On October 15, according to the news released by the Supreme People's Procuratorate, the Shanghai procuratorate prosecuted Chen Demei on suspicion of accepting bribes and illegally making profits for relatives and friends in accordance with the law.
According to the circular, Chen Demei, former vice president of SAIC Motor Group Co., Ltd., was suspected of accepting bribes and illegally making profits for relatives and friends, and the First Branch of the Shanghai Municipal People's Procuratorate filed a public prosecution with the Shanghai No. 1 Intermediate People's Court in accordance with the law. The case is being further processed.
The First Branch of the Shanghai Municipal People's Procuratorate indicted and charged: Defendant Chen Demei took advantage of his position to seek benefits for others and illegally accepted property from others, the amount of which was particularly huge; Purchasing commodities from units operated and managed by one's relatives and friends at prices that are clearly higher than the market price, causing major losses to the interests of the state, shall be investigated for criminal responsibility for the crimes of accepting bribes and illegally making profits for relatives and friends in accordance with law.
According to public information, Chen Demei was born in October 1962, a member of the Communist Party of China, graduated with a master's degree in business administration, and is a senior economist.
Looking back on Chen Demei's work experience, he joined the work in August 1984 and has held various positions in SAIC, including deputy manager and manager of the economic operation department of Shanghai Automotive Industry (Group) Corporation, manager of the economic operation department and manager of the quality and economic operation department of SAIC Motor Group Co., Ltd., executive director of the quality and economic operation department of SAIC Automotive Industry (Group) Corporation, deputy chief economist of SAIC Motor Co., Ltd. General Manager of Shanghai Huizhong Automobile Manufacturing Co., Ltd. and General Manager of Shanghai Wanzhong Auto Parts Co., Ltd., Vice President of Shanghai Automotive Industry (Group) Corporation and General Manager of Automobile Service Trade Division.
In January 2012, Chen Demei was appointed vice president of SAIC Motor Group Co., Ltd., a position he held for 11 years until his resignation in April 2023. At that time, due to retirement, Chen Demei resigned as vice president. The annual report shows that Chen Demei's salary in 2023 will be 2.7351 million yuan.
A year after her resignation, Chen Demei was investigated on suspicion of serious violations of discipline and law. In April 2024, the Shanghai Municipal Commission for Discipline Inspection and Supervision reported that Chen Demei, former vice president of SAIC Motor Group Co., Ltd., is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and supervision investigation by the Shanghai Municipal Commission for Discipline Inspection and Supervision. In August 2024, the Shanghai Municipal Commission for Discipline Inspection and Supervision notified that Chen Demei, former vice president of SAIC Motor Group Co., Ltd., was expelled from the party and cancelled his retirement benefits for serious violations of discipline and law. In September 2024, the First Branch of the Shanghai Municipal People's Procuratorate made a decision to arrest Chen Demei on suspicion of accepting bribes and illegally making profits for relatives and friends in accordance with the law.
SAIC Motor is the largest automobile manufacturer in China, and its major vehicle companies include Zhiji Automobile, SAIC Passenger Vehicle Branch, SAIC Volkswagen, SAIC-GM, SAIC-GM-Wuling, SAIC Maxus, etc.
According to the annual report, SAIC's total operating income in 2023 will be 744.71 billion yuan, a year-on-year increase of 0.09%; net profit attributable to shareholders of listed companies was 14.11 billion yuan, down 12.48% year-on-year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 10.04 billion yuan, a year-on-year increase of 11.71%.
According to the latest interim financial report in 2024, SAIC achieved operating income of 28.47 billion yuan during the reporting period, a year-on-year decrease of 12.82%; net profit was 6.627 billion yuan, down 6.45% year-on-year; The net profit after deduction was 1.020 billion yuan, down 82.00% year-on-year.
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