in Autohome Inc to a subsidiary of Haier Group Corp for US$1.8 billion.
The transaction will reduce Ping An’s holdings in the online auto services platform, removing it as the controlling shareholder.
A Reuters report has noted that the stake, held through Ping An’s subsidiary Yun Chen Capital Cayman, comprises approximately 200.9 million shares. The buyer, a unit of Haier Group, is best known for its home appliance brand Haier Smart Home.
The sale comes as Autohome faces increased competition, both from similar platforms and from automakers expanding their direct-to-consumer sales strategies.
According to Jefferies, the financial impact of Autohome on Ping An’s overall business has been limited.
Analysts at the firm stated that selling the stake allows Ping An to focus on other areas with potentially higher returns.
“The platform faces growing competition with not only direct competitors but also automakers that are increasingly reliant on self-distribution,” they said, as reported by Reuters.
Ping An acquired its stake in Autohome in 2016 from Australian telecom company Telstra. Reports from 2021 indicated that the company had been exploring a sale, holding discussions with strategic and private equity investors.
Founded in 2005, Autohome provides automobile-related information and operates an online vehicle marketplace in China. For the 2024 fiscal year, the company reported a 13% decline in net income attributable to shareholders and a 2% decrease in revenue.
In a separate move, Ping An has offered to buy the remaining shares of its healthcare-focused subsidiary, Ping An Healthcare Technology Company Ltd, in a deal valuing the unit at HK$13.23 billion.
Ping An, which currently owns a 39.41% stake through a subsidiary, stated that it does not intend to take the company private. The offer price of HK$6.12 per share represents a 2.9% discount from the last trading price of HK$6.30.
The bid follows an earlier share distribution by Ping An Healthcare. In November 2024, the company issued a special dividend of HK$9.70 per share, with shareholders given the option to receive shares instead of cash. This resulted in the issuance of 1.04 billion new shares, increasing Ping An’s stake to 52.74% and triggering a mandatory takeover requirement under Hong Kong regulation.
