· Zeng Qinghong: Now is not the time to release the joint stock ratio

Xinhuanet Beijing June 11th, June 10th, at the "Global Automobile Forum" in Chongqing, Zeng Qinghong, general manager of Guangzhou Automobile Group, spoke on the topic of "innovative thinking, cooperation and win-win" to explore a new cooperation mode between Chinese and foreign car companies. Zeng Qinghong said that it is not the time to release the joint stock ratio.
Zeng Qinghong said that under the guidance of industrial policies for 30 years, the joint venture has achieved remarkable results. In 1985, there were only 280,000 vehicles in terms of quantity and sales. Now I don’t talk about motorcycles and talk about cars. The amount of possession is more than 110 million. The original sales in China were only 440,000 units, up to 23.49 million units in 2014. Parts, after-sales service, and financial upstream and downstream have all developed through joint ventures and cooperation.
At the same time, joint ventures also have problems and challenges. One is the problem of market-changing technology, and the other is the issue of brand strategy. At the beginning of the cooperation, China wanted to let the market hope that foreign capital would come in and change technology, which is more difficult to achieve. Now the joint venture faces the problem of not letting the share ratio go. Some car companies, whether Volkswagen, General Motors, Japanese or Korean, account for more than 50% of the profits of the head office from China. Opening the stock ratio can only let go of the benefits.
However, Zeng Qinghong believes that it is a matter of time before the stock market is released. Because the Third Plenary Session of the 18th Central Committee is very clear, the market plays a major role in resource allocation, and it must be released. However, Zeng Qinghong proposed that the current market mechanism, laws and regulations need to be improved, and the gap in the development of independent brands is still very large. It is not yet time to let go.
When talking about the innovative cooperation mode between China and foreign countries, Zeng Qinghong said that the real direction in the future should be market-oriented and capital-based as a link to realize the mutual complementarity of resources and achieve a win-win situation.
At the end of the speech, Zeng Qinghong raised the hope that under the new cooperation mode and new brand-new thinking, the Chinese auto industry will serve both international and domestic markets, using both international and domestic resources, not only occupying a certain share in the international market, but more importantly. It is necessary to master the core technology and strive to create a group of internationally capable enterprises and well-known brands.

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