One half of the "big drama" sings ceased, and the reorganization case of the Fujian Automobile Group (hereinafter referred to as Fuqi) that had been tangled for many years was shelved again.
Recently, a source close to Fuqi revealed to reporters exclusively that following the formal holding of Xiamen Jinlong Automobile Group Co., Ltd. (hereinafter referred to as Jinlong Automobile), the scale of Fuqi was further expanded and it was more "independent". Perhaps because of this, its previous negotiations with Dongfeng on restructuring have officially ended.
In fact, since Fuqua Motors reorganized the negotiations on the negotiating table in 2009, it has successively spread “scandals†with the three auto companies of BAIC, Guangzhou Automobile and Dongfeng. However, it is widely believed that when Dongfeng, which signed a strategic cooperation agreement with the Fujian provincial government in 2013, will become the "terminator" of Fuqi's reorganization, the news of the termination of the negotiations between the two sides will be heard again. Then, next, will "independent development" be the final answer given by Fuqi?
Termination of negotiations: “The news I got from the top of Fuqi is that the negotiations between the two parties (Dongfeng and Fuqi) have now been terminated.†On May 27, a Fuzhou-based source close to the top of Fuqi revealed to reporters. According to its introduction, since the beginning of the negotiations, the Dongfeng has not been very "hearty" in reorganizing the blessing, which has also led to slow progress in restructuring negotiations. After re-receiving the Golden Dragon Motors, Fuqi's “independent development†mentality revived again.
On February 13, Golden Dragon Motors announced that according to the requirements of the strategic development of the Fujian automobile industry, the 20.7% stake in Jinlong Automobile held by Xiamen Haiyi Group Co., Ltd. was allocated to FuChang for free, and the controlling shareholder of Golden Dragon Automotive was from HaiYi Group. Become a blessing steam.
The above source believes that this equity change has no direct relationship with Dongfeng's reorganization of the Fuqi project, but after the completion of this transaction, Fuqi's "platter" is even larger. In addition to the previous Southeast Auto, Fujian Mercedes-Benz and Fuqi Xinlongma (in 2012, Fuzhou Automobile invested 1 billion yuan to plan 150,000 micro-vehicle projects), Fuqi gradually formed a full-scale layout of passenger cars, passenger cars and commercial vehicles. Increased confidence in maintaining "independent development."
In fact, as early as the end of 2008, the Fujian provincial government required Fuqi and domestic companies to start docking and participate in the reorganization. Beiqi and Guangzhou Automobile both showed great interest in reorganizing Fuqi, but it was also due to the acquisition of Fuqi. Too many parties involved in the project eventually led to the Fulbright reorganization project gradually falling into a complicated mess.
Subsequently, Dongfeng also began to participate in the restructuring of Fuqi's team under the matchmaking of Fuzhou's Southeast Automotive joint-venture Taiwan Yulon Motors. As of May 2013, Dongfeng and the Fujian Provincial Government formally signed a strategic cooperation agreement in Fuzhou. According to the agreement, Dongfeng will transfer 45% of the shares of Fuzhou Automobile Co., Ltd. held by the Fujian Provincial SASAC in a capital increase manner. At the same time, Dongfeng and Fuqi intend to establish a 50% stake in the southeast part of the investment company.
However, after the agreement was signed for nearly a year, the marriage between Dongfeng and Fuqi did not proceed as scheduled. Instead, it slowed down during the follow-up negotiations. Until recently, the negotiation of Dongfeng’s reorganization of Fuqi was formally terminated, which also meant that the two parties had previously been terminated by the industry’s optimistic alliance project. However, when the reporter asked the relevant person of Dongfeng about this news, the other party only stated that "he did not hear about the relevant news."
Unwilling to reorganize
Judging from the current situation, the reunification of Fuqi for a long time has once again returned to the "origin." "The previous reorganization was a matchmaking by the government. In fact, Fuqi's own wish for independent development has not changed," the source said. Of course, behind this "mind", the "restorative growth" of Fuqi's business also made it more emphatic, and was not willing to be "fully restructured" by Dongfeng.
At present, Fuqi has formed a four-wheel-drive model in which Southeast Motors, Fujian Benz, Jinlong Automobiles and New Longma Motors coexist. According to the statistics released by Fuqi Automobile, in 2013, Fudan's overall sales volume was 21,1300, an increase of 11.97% year-on-year, a record high; the operating income was 33.655 billion yuan, an increase of 10.27% year-on-year; and the total profit was 733 million yuan, a year-on-year increase. The increase was 163.81%. In addition, Fuqi also achieved its first full profit since 2004: South East Automobile sales volume was 121,000, an increase of 13% year-on-year, and profit increased by 77% year-on-year; Fujian Mercedes-Benz sales volume was 11,200, an increase of 43% year-on-year, and earnings were realized ahead of schedule. The sales volume of Jinlong Automobile was 78,700 units and the operating revenue was 20.8 billion yuan.
“In the next five years and five years, we completed the V-shaped reversal.†At the 2014 South East Car New Year Media Association, in the face of national media, Fu Qiang, chairman of FuChang, made a “V†gesture. Fuqi began to decline from 2004, and sales fell for five consecutive years in 2008, and went bankrupt. At that time, the national automobile production and sales volume increased by an average of 20% to 30% each year, while Southeast Motors slipped 30% to 40%.
With the improvement of performance in recent years, Fuqi's attitude toward restructuring has begun to change. “Everyone says that it is reorganization. We have never said it before. We must all have a common will for this cooperation. There is no question of mergers and reorganizations. The most important thing for cooperation is to come to fruition.†At the beginning of this year, Dongfeng was asked to reconstruct the blessings. In the steam project, Lian Xiaoqiang said.
Correspondingly, at the beginning of the year, after Dongfeng completed the due diligence on the assets of Fuqi, it withdrew the relevant investigators, and subsequently did not come up with the final assessment report for the restructuring of Fuqi. Since then, the industry’s news about Dongfeng’s reorganization of the bus has stagnated.
<br> <br> fortune hangs in the balance in accordance with previous plans Dongfeng, its comprehensive restructuring Fu steam, ultimate goal is to achieve equity holders of Fu steam more than 50%. According to Dongfeng’s previous cooperation agreement with the Fujian Provincial Government, after Dongfeng completed the transfer of 45% equity interest in Fuzhou Automobile, which is held by the Fujian Provincial State-owned Assets Supervision and Administration Commission, to indirectly hold its shareholder Nanfang Automobile, Dongfeng will hold the southeast of the company in the form of an investment company formed by Fuzhou. Automobiles, of which Dongfeng holds 2/3 of the shares, Fuqi Holding 1/3 equity.
However, with the termination of the follow-up negotiations between Fuqi and Dongfeng, Dongfeng did not complete the planned “restructuring the entire bankâ€. Just as Lian Xiaoqiang's previous statement, Fuqi and Dongfeng are currently in a cooperative relationship and are not reorganized. This means that Dongfeng does not directly participate in Fuzhou's Fujian Mercedes-Benz, Xiamen Golden Dragon and New Dragon Horse business projects.
Some analysts believe that maintaining the cooperative relationship with Dongfeng Motor in the Southeast Automotive industry does not seem to be conducive to the long-term goal of Fuqi to achieve a gradual “marginalized†status and to reverse the performance difficulties. For Fuqi, despite the fact that its performance has improved in recent years, it is in line with the domestic "Four Big One (Faw, SAIC, Dongfeng, Chang'an), Si Xiao (Beiqi, Chery Beiqi, Guangzhou Automobile, Chery, and heavy truck)" car companies. In comparison, the body size is still small. In 2013, Dongfeng’s overall sales reached 3.5349 million units, while Fuqi sold only 21.13 million units in the same period.
The scale of production and sales reached 300,000 vehicles, which is the condition that Dongfeng had previously determined to increase its holdings of Fuqi. At the moment, South East Motor sells only 120,000 vehicles a year. In general, whether it is southeast autos or blessings, it still does not change the status of its "marginalization." According to the “12th Five-Year†development plan previously announced by Fuqi, by 2015, its total output value will reach 200 billion yuan and its production and sales volume will reach 1 million. From the current development situation, Fuqi still has a long way to go.
"In 2009, the state introduced a policy to encourage the merger and reorganization of auto companies. In fact, it is to encourage large auto companies to achieve joint development through mergers and acquisitions. The ultimate goal is to solve the development problems of the weak car companies." Zhang Zhiyong, a well-known commentator in the industry, said that if Fuzhou is aiming for cooperation rather than overall restructuring, it seems that the newly-acquired Peugeot-Citroen Dongfeng has not yet been able to separate even more energy from the newly-acquired joint venture project with Renault. Fuqi strengthens cooperation.
Judging from the current situation, after years of tangling, Fuqi is still reluctant to accept the fate of being "reorganized." Then continue to maintain the "independent development" model of the blessing, the follow-up can successfully reverse its "marginalized" development potential, will continue to test the operation wisdom of Lian Xiaoqiang and Fuqi's various business segments.
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