On March 17, the rumors that the Shandong State-owned Assets Supervision and Administration Commission actually controlled the shares of Shantui will be transferred to Weichai Power. Weichai Power externally stated that “the company and its controlling shareholder Weichai Holdings did not plan to negotiate the above assets reorganization, nor did they sign the relevant intentions, agreements, etc. The company and its controlling shareholder Weichai Holdings promised: There will be no planning for the above matters in the next three months." Despite this, many people in the industry interviewed believe that the Weichai Holding Group, the controlling shareholder of Weichai Power, will predict the integration of upstream and downstream industrial chains for auto parts in Shandong Province, and this announcement has not changed. “Weichai Holdings has come forward to integrate the upstream and downstream industrial chains in line with the integration of state-owned assets in Shandong Province, and it is also possible to re-allocate resources after the integration to achieve synergistic effects.†Wang Liusheng, senior analyst at China Merchants Securities Automotive and Parts, told this reporter analysis. Look at the "clarification" of the flowers in the fog “While both Weichai Power and Shantui have made clarifications, we believe that future integration is still possible, at least in form.†Wang Hexu, a senior analyst at Pingan Securities Machinery Industry, told this reporter. Wang Hexu refers to the "formally", which refers to the cross-shareholdings of Weichai Power and Shantui Stock. "There are a lot of Japanese companies that cross-share this way to get into the same model as a consortium," said Wang Hexu. However, a local person in Shandong disclosed to the reporter privately that if the integration is not just such a simple transfer of the controlling share of Shantui, the Shandong Provincial State-owned Assets Supervision and Administration Commission will lead and promote the integration of Weichai Holdings into Shangong Group. Of course, this includes equity transfer of Shantui Shares. The idea of ​​the Shandong State-owned Assets Supervision and Administration Commission is to allow Weichai Holdings to come forward and integrate the industrial chain so as to create a large industrial group. It is understood that ShanGong Group and Weichai Holdings are the controlling shareholders of Shantui and Weichai Power, respectively, and both of these groups are wholly owned by the Shandong State-owned Assets Supervision and Administration Commission. Among them, in addition to controlling the Shantui shares of listed companies, ShanGong Group also controls Shandong Lingong Construction Machinery, Shandong Zhongyou Construction Machinery, Shandong Shantui Machinery, Taian Lifting Machinery and Shangong Investment. “I think the integration path of manufacturing in Shandong Province is similar to the integration of Xiamen.†Liu Rong, chief analyst of machinery industry at China Merchants Securities, told this reporter, “But I think that this company is solely based on Shantui’s listed company. It does not constitute substantial good." Liu Rong believes that Weichai Power is relatively strong. Once Weichai Power controls the shares of Shantui, the strategy of Shantui will be affected by Weichai Power, and Shantui will become a division of Weichai Power. The future development of Shantui may not be a good thing. However, Wang Hexu believes that integration is "meaningful." “After the integration, there will not be any changes in Shantui immediately, because Weichai Power is originally a supporting manufacturer of Shantui, but it will communicate more closely and even develop together, and Shantui may use Weifang’s power better. Sales channels to expand the market." In addition, Wang Hexu also believes that "it can prevent Shantui from being maliciously acquired." In fact, Shantui’s shares with Weichai Power’s “cockroach†started last year. On October 18 last year, Shantui announced that the company’s executive deputy general manager, Jiang Kui, resigned due to job transfer. Today, Jiang Kui’s news of taking up Weichai has been reported publicly. His current position is Deputy Party Secretary and Deputy General Manager of Weichai Holding Group. The company’s senior executive who has just graduated from Tsinghua University and has achieved fame in the automotive industry has been favored by Tan Xuguang, chairman of Weichai Holding Group. Industry analysts believe that this provides favorable conditions for the strategic restructuring of both parties. Great Unification Path Since 2006, when the Hunan Torch Torch A shares were merged to complete the share reform and the "homecoming of returning homes" has achieved the A-share listing, Weichai Power's "Figure Ba" ambition has gradually emerged. Tan Xuguang, chairman and CEO of Weichai Power, who claimed to “have a year to do a major eventâ€, again made an astonishing move in January this year. On January 23, Weichai Power (Hong Kong) International Development Co., Ltd., a subsidiary of Weichai, obtained the assets of French MOTEURS BAUDOUIN Co., Ltd. through auction. The company has a price of 2.99 million euros and a book value of approximately 13.8177 million euros. This is the first company to buy overseas auto assets in this round of financial crisis. In 2008, Weichai's sales revenue reached 49 billion yuan. Tan Xuguang hopes that in the next three years, Weichai can break through the 100 billion yuan annual revenue this time. How to break through this "can", Tan Xuguang laid two strategic channels. Internally, it emphasizes independent innovation and responds to changes in the market with a series of product lines. The second is the expansion of geometric numbers through acquisitions. From the current environment, integration and acquisition may be the most realistic. "To build a complete industrial chain is the idea of ​​Weichai's power integration, but it is more difficult to rely solely on the company itself to achieve. It needs the support of the local government in Shandong, which is also in line with the state-owned capital integration strategy of the Shandong provincial government." Wang Liusheng believes. In fact, in the integration of ideas, Shandong Province SASAC is quite clear. Last year, the basic goal of the Shandong Provincial State-owned Assets Supervision and Administration Commission was “to further optimize the state-owned economic structure by 2010, and to basically achieve the concentration of state-owned capital into advantageous industries, dominant enterprises, and the main businesses of enterprises. The series of integration that Weichai Holdings is instigating and will instigate is clearly in line with the spirit of Shandong Provincial SASAC. The reporter was informed that the reorganization of Weichai Holdings and Shandong Automotive Industry Group had been secretly advancing as early as two years ago, and the restructuring with Sangong Group has also begun to be put on the agenda. It is understood that Yantai Automobile Factory (Yaman Automobile), a subsidiary of SAIC Motors, has a heavy-duty truck catalogue. The Zhongyou Group's Zhongyou Machinery and Shantui Group's production of excavators and bulldozers, respectively, can all be used downstream in the industry chain. Extended effective breakthrough. “The joint reorganization of Weichai Power and Shandong Automobile Industry Group and Shandong Construction Machinery Group (abbreviated as ShanGong Group) has been basically determined and included in the “Shandong Provincial Automobile Industry Adjustment and Revitalization Planâ€.†Shandong Automotive Industry Association Secretary-General Wei Xueqin once told reporters. As early as March 4th, Shandong Province made it clear that it would give priority to support the joint reorganization of Weichai Power, Shandong Automobile Group and ShanGong Group, and cultivate eight to ten large-scale enterprise groups with strong competitiveness, including operating income Two hundred billion yuan. If the above reorganization is completed, Weichai Power will develop from a power supplier to a complete system component supplier and become an important production base for international heavy-duty vehicles, construction machinery and engines. According to local informed sources in Shandong, three companies or groups will be built into a “China Heavy-duty Group Corporationâ€. "Once the integration is completed, resources can be redistributed on the industrial chain and coordinated operations can be conducted to create a more favorable situation." 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