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At 10:00 a.m. yesterday morning, the first case of reorganization of the central automobile industry, which has long been widely circulated in the industry, has finally come to light. With Xu Bin, General Manager of China North Industries Group Corporation (hereinafter referred to as the China Military Equipment Group) and Lin Zuoming, General Manager of China Aviation Industry Corporation (hereinafter referred to as Aviation Industry Corporation) on behalf of the two parties respectively signing the reorganization agreement, so far the scale of the automobile between the central enterprises The biggest strategic reorganization was announced.
According to the reorganization plan signed on the same day, AVIC allocated the shares of Changhe Automotive, Hafei Motors, Dongan Power, Changhe Suzuki and Dongan Mitsubishi to China Changan Automobile Group under the China Military Equipment Group; 23% of the Group’s equity is allocated to AVIC. The two groups reorganized the establishment of the new China Changan Automobile Group Co., Ltd. (hereinafter referred to as the new Changan Automobile), the Corps Holding Group held 77% and AVIC held 23% of the shares.
The new Chang'an target locks in 2020
On March 20 this year, the General Office of the State Council promulgated the "Auto Industry Adjustment and Revitalization Plan" (hereinafter referred to as the "Planning") and explicitly proposed "merger and reorganization" as one of the eight goals of the plan. "Through mergers and reorganizations, 2-3 production and sales will be formed." The large-scale automobile enterprise group with a scale of more than 2 million vehicles and 4-5 automobile enterprise groups with a production and sales scale of more than 1 million.†As one of the major tasks of industrial adjustment and revitalization, the “planning†also proposes “to encourage FAW, Dongfeng, Large auto companies such as SAIC and Changan have implemented mergers and acquisitions nationwide and supported auto companies such as BAIC, GAC, Chery and CNHTC to implement regional mergers and acquisitions.†For the first time, Changan Automobile ranks first in the Chinese automotive industry.
Thanks to the promotion of the national policy and its own efforts, Changan Automobile can live up to expectations. In the first three quarters of the national auto market sales increased by 34%, Changan Automobile rose by more than 50%. According to the latest statistics from the China Association of Automobile Manufacturers, from January to October, Changan Automobile achieved sales of 1,116,500 vehicles, ranking fourth in sales among the top ten car companies.
According to Xu Bin, general manager of China Armed Forces Group and chairman of Chang'an Automobile Group Co., Ltd., in the next three years, the new China Chang'an Automobile Group will fully assemble, consolidate, and expand the automobile industry resources of both parties, with energy conservation and environmental protection and new energy vehicles as the Breakthroughs, further enhance the ability of independent innovation, to provide consumers with more energy-saving environmental protection, safe fashion, affordable products. At the same time, deep professional management, extensive capitalization operations, and industrial chain operations have been implemented to achieve a breakthrough. According to the long-term development prospects of the new Changan Automobile, the company will have sales of more than 2.6 million vehicles by 2012. It will initially have the ability to participate in the international mainstream auto market competition; by 2020, a relatively complete product series will be formed and independent brands will enter the high-end market. The total vehicle sales reached 5 million.
Management optimistic about the restructuring of the central automobile industry
On October 20th, the annual output and sales volume of China's auto industry, which exceeded 10 million vehicles for the first time, is in a critical period of transition from a large automobile country to a powerful automobile country. The annual production and sales capacity of 10 million vehicles indicates that China’s automobile development has leapt to a new height, and China has become the world’s third largest automobile producer after the United States and Japan. At the same time, China’s automobile companies are numerous, distracted, and their overall strength is weak. In particular, the weak status quo of core technologies and R&D capabilities has not yet been fundamentally changed.
At the signing ceremony, Shao Ning, deputy director of the State-owned Assets Supervision and Administration Commission of the State Council, pointed out that “the global automotive industry has seen an inflection point and China’s economic growth is picking up. The development of the auto industry is at a critical stage. Faced with rare opportunities for development, China has become a Car big powers, but not yet a car powerhouse, so on the basis of national policy promotion, market leadership, and corporate voluntariness, the integration and restructuring of China's auto enterprise groups is imperative." Based on this judgment, as a supervision of the central state-owned enterprises The agency, Shao Ning expressed support for the restructuring of the central SOEs on behalf of the SASAC.
Miao Wei, vice minister of the Ministry of Industry and Information Technology, also gave high praise to this time for the CNG and AVIC to restructure the new Changan Automobile. “The China Weaponry Equipment Group and China Aviation Industry Corporation have established a new China Chang’an Automobile Group Co., Ltd. through restructuring, which is The implementation of the State Council’s auto industry adjustment and revitalization plan is an important measure for promoting China’s auto industry to accelerate structural adjustment and enhance international competitiveness.â€
The new Chang'an Auto will have complementary advantages
Before the reorganization, Changan Automobile had five automobile production bases, 14 automakers, and 22 parts and components companies. Compared with the scale of production capacity of 1.6 million vehicles (sets) for complete vehicles and engines, the product lineup of the new Changan Automobile is even greater. Improve and optimize the strategic layout. There are 9 large vehicle production bases in the country, including Chongqing, Heilongjiang, Jiangxi, Jiangsu, Hebei, Anhui, Shanxi, Guangdong, and Shandong. There are 21 vehicle factories and 27 directly-affiliated companies. The engine has an annual production capacity of 2.2 million units (Taiwan), and has overseas bases in countries such as Malaysia, Vietnam, Iran, Ukraine, etc. It has become the most widely-owned Chinese auto enterprise group, and the agglomeration effect of China's auto industry's advantageous resources will be fully realized. The most effective magnification.
After the merger and acquisition of the new Changan Automobile has formed its own competitive advantage, Xu Liuping, deputy general manager of the China Ordnance Equipment Group and president of China Changan Automobile Group Co., Ltd., responded to a reporter's question and said that the newly formed Changan Automobile will adhere to several major guidelines: "First, the advantages. Whether it is the armed vehicle industry or the aerospace automobile industry, each has its own advantages. Second, cooperation and win-win results. We have adopted a series of cooperation, both at the level of the two auto groups and in the automotive industry. Third, realize the dream, all the resources in the new Chang’an Group can fully flow, and this full flow ensures that our range of resources can play a good role. We have turned the original armored car business and the avionics business into a family, which is conducive to the integration of our previous strengths and the previous elemental resources so that we can achieve a new development." At the same time, Xu Liuping is also special. Emphasizing that in terms of corporate culture, the strong military background of both parties will be The restructuring brings good foundation.
Independent innovation and joint venture cooperation
Although at the press conference, both parties did not disclose the amount involved in the restructuring plan, the newly established Changan Automobile’s development target of 3 million vehicles for 5 years and 5 million vehicles for 10 years still makes people see the coming domestic A pole that has a huge impact on the automobile industry landscape is emerging.
Regarding the positioning of the new Changan Automobile and the future development direction of the parties, as the president of the new Changan Automobile, Xu Liuping also responded in an interview. “For the development of the new Changan Automobile Group, the goal is to make the new Chang’an Automobile Group The entire international automobile industry occupies a certain position, and the two major shareholder requirements are to form '1+1>2', and to give full play to its advantages in resources integration, so that we must move toward world-class automotive companies. This is our goal. As for the establishment of Changan, we will not be biased on both sides. On the one hand, we will create independent innovations, and on the other hand, we will have joint ventures and cooperation. We are walking on two legs, and we are firmly committed to the new Chang’an Group. Legs walking, independent brands and independent innovation are undoubtedly important considerations for us, and we will continue this idea and put our independent innovation and technological capabilities on our most important foundation. To adapt to the market, we can produce more products."
For the role of AVIC in this reorganization, Vice President of AVIC and Li Fangyong, Chairman of AVIC, responded positively: “This reorganization does not mean that AVIC will divest the automobile business. In the future, we will adopt the status of a shareholder. Shareholders and the board of directors participate in the company's operations and decision-making.As for the business of sedan and mini-vehicles, after we participate in the reorganization, other auto businesses will continue to be an important product area in our group's development strategy and will be further developed. â€
Market influence
Integration does not improve the performance of Changan Automobile
This integration has significantly changed the pattern of the domestic auto market, and the production scale of the new Changan Automobile will be significantly expanded, and will be directly squeezed into the top three in domestic auto production.
According to statistics from the China Association of Automobile Manufacturers, before the integration, from January to October this year, SAIC ranked first in sales volume of 2,179,600 units, FAW ranked second in terms of 1,561,700 units and Dongfeng ranked 1,499,000 units. Third, Changan Automobile ranked fourth with sales of 1,116,500. After the integration, Changan Automobile, together with Hafei and Changhe vehicle sales, will sell 1.527 million new Changan automobiles in the first ten months of this year, which has surpassed Dongfeng and ranked third.
In addition, mini-vehicle sales statistics from January to October this year show that this year's domestic micro-vehicle business growth is particularly evident by the impact of this year's auto-to-country policy. Among them, SAIC-GM-Wuling increased by 65.7% year-on-year and led the sales of 841,700 units. The Changan mini-vehicle increased by 82.82% year-on-year, ranking second with 575,000 vehicles. With the mini-vehicle sales of Hafei and Changhe, the sales of mini-cars of the new Changan Automobile will reach 810,000, which is already approaching that of SAIC-GM-Wuling. Sales volume.
Analysts believe that although there is a significant expansion in the scale of production, Changan Automobile Group, which directly accepts asset injections, may not be significant for its listed company Changan Auto's performance and share price increase.
The auto industry analyst, who did not wish to be named, said in an interview with the China Daily News reporter: “Not to mention, this mainly comes from the government-level integration, which involves more adjustments and break-in links. This process cannot be completed immediately, so from the scale On the other hand, integration certainly has a positive effect, but it is difficult to determine the specific performance. This depends on the speed and perfection.
Wang Liusheng, an automotive analyst, directly stated that “the infusion of CNAC’s auto assets into Chang’an Group will not improve the performance of listed companies, but also due to poor asset qualification and difficulty in integration, which is expected to increase the complexity of Chang’an auto management.â€
Shanghai GM executives told the China Daily News reporter: “We are not very worried about whether this integration has achieved satisfactory results. We need to look at the integration capabilities of the Chang’an Auto Group. This is not an executive order.â€