To the southeast car "for integration "

Recently, Dongfeng Motor reported the news inside: Dongfeng Motor Company wants to restructure Southeast Motor. This is the most important auto group in Southeast China's "pursuers" following Beiqi and Guangzhou Automobile.

Comments: In recent years, the development of Dongfeng Motor has been very smooth and cautious. Apart from starting its own brand Aeolus, almost no new projects have been injected. And if the restructuring of Southeast Motor, Dongfeng Motor will be a rare big move recently. For Dongfeng Motor, while maintaining the existing pattern, it is most important to win the initiative in the competition among the three major auto groups. Especially for self-owned brand passenger vehicles as a top priority, in order to achieve the production and sales target of 2 million units in 2015, a new development idea is definitely needed.

Changan PSA officially approved

On July 12, Changan Peugeot Citroen Automobile Co., Ltd. (PSA) officially passed the examination and approval of the National Development and Reform Commission, which marked the comprehensiveness and substance of the joint venture between China Changan Automobile (Weibo) Group Co., Ltd. and the French PSA Peugeot Citroen Group. Sexual start-up phase. After approval by the National Development and Reform Commission, all operations of the new joint venture company were fully started. The Changan Peugeot Citroen Shenzhen plant is positioned to produce environmentally friendly light commercial vehicles and passenger vehicles. The first phase will build an annual production capacity of 200,000 complete vehicles and matching engines. In the future, the company will gradually increase production capacity and build new production bases in accordance with market demand.

Comments: China's approval of the new Shanghai automotive joint venture project has become increasingly stringent, but there are also many successful stakeholders. Following the approval of the FAW-Volkswagen South China Sea project and the Shanghai Volkswagen Yizheng project, the Changan PSA Peugeot Citroën joint venture project also received a formal approval from the National Development and Reform Commission. On July 9, 2010, Changan and PSA reached a joint venture agreement and will finalize on July 12 this year. Approved for exactly one year. Like the above two mass production expansion projects, the key to the approval of Chang'an PSA is to satisfy the government's requirements for the development of self-owned brands and new energy vehicles, and it has a stronger guiding significance for future joint venture projects with other vehicles.

The reorganization of FAW Group revealed

In the evening of July 1, FAW Car and FAW Xiali both announced that their reorganization plan of China FAW Group Corporation (FAW Group), the controlling shareholder, had been approved by the SASAC, and the two listed companies were again on July 12th. Late throwing out detailed acquisition report.

Comments: Changes in controlling shareholders, although it is just a seemingly simple asset movement, but this is FAW Group's first unveiled the mystery of FAW shares. The registered capital of the new company amounts to 78 billion yuan (the registered capital of FAW Group is only 3.8 billion yuan). The business scope is as complex as the same automobile group, covering everything from car manufacturing to electricity supply, advertising design production and publication, and labor service. Although a new joint-stock company was established, from the perspective of the current business scope of FAW, I am afraid that it will have to undertake FAW's huge main business and complicated historical responsibilities. If this is the case, FAW's rectification plan is merely a capital operation, and its dilemma of lack of integration has not been substantially improved.

Mercedes-Benz channel integration completed at the end

On July 16th, while the domestic high-profile C-Class Mercedes-Benz launched a high-profile listing, a message was circulating: Both shareholders decided to incorporate Beijing’s Mercedes-Benz’s sales market function into Mercedes-Benz’ China in view of the sluggish sales performance of Beijing Benz in the first six months. Sales Co., Ltd., this move will be implemented on August 1. Although this news means that Beijing Benz has given Mercedes Benz China free sales profits, its feasibility remains to be further researched, but the Mercedes-Benz China and Beijing Benz sales functions have become a general trend.

Comment: In fact, only by combining the domestic Mercedes-Benz and the imported Mercedes-Benz into the same interest community, all the above problems can be solved. Objectively speaking, BAIC and Daimler have set up 50 pairs of 50 sales companies independent of Mercedes-Benz China and Beijing Benz. Mercedes-Benz China is reluctant. From a current perspective, Mercedes-Benz imports contribute more to Mercedes-Benz sales in China 70%, sales and profits far exceed Beijing Benz. However, in the long run, domestic Mercedes-Benz will occupy 70% of Mercedes-Benz’s sales in the Chinese market in 2015. At present, the biggest obstacle or the most difficult problem to solve is the interest of Lixingxing. Whether Lixingxing should take shares and how many shares it owns in future sales companies is a thorny issue. According to public information, as the largest distributor group of Mercedes-Benz in China, Lixingxing owns 49% of the shares in Mercedes-Benz China. In 2010, Lixingxing relied on its main revenue of 39 billion yuan in the Top 100 Distributors of Auto Dealers Association. Second only to Huge and Guanghui, ranking third, but it is completely dependent on operating a brand - Mercedes-Benz - and the list of dealer groups.

Guangzhou Auto returns A-shares into hundred-day countdown

Before Changfeng Group was affected by the change, the overall listing plan of GAC Group was forced to make amendments. The outside world was worried that the company would therefore be under a lot of financial pressure. However, GAC Group temporarily eliminated people's doubts with practical actions. At the general meeting held by GAC Group and GAC Changfeng in recent days, the majority of the shareholders' support enabled both proposals to pass and made GAC again. In the next step, the company will report to the Securities and Futures Commission and wait for approval from the crucial government department.

Comments: Although GAC Group's profitability ranks in the forefront of the industry, as the pace of expansion accelerates, multiple projects need to invest simultaneously. Since 2009, GAC has successively acquired Changfeng Automobile and Gonow Automobile. The preliminary investment is estimated to be more than RMB 1.6 billion. At the same time, the GAC Fiat and Guangzhou Automobile Passenger Vehicle projects, GAC have to bear about RMB 3.6 billion and RMB 6.8 billion respectively. The next step in joint ventures with Mitsubishi's 50:50 joint venture and expansion of its other joint ventures will also require Guangqi’s blood transfusion. The cash exchanges to Mitsubishi and Changfeng Group will undoubtedly increase the financial pressure of the GAC Group. Changfeng Group does not participate in the exchange of shares, which is a good news for the overall listing of GA Group A shares. Although this move increased the financial pressure on the company, it also made the ownership structure simple and transparent.