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On July 27, SAIC signed a letter of intent for cooperation with Yuejin Group. According to the letter of intent for cooperation, SAIC and Yuejin Group will establish a joint working group based on the principle of comprehensive cooperation to discuss the possibilities and plans for comprehensive cooperation between the two parties in the fields of vehicle, auto parts and auto service trade, and related assets. Reorganization work to achieve the full integration of SAIC and Nanjing Auto.
Yuejin Group is one of the earliest car production enterprises in China. Its subsidiary, Nanjing Automobile Group, has a full range of automotive product R&D and manufacturing capabilities. The company has total assets of RMB 12 billion and has 25 subsidiaries (including 7 Sino-foreign joint ventures). 7 joint-stock companies (including two Sino-foreign joint ventures) and more than 400 affiliated companies. Nanhua currently owns four vehicle production companies, namely Nanjin Yuejin, Nanjing Fiat, Nanjing Iveco, and Nanqi Xinyatu. According to the Letter of Intent for Cooperation, Yuejin Group and Nanjing Automobile Group are interested in reorganizing their assets, and will fully cooperate with SAIC Motor in the business of vehicles and parts.
SAIC Motor Corporation is one of the world's top 500 companies. In 2006, it ranked first in the country's automotive sales with 1.34 million complete vehicle sales. Its listed company, Shanghai Automotive, which is holding 83.83%, is the largest domestic vehicle listed company. As a controlling shareholder, SAIC Group continues to promise that SAIC and Yuejin Group's next asset restructuring plan will avoid competition with SAIC Motor.
The cooperation between SAIC and the Nanjing Automobile Group has always been of concern to the industry. Concerns about the cooperation between the two sides have continued. The cooperation between the two has finally taken the first step. After the signing of the letter of intent, the two parties will clarify the specific work content of the next step on the basis of the establishment of the working group and initiate relevant work such as due diligence.
For the specific details of future cooperation, both SAIC and NAC have maintained a silent attitude. SAIC officials expressed to this reporter that the signing of the letter of intent for cooperation is the first step in the cooperation between the two sides. The specific cooperation in the future will be further discussed by the joint working group. SAIC will pass an announcement to every important node in the future cooperation between the two parties. The way is disclosed in a timely manner. The relevant person of Nanjing Auto stated that there is no new situation for cooperation between the two parties.
The famous car critic Zhong Shi believes that both parties are reluctant to say more on this matter, mainly because the comprehensive cooperation between the two parties is rather complicated. It is difficult to say what form of cooperation will be in the future; and from the current situation, SAIC and South Steam's cooperation is mainly led by the government and the two parties are harmonious. However, the enthusiasm of the company is not very high, resulting in the lack of centripetal force.
A senior securities analyst, Yao Hongguang, analyzed that Nankai’s operating conditions are relatively poor. Now Nanjing Fiat and Nanjing Automobile Yuejin are at a loss, and only Nanjing Iveco is profitable. NAC has also introduced the MG project, which requires at least 4 billion to 5 billion yuan in investment in production, management, etc. This will become a bottleneck for NAC; in addition, NAC will compare its talent, capital, and production experience. Deficiency, these are exactly the strengths of SAIC. SAIC Motor hopes to obtain the assets of the economical sedan and light truck through cooperation and make SAIC's product line more complete. Therefore, Yao Hongguang believes that the possibility of comprehensive asset integration between the two sides is relatively large, but which part of the assets from which to begin is not necessarily the beginning, may be the leap of Nanjing Automobile, may also be Nanjing Fiat.
Zhong Shi believes that the impact of cooperation on both sides is still not clear. For SAIC, it is indeed possible to make SAIC's production line more complete, to make up for SAIC's shortcomings in commercial vehicles, and to strengthen the competitive strength between SAIC and Dongfeng and other large enterprise groups, but if the cooperation between the two parties is not substantially integrated, the above Fortunately, it can only be shown in the data; for SAIC, SAIC will not be able to help Nanqi in terms of funding. If SAIC does not provide support for NAC’s funds, NAC will also rely on its own Ways to raise funds. Zhong Shi said that the so-called "good things" are a long time. It is a very difficult thing for both sides to succeed in cooperation and it will take a long time to complete.
According to an announcement issued by Shanghai Automotive on July 28, the current cooperation between the two parties is still in the letter of intent stage. For example, agreements involving equity and asset transfer will need to be approved by the relevant national ministries, governments of Jiangsu and Shanghai, and related departments. Major transactions involving the company will be submitted to the board of directors or general meeting of shareholders for review in accordance with the provisions of the Articles of Association. Therefore, there are many uncertainties in the cooperation between the two sides. At the time of writing, the reporter learned from the Nanhua Office that the cooperation will insist on three changes, that is, the status of an independent legal person will remain unchanged; the place of registration will remain unchanged; the taxation area will remain unchanged.
View related topics: SAIC commercial vehicle expansion
SAIC Group Signs Letter of Intent for Cooperation with Yuejin Group