Zuo Yanan, chairman of Jianghuai Automobile, has been very busy lately. On the one hand, he has mediated with the Anhui Provincial Government on the restructuring of Chery Automobile. On the other hand, he is also figuring out a new outlet after the transformation of Jianghuai Automobile.
On July 29, Jianghuai Automobile announced that it denied that it would reorganize with Chery Automobile. In response, Jianghuai Automobile insiders told Investor that "this is just a routine announcement. The reorganization of the two auto companies has basically been 'finished.'" For Yin Yanan, the chairman of the board of directors of Zuo Yan'an and Chery Automobile, the reorganization of the two sides is more about the will of the government.
On the eve of the large-scale restructuring of the Chinese automotive industry, China’s four small car groups (hereinafter referred to as the “Four Small Group, Beijing Automotive, Guangzhou Automobile, Chery, and Heavy Truckâ€) have already planned their own future growth and put into action.
Liu Tienan, deputy director of the National Development and Reform Commission, said that this year's Chinese auto companies have a heavy task of mergers and reorganizations. At present, if Guangdong and Hunan provinces can be reorganized, then other places should also be able to do so. From this point of view, the first place after the center is an important idea for the reorganization of automobiles. Therefore, the reorganization of the "four smalls" will be more frequent and solemn than the "four big ones."
"Four Small" Struggle as Leading Role
Industry insiders speculated that the assets involved in the S4 Group and the related restructuring parties will exceed RMB 300 billion, but this is only the prelude to the restructuring of the Chinese auto industry. The assets of the auto companies involved in the reorganization will exceed RMB 1 trillion in the future.
The reorganization of S4 Group kicked off the reorganization of Changfeng Automobile by GAC Group. After that, it also reported that Beiqi Holding had acquired the cooperation project between Fuqi Group and Daimler (hereinafter referred to as Daimler).
On August 18, Beijing Auto Group spokesman Wang Hong told Investor that there is no exact time for restructuring Daimler. However, industry insiders told Investor that one of the main reasons for BAIC to restructure the project is to extend the project to extend the commercial vehicle production line of Foton Motor.
At the same time, Guangzhou Automobile Group suspended the project to discuss Southeast Automobile, a subsidiary of the Fuqi Group. According to sources, BAIC intends to reorganize the entire bunker group, perhaps because of GAC Group's "hand in hand," to take the lead to Daimler.
Market analysts believe that Zhang Fangyou, chairman of GAC Group, has a strong interest in Mitsubishi Motors after he became a shareholder of Changfeng Motor, and the fastest way to get in touch with Mitsubishi Motors is to participate in restructuring Southeast Automotive. The reason is that although Changfeng Motor and Mitsubishi Motors have signed five technology transfer agreements, three of them have already expired when the Guangzhou Automobile Group enters. Different from the resources of Southeast Auto, Mitsubishi Motor currently holds a 25% stake in Southeast Motor, indirectly holds (Mitsubishi Motors holds 14% of China Motor, and China Automotive holds 25% of Southeast Motor) 3.5%. The total is about 30%. Who will take over the Fuqi Group in the future, who will become an important partner of Mitsubishi Motors in China?
According to people familiar with the matter, “Investor Daily†stated that Mitsubishi Motors is not enthusiastic about Guangzhou Automobile Group, and perhaps this is one of the reasons why Zhang Fang has suspended the Southeast Motor Project.
In addition to the battle of Fuqi, another news is that CNHTC has absorbed and merged Zhongtong Bus. This is also a case of a "Lang-Lang match" by the Shandong provincial government. Although the objective of CNHTC is to continue to maintain the heavy truck business in a dominant position in China, and to seek a higher position in the global heavy truck industry, for the Shandong provincial government, the integration of automobile resources in the region is the most important. important.
On August 18, Sinotruk insiders told Investor that the listed companies did not participate in the restructuring of the bus. He said that the matter is not clear. The Zhongtong Bus directly stated that it is not yet known about this matter.
Informed sources disclosed that for Zhongtong Bus, being restructured by Sinotruck, although it will lose autonomy, it can solve its shortage of funds and can continue to be the leading position in electric new energy buses. The other reason why the Shandong provincial government eagerly allowed China National Heavy Duty Truck Group to restructure Zhongtong Bus is that although the current restructuring of the Chinese auto industry has not involved the passenger car industry, the full integration of the passenger car business may be triggered. Restructuring ahead helps the company's future development status.
Judging from the current situation, the Group's reorganization of the "Gossip" in many small groups is the Guangzhou Automobile Group and Beijing Automotive Holdings. However, after the Guangzhou Automobile Group bought shares in Changfeng Motor, news of the shares of Gio Motors came again.
The biggest goal of GAC Group in this round of restructuring is to expand its production capacity and R&D level through restructuring. For Gio Motors, for GAC, neither accounted for the same. According to auto industry sources, the Gonow car is not very large at present, but it does not actually have the value of reorganization. Before that, there was no precedent for the reorganization of private auto companies by state-owned auto companies.
On August 11th, Guangqi Group spokesman Deng Wei told Investor that there was no definitive news about the reorganization of Gio.
As for the restructuring of GAC and Brilliance, she also stated that she did not understand the specific progress. According to an insider of the GAC Group to Investor News, GAC Group and Brilliance Automotive have long been in touch with each other on the issue of restructuring. Even Zhang Fangyou had sent a leadership team to Shenyang to take over the Huachen Automobile in its entirety. The Liaoning side finally failed to agree with Zhang Fang’s strategy. According to informed sources, the two sides have now changed their restructuring strategy and further contacted them.
The reorganization of the four small groups has begun.
Good show will be staged
At present, the biggest obstacle to the reorganization of the Chinese auto industry is that local governments are not willing to let go of their vested interests - taxes. Automobile companies are the major taxpayers of many local governments. Therefore, despite the reorganization of the Chinese automobile industry for a long time, progress has been limited.
According to statistics, at present there are more than 130 Chinese auto companies. By the end of 2008, the top 10 sales companies had sold 7,820,100 vehicles, accounting for 83% of China's total automotive industry. The remaining 100 companies had sales of about 1.6 million vehicles. About one and a half vehicles, each accounted for only 13,300 vehicles.
According to the survey, the production capacity of 14 major automobile companies in China will reach 15.8 million in 2010. These measures have made many small car companies have no place to live.
National Securities analyst Cao He told Investor that in the second half of 2009, China's auto industry will usher in the climax of restructuring. For S4 Group, Beiqi Holding has the largest production capacity, while GAC Group has strong capital and advanced passenger car technologies. It can be said that each has its own advantages; and Jianghuai Automobile and Chery Automobile, because the Anhui Provincial Government is in "So the time for restructuring will not be too long.
For the Anhui provincial government, the two major automobile companies in the province can be merged to form a single company. The new group will be able to achieve an annual production capacity of over 1 million units and secure the core position of the Fourth Group. According to a person familiar with JAC, it was reported to Investor that the original passenger car of JAC was a short board. Since the beginning of this year, its car business has developed rapidly and its benefits have been obvious. The new energy bus of Ankai bus is also expected to obtain a substantial return in the second half of this year. At this point, Jianghuai Automobile has initially realized the development plan of the full range of models.
Compared with Chery Automobile, in addition to the advantages of the full range of models, the Jianghuai Automobile has a relatively thick capital chain and a limited demand for restructuring. However, Chery Automobile is different and has developed rapidly over the years, and its capital chain has long been worrying.
Jianghuai Automobile insiders said that the reorganization with Chery Automobile is not to pursue short-term corporate profits, but for long-term development goals. The attitude of Jianghuai Automobile apparently meets the requirements of the Anhui provincial government. In May of this year, the Anhui Provincial Government issued a plan for the reorganization of auto companies under its jurisdiction, supporting a number of auto companies such as JAC, Chery, Valin, and Changhe to carry out joint restructuring within the province, and even formulated a reorganization schedule. In December this year began to implement the restructuring plan.
However, we must also realize that Chery cars that are actually short of money do not necessarily have to be restructured to solve the problem of the capital chain. By bank loans, they can also solve the problem of "tight money." "This depends on the attitude of the government." Guotai Junan analyst Zhang Xin told Investor that whether it is Chery Automobile or Brilliance Automotive, as long as the government "willingly help" and solve the tension in the capital chain, it should not be so difficult to imagine.
View related topics: China's auto industry recommence mergers and acquisitions wave
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