Digital Folder,Digital Control Folder,Digital Control Driller Bangnuo Machinery Co., Ltd. , http://www.jsrollformingmachine.com
On January 11th, Daimler reported again that it shares shares in Beiqi. Daimler considers acquiring 10% to 20% of Beiqi shares of Beiqi Group, which is currently carrying out IPO operations, to promote business development in China. .
This “creative†equity participation project in the auto industry has become an “open secret†at Beijing Auto. "We are sure of Daimler's shareholding." In the private discussions of Beiqi employees, the incident was even completed.
The Daimler car, which has been silent for the first time, also expressed its attitude to the Chinese media for the first time. Daimler North East Asia related persons told the reporter of “Daily Economic News†that Daimler’s CEO Cai Che made it clear that he “supported†the idea of ​​BAIC listing, related cooperation framework and Daimler’s relevant roles. Muller is consulting with BAIC Group.
“This is a matter that touches the bottom line of the industry. It is not a matter for both companies and local governments, or even bypassing the A-share IPO.†Zhang Xin, an auto industry analyst, clearly stated to reporters that Daimler’s stake in Beiqi shares would Walking on the edge of the policy bottom line where foreign parties cannot exceed 50% equity.
Shares fear to face policy problems
An informed source close to the Beijing Automotive Group revealed to reporters that for Daimler’s shares, BAIC set up a joint venture project team led by Beiqi Co., Ltd.’s secretary-general, with full responsibility for negotiating with Daimler and at the same time assuming government’s public relations. task.
In fact, prior to the equity participation event, "the Beijing Benz JV company's assets have entered the Beijing Auto Group's shares have been completed." Beiqi Group insiders told reporters. The inclusion of Beijing Benz’s Chinese assets was once considered the “most difficult†negotiation for BAIC.
The above-mentioned sources said that BAIC has two important businesses this year: First, Daimler’s participation in the IPO of Beiqi Co., Ltd., and second, the official landing of the H-share market at the end of 2013.
The penetration of the two sides obviously did not stop there. Daimler hopes to gain more say in the joint venture by way of equity participation. BAIC hopes to optimize its profit structure through this approach, and at the same time increase the Chinese company's stock ratio in Beijing Benz, and successfully incorporate Beijing Benz’s profits into its listed companies. In this context, this program does not seem to be a problem at the corporate level.
"If the successful introduction of Daimler shares, Beiqi Co., Ltd. IPO's influence and financing scale will certainly have a large proportion of growth." Xinhai Securities Xinghai Zhixi, analyst of the automobile industry, said that the biggest problem facing Beiqi Co., Ltd. IPO is the overall profitability is not high There are not many high-quality assets. However, Daimler’s participation in the listing of Beiqi Co., Ltd. will create a precedent for the listing of mainland automobile enterprises. It is doubtful whether this is feasible in terms of policies and regulations.
Zhang Xin stated that if the proportion of foreign capital exceeds 25%, the company will be considered in accordance with the rules and regulations of Sino-foreign joint ventures. Daimler’s participation in Beiqi Co., Ltd. will not exceed the bottom line of 25%. Otherwise, Beiqi will be recognized as a Sino-foreign joint venture and the listing process will face a more complicated process.
If Daimler shares shares in Beiqi, will Beijing Hyundai be affected?
In this analysis of the above-mentioned sources, Beijing Hyundai has incorporated Chinese capital into BAIC shares, but if BAIC shares the IPO, Hyundai Motor’s consent is bound to be obtained. For Beijing’s current financial, procurement, and other profit departments are under the control of the ROK. In modern times, IPO is still a problem, and the introduction of Daimler will obviously make the issue more complicated.
In addition, if Daimler shares shares in Beiqi, it will inevitably bring about the adjustment of Beijing Benz. "The 50:50 joint venture shares can't be touched than the red line. Before that, we also discussed adjusting the Beijing Benz equity ratio. In the current cooperation between Beiqi Group and Daimler, this is not a problem." People frankly told reporters.
In addition to the above reasons, the incident in which Daimler shares shares in Beiqi was called "incomprehensible" in the capital market. Analysts frankly told reporters, "This idea is not feasible. Because no matter how the Beijing Automotive Group and Daimler discuss, this incident can not bypass the government's layers of approval."
Daimler failed to participate in Futian
Familiar with the history of the joint venture between Beiqi Group and Daimler, the person familiar with the situation told reporters that Daimler intended to take shares in Foton Motor before its entry into the capital market and drafted a feasibility plan through a Hong Kong investment consulting company. Related departments. “At the time, the plan and the current Daimler’s desire to participate in the shares of Beiqi were exactly the same. They also considered the 25% ratio of the Sino-foreign joint ventures and the selection of the listing plan. However, they failed to complete the plan. Sex can be imagined.†Informed sources told reporters.
Analysts familiar with the capital market told the reporter that although the Chinese capital market has experienced many years of development and improvement, this financing program still looks difficult.
If it is said that the participation of shares in Foton Motor is Daimler's first wish to participate in its joint venture partner in China as a shareholder, then with the increasingly close relationship between BAIC and Daimler in recent years, Daimler will participate in BAIC and its subsidiaries. The company’s ideas are also growing stronger.
As early as the beginning of 2012, the Beiqi Group and Daimler’s cross-shareholding plan were discussed at the Beijing Automotive Group’s senior management level.
At that time, BAIC and Daimler tried to imitate the trading of 1% of SAIC and GM, and achieved Daimler’s holding of BAIC. After holding the stock, it is bound to increase the share of Beijing Benz China and increase the proportion of Beijing Benz. Contribution to Beiqi’s profit.
However, due to the status of Beijing Auto Group’s state-owned enterprises, foreign investment in the operation and approval process will be very complicated. Therefore, BAIC advised Daimler to acquire shares of its subsidiary Beiqi. In the end, Daimler changed its shareholding carrier to BAIC.
Familiar with Daimler's analysts, told reporters that from the Daimler plan to participate in the shares of Beiqi, it can be seen that Daimler had long wanted to control the joint venture in order to guarantee the right to speak in the joint venture. This is the tradition of Daimler.
More realistically, after the focus of luxury car competition was on the Chinese market, Daimler, which had not previously placed the Chinese market in the most important position, began to reflect on and accelerate the improvement. A series of changes centered on the Chinese market began immediately. This shareholding negotiation is also a key step in deepening the control of the Chinese market.
Seize market demand
"If Daimler wants to accelerate investment in the Chinese market and increase the scale and competitive strength of Beijing Benz, it is entirely possible to choose to inject capital into Beijing by way of reciprocity." Zhang Xin analyzed Daimler's motives for participating in the shares of Beiqi. The fundamental purpose of both parties involved in equity changes is not limited to this.
In 2012, Daimler was once again surpassed by Audi in the global ranking of luxury cars, ranking third in global luxury car sales.
According to the sales data of luxury cars in 2012, BMW took the lead in sales of 1.845 million vehicles worldwide, followed by Audi with 1.455 million vehicles, and Mercedes was surpassed by Audi for the second consecutive year, ranking third. If you remove sales in China, Mercedes-Benz sales of 112.38 million, higher than Audi. Analyzing the gap between the two, the Chinese market has become the key, even the only major gap between the two parties.
In the Chinese market, Audi sold 40.58 vehicles in 2012, an increase of 29.6% year-on-year; BMW Group sold 326,400 vehicles in the Chinese mainland market, an increase of 40.4% year-on-year; the BMW brand's annual sales in China were around 300,000, an increase from the same period last year. San Cheng; Mercedes-Benz brand sales of 196.2 million vehicles throughout the year, an increase of only 1.5%.
It is to see the importance of the Chinese market that Daimler launched a series of changes against the Chinese market at the beginning of 2013. The above-mentioned analysts familiar with Daimler told reporters that this is the first time in Daimler's history with China. . Therefore, Daimler hopes to take a stake in Beiqi and increase its right to speak for its joint venture.
At BAIC, the most pressing demand for Beijing Benz comes from its profit contribution. In 2013, the self-owned brand of BAIC Group was fully listed, and profitability is still difficult to estimate. The majority of BAIC's profits seem to be supported only by Beijing Hyundai. The thin profit structure obviously cannot persuade critical investors.
Therefore, Beijing Automotive Group placed its eager demand for profits on the Beijing Mercedes-Benz plate. The completion of the integration of Beijing Benz sales company was considered to be the first step of close cooperation between the two parties. Once Daimler shares shares in Beiqi, it will make an important contribution to Beiqi’s premium ability during the listing process.
"This is just a plan for the company. The process of changing shares is extremely complicated and the feasibility is not great." Zhang Xin said that in the end, both parties are likely to return to the original plan and only use Beijing Capital’s Chinese capital for BAIC shares. The above-mentioned person close to Beiqi also told reporters that this plan is currently under considerable dispute within BAIC Group; even if they participate in stocks, it seems that in the long run, the right to speak for China's Beiqi Group and Beijing Benz has actually been weakened.
Daimler opens shares in Beiqi listing plan or meets approval challenge