In the merger and reorganization process of domestic vehicle companies, BAIC, which is a local state-owned enterprise, has played the most active and active role.
At the beginning of this month, Beijing Automotive Group unveiled the suspense of the first merger and reorganization to be completed in the second half of the year: that is, together with the Zhenjiang government announced that Beiqi Group's East China Base will formally settle in Zhenjiang City, Jiangsu Province.
According to the strategic cooperation framework agreement signed by BAIC and Zhenjiang City People's Government in Nanjing, BAIC Group will merge and reorganize the Zhenjiang Automobile Manufacturing Plant and invest RMB 15 billion to establish it as a base for Beiqi Huadong. It is reported that the base construction will be implemented in two phases, and the total capacity planning for the two phases will exceed 300,000. At this point, BAIC has been deployed in North China, South China, Southwest China, Central China, and East China.
Just after BAIC took the long-awaited East China base into its pocket, informed sources disclosed that Xu Heyi, chairman of BAIC, once again appeared in Changhe Auto in Jingdezhen, Jiangxi.
As we all know, since the acquisition of the new AVIC Automobile by Changan, the contradiction between Changhe Automotive and Changhe Automobile has become increasingly open and increasingly irreconcilable. This also makes the relationship between Beiqi and Changhe cars seem paradox and confusing. There are rumors that BAIC may merge Changhe. "Or to start strategic cooperation with Changhe." Informed sources said.
A variety of acquisitions made BAIC's volume and structure, especially the layout of the autonomous sector, expand rapidly. In connection with Xu Heyi’s previous promise, “Beiqi will complete the conditions for IPO operation by the end of 2013 at the latest,†and Beiqi’s intention to “make up†is quite obvious.
Among the major automotive groups in China, BAIC's own brands started at the latest. The "Saab" brand sedan that was created after its acquisition of Saab assets was not officially listed until the middle of this year. However, if you want to successfully land H shares, Beiqi's own brand business will be the most valued sector for investors.
However, just as there are two sides to the coin, the fierce expansion will also expose BAIC to the risk of overcapacity.
"Beiqi" layout
At the end of June, at a news conference called "Beijing Auto International Launching Ceremony," Beijing Automobile's chairman Xu Heyi made another remark. He said that at least one car will be merged and restructured during the year. If all goes well, it is also very likely that the merger and reorganization of two automobile counterparts by the end of the year will be possible. Then, less than two months later, Beiqi bought lightning from Zhenjiang Automobile Manufacturing Factory.
On the afternoon of August 7, Beijing Automotive Group and Zhenjiang Municipal People's Government signed a strategic cooperation framework agreement in Nanjing, announcing that Beijing Automobile Group East China Base has officially settled in Zhenjiang City, Jiangsu Province.
According to an agreement signed between BAIC and Zhenjiang City, the Beiqi Group's East China production base will be located in Dantu District, Zhenjiang City, with a total planned investment of 15 billion yuan. The construction of the base will be implemented in two phases. The first phase will mainly produce SUVs, MPVs, and other models, with an annual production capacity of 150,000 vehicles. The products will be mainly used in the high-end consumer markets in East China and across the country; the second phase will be used to produce mid- to high-end passenger cars and new energy vehicles. Car engine and other core components. The total capacity planning for the two phases exceeds 300,000 units. After all production is completed, the annual sales revenue is expected to reach 50 billion yuan.
According to the analysis, the reason why Beiqi planned the production base of Zhenjiang was closely related to its dream of being rooted in East China. In 2011, BAIC Group established a production base in Zengcheng, Guangzhou, by acquiring a local company in Guangzhou, Baolong, and realized the layout of the South China market. Subsequently, Beijing Automotive Group Chairman Xu Heyi said: "At present, BAIC has formed a North China production base with Beijing as its center, a South China production base with Guangzhou Zengcheng as the center, a Huazhong production base with Zhuzhou as its center, and a Southwestern Yinxiang base. The southwestern base of the center will also build an East China base in the future, thus realizing Beiqi's plans to build the country's five major production bases."
For this reason, Beiqi had negotiated with Zhantai Motors in Zhejiang for several rounds of negotiations but it was finally over. Until the Zhenjiang Automobile Factory entered the view of Beiqi.
In fact, for Beiqi, the acquisition of Zhenjiang Automobile has a special significance. Because its production qualification is very precious for Beiqi. It is understood that Zhenjiang Automobile Manufacturing Factory is a state-owned professional automobile manufacturing enterprise in Zhenjiang, Jiangsu Province. It owns a full-scale commercial vehicle production list from 1st to 6th prefix, that is, other types of models have production qualifications, except that the car cannot be produced. Due to historical reasons, BAIC Group's auto manufacturing qualifications are incomplete. At the beginning of last year, Beijing Automotive Industry Group officially obtained the Qualification for the production of passenger cars with the prefix seven. After the reorganization of Zhenjiang Automobile, BAIC will have all production qualifications from 1st to 7th.
This means that BAIC Group can no longer be restricted by the so-called “skills permitting†when it launches products, but based on the needs of the market for R&D and production, which will leave imaginative space for the future development of BAIC.
Office IPO
According to the plan, Beiqi will attack the H-shares as early as the end of this year. Prior to this, BAIC needed to “draw a perfect and growing commercial blueprint†to investors as much as possible.
A few days ago, some media reported that Daimler’s cooperation agreement for a 12% stake in Beiqi has been approved by the National Development and Reform Commission, and it can be officially announced as soon as a month. This will undoubtedly enhance the influence and financing capabilities of Beiqi’s IPO.
Followed by this, the shares of Beijing Auto in its joint venture with Daimler Beijing Benz Motors Co., Ltd. are expected to increase to 51%. If this is the case, Beijing Benz Motors will become the main business of Beiqi Co., Ltd., which will help Beiqi Motor’s profitability attraction.
In addition, according to informed sources, in order to ensure that the listing of the main body Beiqi shares to deliver a "pretty" performance report, BAIC is also re-financing its assets, such as this year in May, Beijing Auto Co., Ltd. has held its own BAIC limited 51 % of the equity transfer to the Beijing Automotive Group. In order to manage and integrate all self-owned vehicle brands other than BAIC, BAIC has also set up a complete vehicle division, including BAIC, Chongqing Yinxiang, BAIC Guangzhou, BAIC Off-road Vehicle Co., Ltd., and on Zhenjiang Automobile Co., Ltd. The East China bases built will all be under the jurisdiction of the entire vehicle business unit, and the person in charge of the entire vehicle business unit is the former general manager of the former Beijing Automotive Group and Zhang Xin, general manager of Beiqi Passenger Car Business Unit.
However, in such a short period of time with such rapid acquisitions and mergers, Beijing Automobile will not appear indigestion. This issue has also become a common industry doubt.
According to industry estimates, the current five production bases of Beiqi's own brands will have a capacity of 1.4 million units in 2015. However, the data shows that in 2012, Beijing Auto's own-brand passenger vehicles sold only 66,000 vehicles, including 46,400 micro-vehicles and 20,000 E-series vehicles.
And now BAIC is still in the "four small" column. Although it has always wanted to surpass Chang’an, last year, the production and sales volume of BAIC still lags behind the Chang’an Group, which ranks fourth, is more than 200,000.
What kind of products will be used to fill these production capacities, and what sharp tools will they use to quickly increase sales? This is a very serious and realistic issue before the company.
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