Speeding Up The Car Market And Speeding Up The Transformation Of State-Owned Car Enterprises: Chery And Changan'S New Energy Have Dropped Their Hammer.

On the morning of December 4th, the announcement of Changjiang property exchange showed that Chery Holdings Group Limited and Chery automobile Limited by Share Ltd increased their capital and stock expansion projects smoothly. The new energy automobile industry fund enterprise (limited partnership) of Wudaokou, Qingdao (hereinafter referred to as "Qingdao Wudaokou") became the new shareholder of Chery holding and Chery automobile.

The announcement shows that Qingdao Wudaokou has invested 7 billion 586 million yuan in Chery holdings, with a shareholding ratio of 30.99%, and invested 6 billion 863 million yuan in Chery shares, with a shareholding ratio of about 18.52%. It is consistent with the explanation and requirement of Chery's capital increase and expansion.

On the evening of December 3rd, less than 12 hours before the news of Chery's capital raising and expansion, the Chongqing Changan automotive Limited by Share Ltd (000625.SZ) announced that its wholly owned subsidiary, Chongqing Changan New Energy Vehicle Technology Co., Ltd. (referred to as Changan new energy) is introducing strategic investors to increase capital in Changan.

The capital increase and share expansion will be carried out in cash. The total increase will be 2 billion 840 million yuan. After the capital increase is completed, the share of Changan's new energy holdings from Changan will be diluted from 100% to 48.95%, and Changan's new energy will be transformed from a long security subsidiary into a joint venture company.

"Changan new energy is the central enterprise that has entered the list of the fourth batch of mixed transformation pilot projects in the country. It is also the first auto central enterprise to realize the reform of mixed ownership in China. Under the macroeconomic downturn and the capital market in the cold winter season, Changan's new energy can complete the A round financing, which is especially valuable." At the signing site, Yang Dayong, general manager of Changan new energy, admitted.

In fact, under the double pressure of capital market winter and the downside of the automobile market, as the highlight of Anhui's state-owned assets reform, Chery's mixed change is also "a long way to go". It is not easy to usher in new investors after last year's stock market auction.

"The State Council began to advocate the reform of mixed ownership of state-owned enterprises in the past few years, but it is not easy to mix state-owned enterprises, and it is difficult for them to break through the reality of state owned enterprises." In December 4th, Cao He, senior automotive analyst, said in an interview with the twenty-first Century economic report reporter.

The car market in 2020 will probably continue downward. - Song Wenhui photo

State owned car enterprises mixed change ideas gradually

Judging from the current situation, mixed reform has become a breakthrough in the reform of state-owned enterprises in the automotive industry. The purpose of mixed reform is to inject more vitality into state-owned enterprises, to operate through market mode and to help enterprises participate in market competition.

In November 8th, the SASAC of the State Council announced that it had issued the "guidelines for the reform of mixed ownership of central enterprises" (hereinafter referred to as the "operation guidelines"), defined the basic operation process, explained the assets audit evaluation in the process of "mixed capital", implemented the mixed reform through the property market, and implemented relevant regulations, working procedures and key concerns through the implementation of the mixed reform in the stock market. The main contents of the transformation of the enterprise operation mechanism were clarified, and the key contents, relevant provisions and guiding principles of the related work were explained in detail.

The introduction of the "operation guidelines" provides a systematic guide for the central enterprises to carry out the reform of mixed ownership, which helps the central enterprises to standardize the work process of mixed ownership reform, deepen the connotation of the reform of mixed ownership, promote the "reform mechanism" with "mixed capital", and effectively enhance the competitiveness, innovation, control, influence and risk tolerance of the central enterprises, and consolidate the micro foundation of the socialist basic economic system. SASAC responsible person said.

In the industry view, with the introduction of the "operation guidelines", the auto industry "mixed change" curtain has been opened, the trend is clear. The reform of mixed ownership is changing from "asset management" to "management capital". The "capital" of state-owned capital investment and operation companies will take part in the tide of reform and give more autonomy to enterprises.

But compared with other industries, because of the longer industrial chain, the mixed ownership reform in the automotive sector is more difficult.

Judging from the recent reform of state-owned car enterprises, Beiqi new energy has introduced many financial capital and employee stock ownership to achieve the ultimate goal of listing in the stock market. In August of this year, Jiangling group, Changan automobile and AI Chi Motor Co., Ltd. as the central enterprises, local state-owned enterprises and private enterprises completed the restructuring of Jiangling holdings. The mixed mode of Chery and the multiple mode of state owned vehicle reform made by Changan's new energy strategy investors also opened up a new path for the reform of state-owned enterprises.

However, after the reform of the industry is concerned about the control right, after each enterprise reform, there are different ways of operation.

Take Beijing new energy as an example, Beijing Automobile Group Co., Ltd. holds 29% of the shares, the highest share in the shareholders, and the relative holding. After the mixed change, the new Jiangling holdings are made up of 50:25:25, the Jiangling group and Changan automobile company.

In this Chery mix change, Qingdao Wudaokou will take 51% stake in Chery and occupy an absolute controlling position. However, although Wuhu construction investment is no longer the largest shareholder of Chery, it continues to have the right to vote, namely, one vote veto.

After the introduction of four strategic investors in Changan's new energy, the share price was diluted from 100% to 48.95%, and the company became a joint venture from a long security subsidiary company, and Changan gave up control.

Speeding up mix up in car market

"In 2020, the auto market will continue to bottom down, and it will be warmer at the end of 2020." In December 1st, Lang Xuehong, Deputy Secretary General of the China Automobile Circulation Association, gave a prediction at the sixteenth China import vehicle high-level forum.

Under the continuous downward trend of the overall automotive market, sales decline and performance downturn have become the main theme of most automobile companies.

Data show that in the first half of, the net profit of Chery holdings was -1.55 billion yuan, the total assets amounted to 90 billion 417 million yuan, the total liabilities amounted to 68 billion 500 million yuan, the net profit of Chery shares was -13.7 billion yuan, the total assets amounted to 83 billion 80 million yuan, and the total liabilities amounted to 62 billion 290 million yuan.

The performance of Changan's new energy is also not ideal. It is understood that Changan's new energy was founded in May 2018, and has been in deficit for over a year and a half since its establishment. According to the announcement issued by Changan automobile, Changan new energy lost 227 million yuan in 2018, and lost 579 million yuan in 2019.

Data show that in September of this year, Changan's new energy sales volume was 965, down 87.2% compared to the same period, and sales totaled 29 thousand vehicles in 1-9 months, down 40.09% compared with the same period last year.

Earlier, Yang Dayong, general manager of new energy in Changan, said in an interview with the media that this year's subsidies are going downhill and the market is down, and so on. At present, only one vehicle is sold in the selling mode, and the other models are in a state of temporary sale.

In the automotive industry continues to descend and enter the new industry era of competition, whether Changan new energy or Chery needs more yuan to support the sustainable development of enterprises. Mixed change is undoubtedly the best way for enterprises to introduce new capital and vitality.

"Business has been running for a long time, just like some clothes at home are always useless, but we don't throw them away." So we need to integrate some inefficient or stock resources to make room for better development. Earlier, in view of Changan's listing of new strategic investors for Changan's new energy, Zhu Huarong, President of Changan automobile, told an economic report reporter during the Guangzhou auto show twenty-first Century that the sale of assets, the introduction of third party social resources and the change of institutional mechanisms can complement each other and revitalize resources.

"Changan's new energy reform is also well understood. Changan's development in these two years is more difficult. The investment in new energy vehicles is also a "bottomless pit". Investors who introduce local government backgrounds are also trying to get support from local governments. From product sales to capital construction, they can get funds and pave the way for the future. For the future of car companies, Cao He said, "but Chery's future is hard to judge."

For the participation of Chery mixed change, Beijing Wudaokou chairman and founder partner Zhou Jianmin said: "Qingdao Wudaokou shares Chery, will continue adhering to the principle of" help not to add chaos ", continue to promote Chery to establish a more market-oriented incentive mechanism, increase the introduction of resources, strengthen capital operation, speed up the layout of the whole country, assist the" Chery 2025 strategy "landing.

Cao He said, "I believe that through this mixed change, the future Chery will also deduce more stories, which is worth looking forward to."