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The reporter learned yesterday that Dongfeng Motor and Fujian Automobile Industry Group Co., Ltd. (hereinafter referred to as "Fuzhou Group") will sign the strategic cooperation framework agreement on the morning of May 16.
At present, the two companies have not disclosed the details of the agreement, but sources close to the top of the Fuqi Group revealed that the signing contract is that Dongfeng Motor will acquire more than 40% of the shares in Fuqi Group, temporarily not involved in Dongfang Automobile and Fujian Daimler, which are subsidiaries of Fuqi Group. Integration of subsidiaries such as Le, New Longma.
Analysts said that if this acquisition is successful, Dongfeng Motor Group will be another example of reorganization in the four major auto groups after SAIC acquired NAC and Changan Automobile acquired Changhe Hafei. However, due to the complicated composition of the shareholders of Fuqi Group, weak product reserves, and weak dealer team strength, the outlook remains to be seen.
"Conditional" becomes a major shareholder
Dongfeng Motor insiders confirmed to the reporter yesterday that they signed the contract on May 16th. The source said that the Fujian Provincial Government will transfer some of the shares held by Fuqi Group. The person refused to disclose the specific figures, but said that it exceeded 40%. Dongfeng Motor Group’s restructuring of Fuqi Group was launched in July 2012. In 2012, Dongfeng Motor’s Chairman Xu Ping and General Manager Zhu Fushou held talks with senior officials of Fujian Provincial Government in Wuhan and reached a preliminary agreement and sent a delegation to Fuqi Group. The overall business development and financial status were examined to form a memorandum of cooperation.
On May 14, Dongfeng Motor Hong Kong listed company Dongfeng Motor Group Co., Ltd. (00489.HK; hereinafter referred to as “Dongfeng Motor Groupâ€) announced that the company will issue RMB 3 billion ultra-short-term financing bills from May 15. Used to supplement working capital. A-share listed company Dongfeng Motor (600006.SH) hit a daily limit of two trading days. It closed at 3.73 yuan on May 13 and was suspended from yesterday.
People close to the top of the Fuqi Group disclosed that on May 16th, the contract may be Dongfeng Motor Group's acquisition of more than 40% shares of Fuqi Group. According to the requirements of the Fujian Provincial Government, when Fuqi Group's annual sales reached 300,000, Dongfeng It may acquire another company’s remaining shares.
Fuqi Group was established in 1992 and is a wholly state-owned company in Fujian Province. Its 2012 operating income was 10.26 billion yuan. Before 2010, Fuqi Group has been committed to independent development, but the overall performance is not good. Prior to this, Beijing Automotive Group and Fuzhou Automobile Group had signed a framework agreement to acquire a portion of the equity of Fujian Benz, but ultimately it was over.
According to insiders from Fuqi Group, the auto companies of the group only made profits from Southeast Motors and Xiamen Golden Dragons, while Fujian Daimler and New Long Ma, which had not been established for a long time, were losing money. Due to slow product launches and other reasons, Southeast Motor's sales growth was sluggish and it was at a disadvantage in the competition. Currently, Lingyue V3 sedan with the largest sales volume is 50,000-80,000 yuan.
Southeast Motors is currently the core asset of the Fuqi Group. In 2012, its southeastern automobile operating revenue was 7.261 billion yuan, which was lower than that in 2011, but its net profit and total comprehensive income were 37.295 million yuan, a year-on-year increase of 11.28%, and the debt ratio was 43.62%. .
Dongfeng expansion
Since 2012, Dongfeng Motor has stepped up its expansion efforts. It has established a joint venture with the German Getlak Group to establish a passenger car transmission company, a joint venture with the German Smith semi-trailer company, and Volvo Cars to form Dongfeng Volvo Commercial Vehicle Company. Dongfeng Motor also plans to establish a joint venture passenger car company with Renault of France and is waiting for approval from the Development and Reform Commission.
At the 2013 working conference held in Wuhan earlier this year, Zhu Fushou stated that he will “further utilize global resources, actively participate in various forms of mergers and acquisitions and reorganizations, seek opportunities for strategic cooperation and mergers and acquisitions, and steadily launch technology acquisitions and platforms across the globe. M&A and brand mergers and acquisitions will bring together first-rate foreign companies with superior resources and branding.â€
Dongfeng Motor is the second largest auto group in China. In 2012, it sold 3.087 million vehicles, of which 2.455 million were passenger cars, and commercial vehicle sales fell slightly to 623,000. Dongfeng Motor’s self-operated commercial vehicle business has always been a leader in the domestic market. The passenger vehicle segment has joint ventures with Nissan, Honda, Peugeot Citroen, Taiwan Yulon, and Kia Motors, as well as Dongfeng Fengshen, Dongfeng and other self-owned passenger vehicles. the company.
Dongfeng Motors insiders said that the restructuring of Fuqi Group is in line with Dongfeng’s development of “big-independence†passenger vehicle strategy. Fuzhou’s Mercedes-Benz business segment can fill Dongfeng’s gap in the luxury passenger vehicle segment. Southeast Mitsubishi’s presence also adds to Dongfeng Group. A joint venture offers possibilities.
However, insiders of Fuqi Group stated that because only the framework agreement was signed and due diligence and other tasks will be carried out later, there are still variations in the future trend.
An executive from a consulting firm in Shanghai pointed out that Fuyao Group’s equity is complex and the restructuring involves the interests of related parties such as Daimler-Benz, Mitsubishi, and “Zhonghuaâ€. The equity relationship and balance of interests are extremely complicated; the southeast automobile product reserve is weak and the dealer system With respect to ossification, Fujian Daimler and Xinlongma are still operating at a loss. After the reorganization, Dongfeng Motor will not only transfer funds to Southeast Automotive, but also provide blood transfusion for its technology, products and management, and provide business growth opportunities so as to ensure the smooth management and rejuvenation of Fuqi Group after the reorganization.