SAIC group to inject more assets into listed units
The state parent of SAIC Motor Corp , China's largest carmaker, plans to inject additional assets into its listed subsidiaries as it finalises its move to float all of its auto-related operations, Chinese media reported over the weekend.
The evening of February 11, Shanghai Automotive Industry (Group) Corporation (hereinafter referred to SAIC) arm of Shanghai Automotive (600104.SH) and Huayu Automotive Systems Co(600741.SH) both suspension. Were then the controlling shareholder of the afternoon, said SAIC notice "with the company is planning major issues related to" important matters from the 14 into the suspension.
This is done at a time from the non-public offering Shanghai Automotive is just 2 months away, announced the acquisition will contribute approximately 316 million to acquire SAIC holds 3 companies such as Shanghai Happy Motorcycle ownership.
Informed investment bank, revealed to reporters, Shanghai Automotive is expected to get into the car-related assets, logistics and car sales, while Huayu Automotive Systems Co will field a car or parts into the Group's remaining assets, such as a joint venture between SAIC and NAC Tung Wah Group of companies.
Strange is that before the suspension of the February 10, Shanghai Automotive heavy volume limit, it is difficult to avoid being interpreted as a message body recombinant hands in advance; the same day, Chinese domain car up 7.3%.
Completed the first round of consolidation
Shanghai Automotive and the Chinese domain cars completed the first round both suspended after the reorganization, the market is expected to start the second round of SAIC, a large-scale integration.
Prior to 4 years, SAIC has completed the first round of the overall market Shanghai Auto, Nanjing Auto and billions of M & A financing, also through the bus to complete the group shares the backdoor listing separate parts business.
In 2006, the Shanghai Automotive Group as a whole through the acquisition of equity private placement, the key components (chassis, powertrain and automotive electronics) and automotive-financial assets.
This means that to achieve the overall listing of SAIC, Shanghai Automotive parts and components to the vehicle from the key components and auto finance business transformation. Meanwhile, SAIC holds a stake in Shanghai Automotive has also been transferred to SAIC.
As a re-up, June 2007, Shanghai Automotive cost of 1.475 billion yuan, the acquisition of vehicles held by the Shanghai SIIC Shanghai Huizhong and Peoples 50% stake, to expand the commercial vehicle business integration.
Founded in 2004 as the end of the SAIC SAIC set up overseas listing, the Shanghai Automotive in 2006 launched the first round of the overall market would mean the end of the mission of SAIC.
July 2007, Shanghai Automotive Industry through the issuance of bonds with warrants in the form of financing of 8.0 billion, of which 20 billion for parent Yuejin Nanjing Automobile Group acquired the vehicle and close parts assets, the other part of the restructuring plan Yuejin Group is also held 320 million shares of Shanghai Automotive and a joint venture between the two sides a 25% stake in Tung Wah Group.
August 2008, SAIC will supply auto parts under the separate business-related assets, backdoor Shanghai for a long time to achieve something holding of shares listed on the bus to become China's largest independent integrated supplier of automotive parts.
However, the Haishengdeman, Sachs Powertrain, and Shanghai Fervent Alloy Wheel sufficient for the three companies are due to loss of manufacturing, not with foreign shareholders to agree to restructuring and adjustment of the main business reasons, not included in the start of 2008 reorganization.
SAIC to promise last year, 12 Yuet Wah domain to 192 million acquisition of auto Shengde Man 100% equity interest and related assets, Sachs Powertrain SAIC 50% equity and other motorcycle parts and components being 100% equity assets, the integrity of the Group as a powerful platform for additional components.
Changjiang Securities analyst Liu Yuanrui According to statistics, China auto domain "has control or shares of SAIC parts all nominations on the official website of assets."
Profit contribution of the main holding company Yanfeng Visteon, the car is buying Chinese domain to another joint venture to develop the system of 1% of the shares.
As a result, China will control the domain car more than 50% profit contribution of the two companies will also dispel the market complex of its assets and profit contribution of the business mainly by investment income patterns of doubt.
Complete the first round of the overall market and M & A after the Shanghai Automotive Nanjing Automobile to be outdone.
In 2009, the first acquired through the acquisition of Hong Kong, Shanghai GM, SAIC subsidiary of 1% of the equity holding and to achieve the latter, and tables. June 2010 on, he started the second round of additional non-public financing plan, total 100 billion in financing for the own-brand passenger cars, respectively (55.3 million), two capacity building (150,000 cars and engines, 3.51 billion), senior research and development and own-brand passenger cars of new energy research and development (20.3 billion), light bus project (11.8 million), dual clutch automatic transmission projects (600 million) and the Technology Center Phase II construction (26.9 million) and other 5 projects.
And other businesses more than a year private placement at every turn is different is that Shanghai Automotive was completed less than half the additional.
It should be noted that, beginning in 2009, Shanghai Automotive through the independent research and development (hybrid powertrain), and joint ventures, step by step layout of the field of new energy vehicles, which will help in the lead vehicle, while the traditional first to realize the new energy vehicles the industry and take a favorable position.
Start the second integration
From the published data shows that in early 2010, SAIC 2009, total assets of 203.2 billion yuan in combined countervailing factors not considered, there are about 375 billion worth of assets into the listed company is not, most of which trade in services from SAIC plate, were involved in automotive logistics, automotive sales, international trade, auto service and other fields.
Reporter from the Department that SAIC stakeholders, service trade sector, the automotive logistics and car sales is the most important, is Angelina specific logistics and industrial sales company and SAIC SAIC Import and Export Company, the former is the overall strength of the the strongest and widest range of third-party business automotive logistics service providers, including the latter two are owned domestic cars, imported car sales and used car sales business, including the completion of the auto industry chain.
EMC, a data security as service trade sector SAIC key enterprises, Anji Logistics aggregate income in 2010 was 97 million, five million in 2010 transporting vehicle, passenger cars accounted for about 37% of the overall logistics market, 2006-2010, Anji Logistics aggregate revenue CAGR of 30%.
SAIC SAIC trade in services sector also includes the information industry investment firm, SAIC (Beijing) Corporation, Shanghai Automotive Industry Development Company, Shanghai International Automobile City, SAIC asset management companies and the Shanghai Institute for internal combustion engines and other related assets.
Taking into account other countries into the saturated car market during the period, the distribution of automotive industry chain used car trade, car insurance and after-sales service to become the most profitable areas of trade in services sector if SAIC into the expected thickening of the Shanghai Automotive at a profit.
Related investment bank, revealed to reporters that the Shanghai Automotive may be injected into SAIC logistics related assets, asset classes will depend on vehicle sales verification and clean up the state assets, mainly concentrated in the Shanghai Automotive Industry Asset Sales Corporation and Import and Export Corporation, may also include some parts purchasing assets.
SAIC for the basic realization of the Chinese independent business integration components for the automotive field in 2008, a joint venture between SAIC and NAC non-compact parts of the Tung Wah Group of companies, not injected, but after two years of combing and integration, Tung Wah Group of Companies have been losses in 2010 and achieve 46 million yuan profits, the expected into the listed company.
Researchers analyzed a broker said, at present, China New Energy business domain cars and automotive electronics, and other key areas of the core components there are still many gaps, with parts manufacturers and international co-operation for many years, Chinese domain automotive operations and through the capital and other independent research and development to enter the field of automotive electronics is only a matter of time.
The end of October last year, Chinese domain car announcement that will Guizhou Aerospace Industrial Company jointly set up the domain Automotive Electric System Co., Ltd. China, responsible for R & D, manufacturing cars and construction vehicles and machinery used in various types of motors and motor control system, which is obviously cut into the new energy company is an important step in auto parts business
