Kaiyi is independent. It owns itself.

Twelve years, one owner

The year is coloured by whoever held it at the time.

1. 2014 Kaiyi was set up in January 2014 inside the Chery group as a low-priced brand for younger buyers, under the name Wuhu Kaiyi Automobile Co., Ltd. (芜湖凯翼汽车有限公司). Its initial registered capital of RMB 2 billion was held 50 percent by Chery Commercial Vehicle (Anhui) Co., Ltd., a wholly owned subsidiary of Chery Holding, 35 percent by Wuhu Construction Investment and 15 percent by Anhui Jiangbei Development. Kaiyi's own brand page gives the month: 「凯翼汽车成立于2014年1月，注册资本金47.27亿元」 — "Kaiyi Automobile was established in January 2014, with registered capital of RMB 4.727 billion" — the capital figure being the present one, after later increases.
2. 2017 Kaiyi came under Chery Automobile itself in October 2017, when the company bought out the three original shareholders and took 100 percent of it: RMB 1,007.525 million was paid in cash and the identical sum owed to Chery Commercial Vehicle was settled against inter-company balances. Chery then increased Kaiyi's capital in kind, in intellectual property, in proprietary technology and in shares, lifting the registered capital to RMB 3.166 billion. The tracking rating report on Chery for that year records the step as 「2017年10月，公司取得宜宾凯翼100%股权」 — "in October 2017 the Company acquired 100 percent of the equity of Yibin Kaiyi". Chery held Kaiyi outright for about two months. Until this point Kaiyi had sat under Chery Holding rather than under the listed company, through Chery Commercial Vehicle (Anhui); none of the three selling shareholders is collected here.
3. 2017 Chery lost control of Kaiyi in December 2017, two months after taking it over outright. It agreed the transfer of 51 percent to Yibin Automobile Industry Development Investment Co., Ltd., which took 50.50 percent, and Sichuan Yibin Push Group Co., Ltd., which took 0.50 percent, for RMB 2,493.986 million at a valuation filed with the Wuhu state assets commission; Chery was left with 49 percent and booked investment income of RMB 862 million on the disposal plus a further gain of RMB 863 million on remeasuring the residual holding at fair value. The tracking rating report on Chery is explicit about both the date and the effect: 「2017年12月出售宜宾凯翼51%股权，丧失对其控制权」 — "in December 2017 it sold 51 percent of Yibin Kaiyi and lost control of it" — and 「截至2017年12月29日，公司已全额收到本次股权转让款」, "as at 29 December 2017 the Company had received the transfer price in full". Kaiyi's own account agrees: 「2017年12月，凯翼汽车股权变更后迁入宜宾，更名为“宜宾凯翼汽车有限公司”」 — "in December 2017, after the change of shareholding, Kaiyi moved to Yibin and was renamed Yibin Kaiyi Automobile Co., Ltd." Chery is still named on Kaiyi's own list of shareholders, but Kaiyi appears nowhere in Chery's 2025 listing prospectus or its 2025 annual report. Neither buyer is collected here.