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Although the hot A-shares have attracted more and more Hong Kong-listed red chips to return to the mainland market, China Heavy-duty Truck Group (abbreviated as China National Heavy Duty Truck Group) does the opposite and still targets the listing targets in Hong Kong. . Analysts believe that China National Heavy Duty Trucks “goes for a long distance†because its goal is no longer confined to the domestic, but rather has an “ambition†of greater international development.
Hong Kong financing up to 500 million U.S. dollars
On April 6, China National Heavy Duty Truck Group Jinan Truck Co., Ltd. (hereinafter referred to as CNHTC, 000951.SZ) announced that the parent company CNHTC Group is undergoing a series of asset restructurings involving CNHTC Rights and Interests. The announcement shows that CNHTC injects assets including 63.78% equity of CNHTC, approved by the Shandong SASAC, into Sinotruk (Brigade Islands) Co., Ltd. Steam BVI is injected into China National Heavy Duty Truck (Hong Kong) Co., Ltd. (Lower Weigher Hong Kong), and CNOOC BVI to CNHTC Group and CNHTC Hong Kong to CNHTC BVI respectively issued additional shares to complete the capital injection into CNHTC Hong Kong. program.
This shows that China National Heavy Duty Group started planning in 2004 for Hong Kong's overall listing plan has entered a countdown period, while the heavy truck group had previously injected the overall domestic A shares listed company Sinotruck's rumors came to an end. The CNHTC Hong Kong listing was quite a bumper trip. In 2006, due to the fierce "struggle" between CNHTC and Weichai Power (2338.HK), the two parties eventually "partied" and the Hong Kong listing plan close to debut was "1. Drag and drop, and even once it was reported that Heavy Truck Group had abandon its Hong Kong listing plan and instead turned to the mainland.
Upon completion of this equity move, CNHTC Hong Kong will hold 205.76 million shares of China National Heavy Duty Truck Jinan Truck Co., Ltd., which is listed on the A-share market, accounting for 63.78% of the total share capital. As the Hong Kong-based CNHTC is still a wholly-owned subsidiary of the Group, CNHTC Group still actually controls the above shares of Sinotruk, and the actual controller of Sinotruk has not changed. Changes in equity over the shareholder changes, analysts believe that there is no direct impact on A-share listed companies. The heavy-duty vehicle assets of domestic A-shares are the core assets of CNHTC. The completion of listing by CNHTC in Hong Kong will not affect the core status of A-share listed companies. The interests of the shareholders of the tradable shares in the two places are the same.
It is understood that CNHTC is expected to formally be listed in Hong Kong this year. The amount raised will be between 400 million and 500 million U.S. dollars. JPMorgan Chase and China International Capital Corporation are joint sponsors of their listing. "Because of the market's optimism, the amount of fund raised by CNHTC in Hong Kong can even exceed 500 million U.S. dollars." An auto securities analyst said, "China National Heavy Duty Truck is in an expansion phase, so raising huge amounts of money in Hong Kong will help Its further development."
Hong Kong listing is conducive to internationalization
Compared with China National Heavy Duty Truck, which is listed on the A-share market, the gross profit margin of CNHTC Group is significantly higher than that of listed companies because it includes parts and components such as engines. It is an excellent asset and it is even more attractive to China National Heavy Duty Trucks.
China National Heavy Duty Truck currently has a domestic share price of RMB 34, which ranks first in the auto sector. However, in the case of Jinlong Motor (60068.sh), the position of its first high-priced stock seems to be insecure. The injection of high-quality assets of the group company into listed companies will help further consolidate its position as the first share price.
Compared with the mainland listing, under the same conditions, Hong Kong's stock price is lower, but the regulatory and approval requirements are particularly stringent. No matter what the situation, the Sinotruk Group's listing in the Mainland seems to be better than Hong Kong, but the heavy truck group still choose Hong Kong. The listing in Hong Kong will help Sinotruk to go abroad, achieve internationalization, and become a world-class company.
China National Heavy Duty Truck Group is the leader of domestic heavy-duty trucks with more than 15 tons, and its current market share is close to 25%. It has surpassed FAW and Dongfeng to rank first in the industry. In 2010, China National Heavy Duty Truck's target has already pointed to 125,000 vehicles, occupying the domestic market. The rate should reach 1/3, but the domestic market can no longer meet the appetite of China National Heavy Duty Truck. Starting from 2006, China Heavy Duty Truck Group’s heavy-duty truck exports have maintained the No.1 position in the automotive industry for two consecutive years. In 2006, the export volume reached more than US$200 million. This year, China National Heavy Duty Truck has set a goal of exporting 10,000 vehicles and exporting 300 million U.S. dollars. China National Heavy Duty Truck Group Chairman Ma Chun-chi once said that it will take three years to build China National Heavy Duty Truck as a flag for national heavy trucks and rank among the world's heavy trucks; at the same time, it will use 1-2 years to digest and absorb the advanced technology of international heavy trucks. At the same time, it launched a model that is in line with international heavy trucks to demonstrate China's CNHTC's ability to integrate innovations and lead China's heavy trucks to stride towards the world.
According to the plan of China National Heavy Duty Truck Group, the proportion of overseas markets in 2010 accounted for one-third of the entire group. Hong Kong's overall listing may be a key step for Sinotruk's internationalization.