SAIC's Overall Listing Program Was Released &Nbsp; China's "Lurker" Was Accidentally Injured.

Different from previous market expectations. SAIC Group Parts and components business failed to load into China automotive, Huayu motor stock price fell 4.29%

SAIC's long ferment list The plan finally unveiled the 6 day.

According to the announcement issued by SAIC Group's two subsidiaries, Shanghai automobile (600104.SH) and Huayu automobile (600741.SH), Shanghai automobile will issue about 1 billion 728 million shares to SAIC and Shanghai Automotive Industry Co., Ltd. to purchase two independent components business, service trade business, new energy vehicle business related equity and other assets.

If the above move is carried out smoothly, the 19 subsidiary companies including Huayu automobile, Anji automobile logistics and SAIC Hongkong will be transferred from SAIC to Shanghai automobile, and the associated land use rights, franchise rights, trademark rights and patent rights will also be transferred together, with the estimated value of assets as high as 28 billion 560 million yuan.

The industry believes that the SAIC Group's restructuring plan is quite unexpected. SAIC's parts business failed to load into China's auto industry, and the large amount of funds that had lurked in China's automobile industry suffered from "Waterloo".

At the close of 6, the Shanghai Auto News closed at 18.48 yuan, up 0.03%. Car newspaper At 12.26 yuan, it fell 4.29%.

　　 6 years of restructuring

In fact, as early as 2004, the news of SAIC Group's overall listing was fired up, and even once the SAIC version of overseas listing was issued. Until December 2006, SAIC stripped part of its independent supply parts business from Shanghai motor vehicles and injected 19 billion yuan of vehicle assets into Shanghai automobile through the issuance of shares by Shanghai motor to SAIC Group. Since then, Shanghai automobile has transformed itself into a vehicle listed company from the parts and components industry.

In 2008, a total of 31 auto parts companies, including the independent parts and components business, which were stripped out of Shanghai motor vehicles, were listed by borrowing bus shares. SAIC also implemented the core asset securitization through the two step strategy.

At that time, 16 independent auto parts enterprises under the Donghua branch of SAIC and Shanghai Saint man Foundry Co., Ltd. were not injected into Huayu automobile because of poor performance or still being nurturing integration. The competition business of the same controlling shareholder has placed SAIC and China Auto in the awkward position of the same industry competition. Sass has promised that it will solve the above potential competition problems in merger and reorganization and business adjustment within less than three years.

And in the three year commitment deadline, Huayu car in December 2010 threw out the acquisition of Shanghai Saint man Foundry Co., Ltd., Shanghai Sax powertrain components System Co., Ltd. and Shanghai happiness Motorcycle Co., Ltd. plans for equity, but also by the logical interpretation of the market, SAIC Group to catch up before the deadline to achieve the overall listing of the prelude.

Until the Shanghai automobile 6 announced the restructuring plan, 6 years of SAIC's overall listing was finally settled. 　　

　　 Shanghai automobile earnings per share or diluted

Turning to the overall listing of SAIC, we can not help mentioning the integration of state-owned assets in Shanghai, which has been accelerating operation since the beginning of this year. As the leader of domestic car companies, SAIC's overall listing has always been the highlight of Shanghai's state-owned assets integration.

Although Shanghai automotive said it expects the earnings per share of the company to be restructured is slightly higher than the level before restructuring. However, the net profit in 2010 of the proposed reorganization is about 2 billion 600 million yuan, which is divided into 1 billion 728 million shares issued by Shanghai auto and 1.50 yuan per share. According to wind data, by the end of 2010, the earnings per share of Shanghai automobile amounted to 1.61 yuan. It seems self-evident that the earnings per share of Shanghai automobile will be diluted with the reorganization.

Cao He, an analyst with national securities, told the Securities Daily reporters that the assets of SAIC Group to be injected into Shanghai motor vehicles were mostly excluded from the listed companies when the motor vehicles were listed on the market in 2008. The inclusion of this part of the assets will probably dilute the earnings per share of Shanghai automobile, which is the main reason why the reorganization is not optimistic about the market.

　　 China Automotive "lurker" was injured.

A Beijing brokerage analyst told the Securities Daily that the news of SAIC's overall listing had been quietly spreading in the market since the beginning of this year, which caused some funds to "Lurk" to Shanghai automobile and Chinese domain vehicles. The stock price of the two stocks increased by 25.68% and 25.47% respectively from January 4th to February 14th, and the turnover rate reached 8.98% and 34.26% respectively.

As the assets of the SAIC Group are mainly based on parts and components, and the main business of China automotive industry falls on the parts and components sector, the majority of investors expected the restructuring plan to be injected into China's auto parts by the SAIC Group.

But the final restructuring plan of SAIC has packed the unlisted assets into Shanghai automobile, and changed the major shareholder of Huayu automobile to Shanghai automobile to solve the potential competition problems. Therefore, the restructuring of Huayu automobile does not have any substantive impact on its operation. Previously, the good idea was broken by the tasteless reorganization plan, and the auto price of Huayu has been down sharply after the resumption.

"Investors in Shanghai automobile and Huayu automobile are not in the same situation. After all, the restructuring plan of Shanghai automobile still needs to be approved by the shareholders' meeting, so the company's share price may still be shown before the shareholders meeting. Besides the change of controlling shareholders, the restructuring of the Wah domain car has left no suspense. At the moment, it can only be said that the "lurkers" of Hua domain automobile are very injured, the brokers analysts said.