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Let us take a look at the operating conditions of the Fujian Automobile Group. According to the data from the Fujian State-owned Assets Supervision and Administration Commission, in 2011, the production and sales of automobiles of the Fuqi Group were 123,000 units and 123,100 units, respectively, down 6.85% and 6.07% year-on-year respectively; the industrial output value was 13.059 billion yuan, an increase of 5.19%; sales revenue was completed. About 11.5 billion yuan, a decrease of 5.94%.
Obviously, this situation is far from the goal set out in the "Auto Industry Adjustment and Revitalization Plan" promulgated by Fujian Province in 2009. At that time, the plan clearly stipulated: By 2011, the total industrial output value of Fujian's auto industry will reach 70 billion yuan, an average annual increase of 20%; the annual production capacity of automobiles will reach 400,000, including 250,000 passenger cars and light buses, and large and medium-sized passenger cars. There are 40,000 vehicles, 70,000 trucks (including low-speed trucks) and 40,000 special-purpose vehicles, with a production capacity of more than 60%.
In other words, with the end of the rapid growth of China's auto market, Fujian Automobile Group will also face an unfavorable growth situation. The relatively weak enterprises of Fujian Automobile Group are relatively weak in their ability to deal with the severe market situation alone.
At the same time, the State Council's 2009 reform and revitalization plan for the automobile industry also proposed the concept of four major and four small. The Fujian Automobile Group does not mean this, which may imply that the Fujian Automobile Group is being integrated.
Therefore, today's Fujian Automobile Group seeks external mergers and reorganizations. It is an inevitable trend for Fujian Province, Fujian Automobile Group and the entire Chinese automobile industry.
Although mergers and acquisitions are harmless, in the face of so many joint targets, Fujian Automobile Group hopes to have one of the best companies to take over. This car company not only has to give the "gift" that is now abundant enough, but also the ability to earn money to live in the future must be different.
In this way, there was also a lively scene in which the three female sons of Beijing Auto Group, Guangzhou Automobile Group and Dongfeng Motor Group competed for one woman.
Who is the most suitable for Fujian Automobile Group to marry?
Beiqi Advantage
Historically, Beijing Automotive Group seems to be the most suitable. Because Beijing Automobile Group and the Fujian Automobile Group love the earliest, even once to obtain "marriage department" to get a marriage certificate, it is a pity that there is a problem at the door, in this regard, according to media that Guangzhou Automobile Group's involvement, let the whole The incident was twisted and the Fujian Automobile Group raised the price of bride price.
Of course, due to the Chinese government's policy support for the automobile industry, the Fujian Automobile Group gradually got better. The so-called rich daughters did not marry and they waited until now.
The advantage of the alliance between BAIC and Fujian Automobile Group is that they all have the same partner: Daimler Benz.
One of the most important companies in the Fujian Automobile Group is Fujian Benz (it was also called Daimler, Fujian before March 1, 2012, and it is said that the name was changed to better build the company's brand and expand market effects). If this joint venture can be combined with Beijing Benz, it must be a win-win situation.
For Daimler, the operating status of Fujian Benz is not particularly good. Beijing Benz is undoubtedly operating as the most important joint venture partner in the Chinese market. As Daimler is currently behind in the German three-wheel drive luxury car company, Daimler is anxious to integrate various cooperation projects in China.
And from the perspective of the German three-seat luxury car company, only Mercedes-Benz one for two, Audi, BMW are each with FAW, Brilliance monopoly, but life is much more comfortable than Mercedes-Benz.
For Beiqi, if it can win the joint venture company of Fujian Benz, it is more conducive to its cooperation with Daimler, and at the same time, it can strengthen the overall strength of BAIC Group and pave the way for its future IPO.
The initial restructuring of BAIC Group and Fujian Automobile Group began with the cooperation of Fujian Benz. It was only later that BAIC and Fuqi began to restructure the alliance into an alliance between the entire company.
The value of Dongfeng
Xu Ping, chairman of the Dongfeng Motor Group, told the media in 2011: Although we have no news in the Southeast, we do not rule out the news.
At present, Dongfeng Motor Group and Taiwan Yulon Company have established joint ventures. The Yulon Group owns 66 companies including automobiles, textiles, and high-tech companies, of which 10 are listed companies. Among them, Yulon Motor Group is the largest automotive group in Taiwan Island. The company has strong capabilities in the research, development, production, management, and sales of automotive products and has successful experience in mainland China.
The Fujian Automobile Group and the Taiwan Yulon Group also have an important joint venture vehicle: South East Automotive. Coincidentally, whether it is Dongfeng Yulon or Southeastern Automotive, the Taiwan Yulon Group's signatories to the signing ceremony of the two joint ventures were Yan Kaitai of Taiwan Yulon Enterprise Group. Only in the joint venture with Dongfeng, Yan Kaitai was the chief executive of Yulon Group, and when Southeast Automotive was established, Yan Kaitai was the vice chairman of the group.
In addition, although the joint venture with Fujian Auto is China Motors, the joint venture with Dongfeng Motor is Yulon Auto, but both auto companies are owned by Taiwan Yulon Group. Only the two car companies have set up time in succession. Yulon Motors was established in 1953, while China Motors was established in 1969.
Due to the relative weakness of Fujian Auto, it is certainly more willing to integrate advantageous resources into Dongfeng Motor from the perspective of Taiwan Yulon Group. From Dongfeng Motor Group, it is possible to fully utilize the advantages of Taiwan Yulon Group by integrating Southeast Automotive.
From this perspective, it seems that the involvement of Dongfeng Motor is a beneficial thing for this inter-provincial restructuring.
GAC Abacus
In the reorganization of Fujian Automobile, Guangzhou Automobile has always been an eye-catching role. For GAC Group, it is at a critical moment when it is rapidly expanding its scale and pushing itself into the first camp of China's auto industry. In addition, the merger and reorganization of the domestic market in recent years have allowed GAC to have a large-scale auto group.
Separately from GAC Group, the acquisition of Fujian Automobile itself is a very significant event. However, if we look at the combination of interests, Fujian Automobile and Guangzhou Automobile also have some interest points.
At present, Southeast Motors of Fujian Auto is a very complicated company. Because Southeast Motor is not only a joint venture with Taiwan Yulon Group, it also has in-depth cooperation with Mitsubishi of Japan and Chrysler of the United States. In March 2005, the United States Chrysler Group and Southeast Automotive Technology Co., Ltd. launched a cooperation to authorize the South East Motor production Chrysler Grand Czech and Dodge Kelly models. In April 2006, Mitsubishi Motors entered into the shareholders' car company South Korea, which currently holds a stock-to-share ratio of 25%, which is in line with the ratio of Taiwanese China Motors. However, since Mitsubishi Motors owns 14% of the shares of Taiwanese China Motors, in reality, Mitsubishi Motors is the second largest shareholder of South East Motor in practical terms.
Judging from the complicated partners of Southeast Automotive today, GAC Group's intervention in Fujian is the best. Because GAC Group has a great relationship with Chrysler and Mitsubishi.
Since GAC Group reorganized Changfeng, the joint venture between GAC Group and Mitsubishi has established a joint venture that is just around the corner.
The joint venture between Guangzhou Automobile Group and Fiat was officially established on March 9, 2010. Italy's Fiat is currently the holding company of Chrysler. Currently Fiat holds a 53.5% stake in Chrysler.
Therefore, whether it is from the perspective of the ratio of shares, or the relationship between the future joint venture partners, and the relationship between technology suppliers, GAC Group has more advantages for Southeast Automotive.
Split reorganization
Due to the complexity of Fujian Automobile Group's internal cooperation companies, each auto company involved in the reorganization has its own reasons and characteristics. It seems that the exclusion of the other two companies has certain difficulties. At the same time, there is no benefit to the development of Fujian automobiles.
In fact, this is a misunderstanding that Fujian Automobile has entered a restructuring. because. When Fujian Automobile was reorganized with other companies, it was more concerned with the overall alliance with its companies, which made complex equity relations an obstacle to restructuring.
We may now change our minds to split the Fujian Automobile Group. For example, let Fujian Mercedes-Benz and Southeast Auto each choose a more favorable partner. Fujian Automobile Group will not participate in the business in the future restructuring, but will only be a shareholder.
For example, BAIC reorganized Fujian Benz, Dongfeng or Guangzhou Automobile to restructure Southeast Motor, and then other assets were converted into a future restructuring party.
In this case, we can not only take care of the interests of all parties involved in the cooperation of the Fujian Automobile Group, but more importantly it also avoids the entanglement of future equity.