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On March 10, a message was quietly announced on the website of the Zhengzhou Municipal Government: February 28, 2007, President Hu Qun of Hainan Automotive Group (hereinafter referred to as “SAIC Groupâ€) and General Assembly Deputy Director of the State-owned Assets Supervision and Administration Commission of Zhengzhou An agreement was signed to transfer the state-owned property rights of the Zhengzhou Light Vehicle Manufacturing Plant (hereinafter referred to as “Zhengzhou Light Automobileâ€) to the Haima Group. This means that the SAIC Group, which has already established a research and development company in Shanghai, has completed the industrial layout of the “three-legged†companies in Hainan, Shanghai, and Zhengzhou.
Zhengzhou light steam as a whole transfer
In May 2006, it was reported that SAIC Motors had to carry out strategic cooperation with Zhengzhou Light & Gas, but the situation has not been clear.
On January 17, 2007, the listing notice of Zhengzhou Property Rights Trading Center showed that: on August 31, 2006 as the benchmark date, the assets of Zhengzhou Light & Gas totaled 10,644,800 yuan, liabilities totaled 76,745,500 yuan, and net assets stood at 29,969,300 yuan. Yuan; The registration deadline for the transferee is February 25, 2007.
On February 28, on the third day after the registration deadline, the group’s president, Hu Qun, came to Zhengzhou to sign the M&A agreement.
“The negotiations between the SAIC Group and the Zhengzhou Municipal Government have been in place for a long time. The listing is just a form of walking.†A person from the automotive industry in Henan Province told reporters yesterday, “Before Zhengzhou Light Steam was listed, Zhengzhou Light Automotive completed the replacement of employees. , And Zhengzhou City SASAC also took over 20% of the shares of Zhengzhou Light & Gas Co., Ltd. from Dongfeng Co., Ltd., and the state-owned shares of Zhengzhou Light-duty Truck became 100%, which paves the way for the entry of SAIC Group.â€
It turned out that Zhengzhou City SASAC and Dongfeng Electric respectively occupied 80% and 20% of the shares of Zhengzhou Light & Gas. On October 15, 2004, Zhengzhou Light & Gas sold 16% of its 35% stake in Zhengzhou Nissan to Dongfeng shares for a price of 110 million yuan.
The public information shows that as of June 30, 2004, Zhengzhou Light & Gas had owed a debt of RMB 196.5 million to Zhengzhou's daily production and promised to pay off at the end of 2007. As a result, it mortgaged land, buildings and equipment to Zhengzhou Nissan, but it was not enough to cover all the arrears. Dongfeng Corporation pledged some of the remaining debt for Zhengzhou Gasoline, while Zhengzhou Light & Gas pledged its remaining 19% of the Zhengzhou Nissan equity to Dongfeng.
According to the above analysis of the automotive industry in Henan Province, from the perspective of capital and creditor relationship, Dongfeng shares are most likely to acquire Zhengzhou Light & Gas. If Zhengzhou Light & Gas is acquired, Dongfeng will own 70% of the shares in Zhengzhou Nissan, and the remaining 30% will be owned by Nissan. If Dongfeng shares abandons Zhengzhou Light-duty Vehicle, then in the two companies Zheng Guang and Zhengzhou Nissan, it will enter a new shareholder, which is probably the situation that Dongfeng shares would not like to see.
“The key is the attitude of the SASAC of Zhengzhou City,†said the above sources. “Jing Zhu, Chairman of the SAIC Group, has the investment capacity and the background for the production of passenger cars, and Jing Zhu himself is a native of Lankao County, Henan Province, with a unique geographical advantage.â€
“It is difficult to imagine that the southernmost endpoint in China can meet the demand for the expansion of production capacity of SAIC Motor. Regardless of the logistic cost of production factors or the sales market, the acquisition of Zhengzhou Light Automobile and the layout of the Central Plains is a case for SAIC Motor Corporation. Inevitably.†Zhong Shi, a senior analyst in the automotive industry, told reporters.
It is quite interesting that the specific transaction price of the Zhengzhou Light Automobile's listing sale is still a mystery. The reporter interviewed Zhengzhou SASAC, Zhengzhou Light-duty Auto and SAIC Group, and the three parties refused to disclose the transaction price.
“It is probably the first 50,000 van project. Zhengzhou Light Automobile has qualifications; how to develop it in the future is not on a sedan. It is a high-level thing and it is not disclosed at present.†March 13, Zhengzhou Automobile Industry Development Leading Group A staff member of the office told the reporter.
However, the above-mentioned person from the automotive industry in Henan Province told reporters that the production of sedan cars by the SAIC Group in Zhengzhou is a matter that will be realized sooner or later in the next two to three years. The amount of investment will be “a few billion dollarsâ€. At present, Zhengzhou and Henan have not been included in the catalogue of China's automobile industry. The introduction of SAIC Group also highlights the urgent need for local governments to develop the car industry.
The initial layout of the sea steam
In November 2006, 100% equity of Shanghai Haima Motor R&D Co., Ltd. (hereinafter referred to as “Hippocampus R&Dâ€) was acquired by Haima Shares. Almost all of the technical backbones of FAW Haima Automobile Co., Ltd., including an assistant director of Zhengzhou Light Automobile Co., Ltd. Transferred to work in Shanghai. Moreover, since last year, Shanghai Haima Automobile R&D Co., Ltd. has been continuously recruiting talents on a large scale throughout the country and has now expanded to 600 people. In November last year, Tan Jimin, executive deputy general manager of FAW Haima Automobile Sales Co., Ltd., revealed to the media that within three to five years, Haima will invest 2.5 billion yuan for product research and development.
Embarking on the road of independent development, Haiqi Group plans to launch a more upscale H1 sedan (with an expected market price of 100,000 to 140,000 yuan) in the first half of this year after the second generation of Fukemi (80,000 to 110,000 yuan in market price). As well as the old Fumei-Lai equipped with domestic engines (the market price is expected to be 60,000 to 90,000 yuan), it will also introduce a modified version of the Premarin sedan, which will form a three-level configuration in the high, middle and low grades of the A-class vehicle market. Product system." A staff member of Haima R&D told the reporter that if these new models are to be brought to the market, it is necessary for SAIC to expand its production capacity as soon as possible.
Obviously, Zhengzhou, Hainan, and Shanghai have now constituted the three-legged “Three-Lead†of the SAIC Group in the country.
Almost at the same time as the internal integration of SAIC Group, Zhengzhou Light & Gas is also accelerating its own product structure. The People's Government of Zhengzhou City announced the "Circular on Release of the First Major Construction Projects of Zhengzhou City in 2006" (hereinafter referred to as the "Notice"). Among them, the total investment of Zhengzhou Light Automotive to promote pickup truck production is approximately RMB 206.5 million. The technical reform project is on the list.
"After completion of the project, it is expected that in 2010 it will reach an annual production capacity of 20,000 pick-up trucks, and realize an annual sales income of 1.14 billion yuan (an additional 900 million yuan)," the "Notice" shows.
However, in October 2006, the relevant notice of the Zhengzhou municipal government stated that the Zhengzhou light-duty gas technical transformation project was no longer included in the management of the 2006 key city construction projects.
According to the above-mentioned Henan automotive industry sources, the Zhengzhou municipal government made this decision, one is that Zhengzhou light steam's funds are tight, and the second is that the reorganization party has not been finalized, "after all, we must consider their strategic intentions and the other's combination."
The above-mentioned hippocampus research and development staff said that the full and reasonable use of existing production facilities is definitely the next step for them to do. Even if Zhengzhou Light Automobile sets up a family car in the future, the technical transformation of the pickup truck production line will not be difficult.