Abandoning the overall listing, Beiqi listed four points

The many years of BAIC Group's listing has taken a substantial step.

At the end of June, BAIC Group’s director Guo Xinmin disclosed that Beijing Automotive Group Co., Ltd., a subsidiary of Beijing Automotive Industry Corporation (hereinafter referred to as “Hainagawa”), acquired the automotive skylight system supplier Innafa. The subsidiary Beijing Automotive Co., Ltd. has officially launched the listing work. Guo Xinmin also said that Hainagawa will be listed separately, and the time of listing will not be subject to the time limit for BAIC shares. As a result, the plan to split the listing of Beijing Automotive Group officially surfaced.

This means that the BAIC Group has been making a fundamental shift in its overall listing target.

"There are many companies in the group, and the complex asset relationship is the fundamental reason why it is difficult to achieve overall listing." A Beiqi internal source told reporters.

"After all parties have studied, the group has chosen a curvilinear approach, that is, a "one-hundred-four" listing plan," said the person. At that time, four subsidiary companies under the Beijing Automotive Industry Corporation, except for the listed Beiqi Foton Motor Co., Ltd. (hereinafter referred to as "Futian Automobile"), Beijing Automotive Co., Ltd. (hereinafter referred to as "Beiqi"), Heinerchuan and Beiqi Penglong Auto Service Trading Co., Ltd. ("Penglong Shares") will be listed separately.

The four platforms "listing plan has been reported, is awaiting approval." A person close to the Beijing Automotive Group executives told reporters.

The above-mentioned sources told reporters that the BAIC Group’s listing plan has changed from the past IPO to today’s “one-fourth” and is intended to create four specialized platforms, namely the commercial vehicle platform of Foton Motor, which has already been listed, and the passenger vehicles of Beijing Automotive Co., Ltd. Platform, Haecheon's parts platform and Beiqi Penglong's sales platform.

"If nothing else, Hai Nachuan will take the lead in the A-share market at the end of this year," the source said. “In terms of corporate structure, the Hai Nachuan business is all about parts and components, making it easy for BAIC to build component platforms. But on the other hand, as an investment company, the main source of income comes from investment income. The main business does not have a listing advantage. The acquisition of Yingnafa not only can increase its technology in the skylight system, improve product coverage, but also more importantly solve the problem of the lack of main business in its listing.” The above is close to the high-level people of BAIC Group Say.

An analyst at Changjiang Securities said that the reason for Haina Chu's preemption of listing opportunities is that it has achieved profit for three consecutive years. After the acquisition of Innafa, annual sales revenue will increase by 5 billion yuan; at the same time, compared with the entire vehicle. The volatility of the parts and components industry is relatively small. Apart from supporting the entire vehicle within the group, it can also be imported, processed, and exported. The growth of its performance is no shortage of staying power.

The data shows that in 2010, Hainagawa realized sales revenue of 9 billion yuan, and the company expects 2011 sales revenue to reach 16 billion yuan. Giving Hai Nachuan a separate listing makes it easier for it to face the market alone, build its own brand, and increase profitability.

The Penglong shares that were jointly built by Beiqi and China Ping An will be used to integrate second-hand cars, auto finance, car leasing and logistics services.

Guoxin Xin stated that Beiqi will become the passenger vehicle platform of BAIC Group and its assets will be derived from BAIC's own branded passenger vehicles, Beijing Hyundai and Beijing Benz’s shares in China, BAIC Limited, BAIC Powertrain and BAIC New Energy Vehicles. And automotive research institutes. Its listing method is likely to be a direct IPO.

However, due to the basic conditions of the Securities Regulatory Commission regarding “three years of opening hours and three consecutive years of profitability”, BAIC, which was established in 2010, has no hope of achieving IPO listing in the short term.

The overall listing of abortion "listing various businesses separately is based on Beiqi's actual conditions." The above is close to Beijing Automobile Group senior sources.

The source said that the four major segments of BAIC Group, Foton Motor's commercial vehicle segment has become bigger and stronger. Although the parts and components business of Hainagawa enjoys a good momentum, 70% of them are for internal companies; the entire vehicle business of Beijing Automotive Co., Ltd. and the service trade business of Penglong shares have just started; if the development status of the four major business segments is uneven Realizing the overall listing under the circumstances will affect the financing of Foton Motor. The consideration of the financing cycle is also a realistic consideration for the dismantling of BAIC.

According to the above-mentioned analyst from Changjiang Securities, the Beijing Automotive Group’s IPO needs to pass the approval of the China Securities Regulatory Commission, and strictly limits the company’s capital, liabilities, turnover, profitability and board structure during the past three years. To meet the above requirements, Beijing Automotive still needs time. Day, and approval time is too long.

"In addition, the complex equity relationship is also the biggest problem of integration." Senior officials close to Beijing Automobile Group said.

The IPO needs to restructure the assets of BAIC Group. The important automobile assets under Beijing Automotive Group include the joint ventures Beijing Hyundai and Beijing Mercedes-Benz Daimler. Chrysler, its own-brand auto company has Foton Motors, Beijing Automotive Co., Ltd., and its spare parts platform Hainachuan.

Among them, the equity of Foton Motor is the most complex. Apart from BAIC, there are also a number of shareholders such as Changchai, Weichai Power, and Shougang Corporation. It is not easy to rationalize the interests of Foton Motor’s shareholders.

In recent years, the commercial vehicle business of Foton Motors has been developing rapidly. The future strategic plan far exceeds the development of the Group. In this case of “the son is larger than Lao Tzu”, the integration is very difficult. In addition, after the joint venture between Foton Motors and Daimler to establish a heavy truck joint venture, the equity is more complex and difficult to sort out. "The best solution is to split the listing, which not only can avoid the above problems, but also can achieve the financing of listing as soon as possible." The above is close to the Beijing Automotive Group executives said.

The reporter was informed that the listing of Beiqi has dropped out of CSC. Informed sources said, "Because of the delicate relationship with the Beijing Municipal SASAC, CSC has long been recognized as the sole contractor to undertake the listing of Beiqi." In July 2010, 45% of the equity of CITIC Construction & Investment was transferred to the Beijing SASAC. After the Beijing State-owned Capital Operation and Management Center, “There has been no single IPO project for China Construction Investment Corporation. As an important part of the Beijing automobile industry, the Beijing SASAC has promised to transfer the Beijing Auto Group’s IPO project to CITIC Capital. do."

Financing and blood supplementation According to the plan of Beijing Auto Group, by 2015, BAIC Group will reach the scale of annual production and sales of 4 million vehicles, and in the 4 years, the plan to launch 12 new brand models with independent brands means that BAIC Group needs to invest more. More money.

According to public information, this year BAIC Group and the Bank of China Beijing Branch signed a RMB 20 billion "comprehensive strategic cooperation agreement". In addition, loans from other seven banks totaled 2.8 billion yuan.

However, with reference to the planning of BAIC Group, the funding gap between BAIC Luzhou Automotive Industry Park, Zengcheng 300,000 vehicle projects, and Jixi Pride New Materials Technology Co., Ltd. lithium ion battery cathode materials and graphite deep processing projects totaled 11.875 billion yuan. It is also not the previous 200 million U.S. dollars for the acquisition of some assets of Saab, 31 million euros for the acquisition of Sweden's Weigel Transmission Plant, and 300 million euros for the acquisition of Innafa by Hainagawa.

"The cost of acquiring and expanding by bank loans is too high and the future is very risky." A Beijing Automotive Group executive expressed concern to reporters.

The BAIC Group’s own hematopoietic capacity is seriously insufficient.

The Beijing Automobile Group’s lack of profitable companies, including Beijing Hyundai as a joint venture company, the group's profit is only enough to pay for R&D expenses; despite the high revenue of Hai Nachuan, its profitability is weak and the profit rate is less than 3%; The profit rate is even less than the former. The BAIC Group's profits can only rely on Foton Motor.

An analyst of GF Securities analyst said that in the joint venture between BAIC and Hyundai, Mercedes-Benz and Chrysler, Beijing Benz has not developed as much as its rivals, and its model launch and sales channels have also been questioned; Beijing Hyundai just realized profitability; Autonomy from Saab technology The brand is still in its infancy and is in urgent need of blood.

“Beiqi Passenger Vehicle (Beijing Automotive) is listed primarily for the transfusion of self-owned passenger car brands.” A senior person at a consulting company told reporters.

However, BAIC Group's efforts in financing still have hidden concerns.

The above-mentioned Changjiang Securities analyst said that if the auto industry companies are listed, the financing capacity will be greatly affected by the cycle. “Although it is not ruled out that there will be a new high in the industry in 2013, the current climate is not good and nobody can package the ticket for the future.”

Guoxin Junan Automotive Analyst Zhang Xin pointed out that it is not easy for BAIC Group to spin off the listing. There are two major listed companies that are in urgent need of fire fighting.

"On the one hand, Foton has been secretly developing a passenger vehicle platform. If Beijing Auto's shares are listed first, the two sides will have competing with each other. On the other hand, the current proportion of Hai Naichuan's related companies within Beiqi is as high as 70%. Nachi has listed related transactions on the first-line listing, "said Zhang Xin. "This is a hidden danger and it is very likely that BAIC Group's listing plan will not be passed."

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