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Changhe Automobile is primarily faced with the problem of capital flow caused by losses, so Changhe Automobile has repeatedly sold “household productsâ€. However, as a whole, Changhe Auto did not succeed on many occasions. Experts in the industry are suggesting that Changhe Automotive's integration route depends on external forces to be more reasonable given the internal complex relationship of Changhe Automobile.
Although Changhe’s high-level executives once stated that Changhe Motors will be owned by SIA, it is still a matter of change based on the current news. On June 10th, *ST Changhe announced the sale of assets announced that: According to the ninth meeting of the board of directors of Jiangxi Changhe Automobile Co., Ltd. in 2007, the company transferred to the controlling shareholder China Aviation Technology Industry Co., Ltd. (hereinafter referred to as: AVIC) The subsidiary company Jiangxi Changhe Aviation Industry Co., Ltd. (hereinafter referred to as “Changhe Aviationâ€) sold part of its assets (buildings, buildings and equipment). After negotiation, the assessed value of the assets of the target underlying the December 31, 2007 deadline for the closing of the evaluation date was RMB 107,435,800 as the transaction price.
Industry insiders speculated that in March of this year, AviChina's large-scale sales of *ST Changhe shares, Changhe Automobile now sells billions of assets to Changhe Airlines, and AviChina is preparing for the total arrival of SIA to rationalize the property rights relationship. Changhe Automobile, which has suffered continuous losses, is Integration is a burden.
The opinion of veteran car commentator Jia Xinguang is that the best prospect of Changhe Automobile is to be merged with Chang'an Group or Beijing Automotive Group. As a whole, it seems that Changhe Automobile has not successfully rescued itself on many occasions.
Depression in stock prices
As a poor performer, *ST Changhe, but rumors of integration have caused its stock price to soar in the previous period. On April 23, *ST Changhe fell to its lowest point in history, with the lowest drop to 3.84 yuan. As of June 4th, *ST Changhe's highest price per share rose to 5.88 yuan, which has risen more than 50%.
Starting from June 10, the Shanghai Composite Index fell nearly 200 points, and *ST Changhe also crashed. On the second day (June 11), *ST Changhe's price per share opened at 4.84 yuan to close at 4.96 yuan, and once it rose to 5.25 yuan at noon, showing a strong rebound momentum, becoming the 208 minority rose that day. One of the stocks.
On June 11th, the stock market plunged, and *ST Changhe showed a defensive quality, thanks to the announcement issued the day before. * Changhe announced the sale of assets announced that Changhe Automobile sold over 100 million assets to Changhe Aviation. According to securities sources, Changhe Automobile sells its assets. One of the conditions is the consolidation of the property rights relationship of AVIC. The second situation is self-help, Changhe Automobile Development needs more funds.
Looking at the annual report of *ST Changhe, the situation is not optimistic. On April 11th, Changhe Automobile announced its 2007 annual report: The company’s operating revenue in 2007 was 1.245 billion yuan, a decrease of 47.60% compared to 2006; earnings per share were -1.43 yuan, a decrease of 160% compared to 2006; a year-on-year loss of 587 million yuan Yuan, an increase of 146.19% over the loss in 2006.
In addition, after being audited by Zhongruiyuehua Accounting Firm, Changhe Motors had a total loss of 587 million yuan in 2007, plus an annual carry-over of 267 million yuan. In 2007, the net profit available for distribution amounted to -8.54 billion yuan.
The performance of Changhe Auto has affected the controlling shareholder AVIC. In mid-April, the 2007 results were announced: Affected by the unfavorable operation of the entire vehicle business and the significant drop in performance, the net loss attributable to the equity holders of the company was expanded to 1.026 billion yuan. In 2006, the amount of this loss was only 331 million yuan.
*ST Changhe has shown a loss-making momentum for the second consecutive year. According to the Shanghai Stock Exchange, if it continues to lose money for two consecutive years, the 2009 ST Changhe will face the risk of delisting. ST Changhe, whose stock prices have been soaring, is optimistic about the stock market. It is precisely the opportunity investment of Chinese stocks because of the news that Changhe Automobile has been integrated.
The direction of Changhe Automobile
In 2005, AAC's plan to reorganize its auto assets was to merge the two major mini-car makers Changhe Automotive, Hafei Automobile and Dongan Power. On the same day, Hafei Automobile's backdoor was listed on Dongan Power, which was seen as the beginning of the integration of AviChina.
"Because of the game of interests of all parties, Hafei Automobile and Changhe Automobile have internal conflicts and have not been able to complete the merger." An informed source told reporters.
At the end of last year, the Dongfeng acquisition of Hafei Automobile was exposed. The integration of new ideas for the car companies by AviChina was: using external forces to break through the integration bottlenecks and complete their integration. Hafei Motors has decided that the next family has become a focus of attention.
According to the national auto industry integration strategy, the long-term goal is to form 1-2 auto companies with a production capacity of more than 2 million vehicles, form 2-3 auto companies with an annual production capacity of more than 1 million vehicles, and encourage auto companies to merge and integrate. Therefore, Dongfeng Group and Beijing Automotive Group competed to acquire domestic small and medium-sized loss-making auto companies. Hafei Automobile and Changhe Automotive became the focus of integration.
Against this backdrop, Beijing Automotive Group Chairman Xu Heyi inadvertently revealed that he was negotiating the acquisition of Changhe Automobile at the press conference of Chrysler New Car Platinum. On March 5th, Changhe Automobile released an announcement clarifying that they did not discuss the acquisition with BAIC Group or other parties.
At that time, sources said: “The news Xu Weiyi should say is true, but the two parties have not yet reached the stage where they can be announced. There are more than one acquisition of Changhe Auto, and the domestic auto groups are expanding through acquisitions.†Later in mid-April, Changhe Automobile again Issued a clarification announcement and denied that it is in contact with Changan Automobile.
Until May 6, Changhe Automobile's general manager Zhou Shining stated that Changhe will not be integrated by Beiqi or Changan as the outsiders say, but will enter the group with the establishment of “Singapore Generalâ€.
On May 11th, the giants of AVIC Group and AVIC Group II gathered in Beijing to set up the “ShangHai Airlines†conference, but there was no integration of automobile companies in the middle. According to outsiders, "the integration of aviation business of the two major groups has been very difficult, and as a continuous loss of automobile companies can only reach the end."
Changhe Development Difficulties
At the end of last year, the new leadership team of Changhe Automobile, with Li Yaowei as Chairman and Zhou Shining as the general manager, clearly put forward the “four-step†revitalization measures, the effect of which was to achieve a deficit in 2008, and established in the domestic small-displacement automotive industry in 2010. Leading edge.
The premise of achieving the goal is that Changhe Automotive will be returned to the Singapore Airlines General Administration. Zhou Shining said: "Changhe Automobile will be directly under the overall management of Singapura. We will get even greater development in the new airline industry. We will pay great attention to the development of the car." It is understood that this is the first group of China Aviation Industry Corporation. The new Aviation Industry Corporation, established by the merger of the company and China Aviation Industry Corporation No.2, is expected to be established in the near future.
Zhou Shining revealed: "Two vehicles will be available in the next two years. One is a joint venture brand, and the other is Changhe's own brand." Zhou Shining pointed out that Changhe's new car will continue the dual-brand strategy of Changhe Automobile and Changhe Suzuki.
In spite of this, due to concerns about the status quo of Changhe Automobile, industry insiders questioned the prospects of Changhe Automobile. Zhang Boshun, secretary general of the China Association of Automobile Manufacturers Market Trade Committee, said that Changhe Automotive has always lacked complete product lines, technical R&D and marketing capabilities, and is in a weak position in the battle for many automotive markets.
A public relations person who once served Changhe Automobile stated that Changhe Automobile's concept of marketing is behind and its products are not competitive in the same market. Analysts in the industry are concerned that Changhe Automobile is being squeezed by joint venture brands on the road to the development of mini-cars. There are also pressures from domestic brands such as Changan Automobile. Changhe Automobile must change too much.
Changhe Automobile first faced the problem of capital flow brought about by losses, so Changhe Automobile sold several times for “household productionâ€. In March 2007, Changhe Automobile sold its assets to Jiangxi Changhe Suzuki Automobile Co., Ltd. (hereinafter referred to as Changling Company), a holding subsidiary of the company, and sold certain equipment and factory buildings and other assets to Changling Company at a negotiation price of 168,210,292.36 yuan. This time, Changhe Motors has already gone into a vicious circle by "removing aircraft and selling parts." Experts in the industry are suggesting that Changhe Automotive's integration route depends on external forces to be more reasonable given the internal complex relationship of Changhe Automobile.
View related topics: Dongfeng Group announced that it will hold "Hafei"
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