Although the Hong Kong-listed company Beitai Venture has entered a provisional liquidation process, the Tianbao Group has not given up its dream of national car. According to sources, the Tianbao Group's acquisition of the international auto parts giant Delphi has made substantial progress. The two parties may even negotiate on overall mergers and acquisitions.

The reporter then called Tianbao Group, and the relevant person in charge of the company declined to comment on the news. The person in charge of Delphi China’s media said that it has not received any notification from the US headquarters yet, but Delphi has indeed divested its sale of non-core businesses, including the successful sale of catalysts and door modules, including brakes, suspensions, chassis, and steering. Other non-core business lines including the system are negotiating with buyers from all parties.

The above source also stated that the government has been behind the scenes as a major international merger and acquisition project. Under the leadership of the government, Tianbao Group successfully introduced important strategic investors such as Shougang and has jointly established a new company to prepare to build a high-end auto parts industrial park in Beijing, and all acquired assets of the Tianbao Group will also be restructured and injected into the new company.

It is reported that the new company named “Jingxi Heavy Industry”, which is connected with the above acquisition, was formally listed on March 3. The company’s largest shareholder is the famous domestic steel company Shougang, which holds 51% of the shares, and Tianbao Group’s share of 24%. .

"Dipstick" Delphi

According to reports, the M&A signing team led by the government has already gone to the United States to prepare a formal agreement on the acquisition of Delphi's brakes, suspensions, and some other businesses. It will also negotiate on overall mergers and acquisitions, and the final results will be announced in the near future.

Since the filing of bankruptcy protection in 2005, Delphi has been the “Toon” in the eyes of domestic auto and auto parts companies. For a while, Wanxiang, Dongfeng, SAIC, Fuyao Glass and Weichai Power have all been involved in the Delphi merger. However, a private investment group in the United States has completely blocked the overseas merger and acquisition dreams of these local companies with a “big deal” of 3.4 billion US dollars.

Now, the financial crisis and the decline of the American auto industry have made this opportunity come back. According to sources, in addition to the Tianbao Group, Beiqi, which is preparing to “bigger Beijing car plates,” is also interested in acquiring some of Delphi’s assets, but this information has not been confirmed by BAIC.

Delphi's former "home" GM also intends to buy back some of Delphi's business. According to reports, GM has confirmed that it will exercise its right to acquire Delphi's global steering system business, but this decision also needs approval from the GM board of directors, the U.S. Treasury, and the federal bankruptcy court. Delphi was a subsidiary of General Motors.

However, according to sources, in this wave of Delphi mergers and acquisitions, the introduction of strategic investors Tianbao Group is even better because "the government plays an important role in it."

In fact, rumours that there are government figures among strategic investors of Tianbao Group are not groundless. Beijing's auto industry is facing the best opportunity for rapid development. The Beijing government is also actively promoting international mergers and acquisitions to attract industrial investment to settle down locally.

It is reported that in the country’s “Auto Industry Adjustment and Revitalization Plan,” the Beijing Municipality has also formulated relevant measures to accelerate the development of the Beijing auto industry, including new high-end components, high-end automotive electronics, automotive design and development, and special vehicles. Five automotive industry parks, including manufacturing and parts trading.

Officials from the Beijing Municipal Bureau of Industry Promotion also stated that high-end parts and components parks will introduce core high-end spare parts projects and improve the high-end links of the Beijing auto industry chain.

In addition, according to the development goals of the Beijing auto industry, in 2012, the production and sales of Beijing autos will reach 1.5 million, which is more than doubled from 2008, and the output value of the auto industry will also increase from 102.4 billion yuan last year to 240 billion yuan. Among them, high-end auto projects will also receive support from Beijing Industrial Development Fund.

However, in order to achieve the above goals, it is only through international mergers and acquisitions that we can effectively bridge the gap between domestic auto parts and foreign counterparts in the short term, and in the context of the financial crisis, “digging overseas” has become more feasible.

Introducing Shougang

At the beginning of the Year of the Ox, Tianbao Group became the focus of public opinion due to the “provisional liquidation” of Beitai’s startup business, and it was also seen as a typical case of China’s auto parts industry affected by the financial turmoil.

In fact, Tianbao Group, which has already laid the foundation in the international auto parts market, has been secretly planning new development opportunities. In addition to expanding the domestic market, this ambitious private enterprise hopes to draw on many years of overseas experience through a series of international M & A to build a bigger industrial map.

To this end, under the leadership of the relevant government departments, Tianbao Group successfully introduced important strategic investors such as Shougang and actively explored the "solidification" of the Chinese auto industry through international mergers and acquisitions and the improvement of its own research and development level.

The introduction of strategic investors undoubtedly increased the capital strength of Tianbao's participation in international mergers and acquisitions. It is reported that the acquisition of Delphi is only the first step of Tianbao. At present, the company is still tracking and collecting information on other potential international auto parts acquisition projects, so as to prepare for the next stage of international mergers and acquisitions.

However, the Tianbao Group and its Beitai Group are still faced with the challenge of “liquidation.” In this regard, a lawyer in Hong Kong stated that despite the financial turmoil, Beitai’s foreign exchange investment and hedging contracts have caused losses on the books, but Beitai The “provisional liquidation” of ventures is not forced liquidation as externally imagined. Instead, it is a voluntary liquidation application filed by the company to Hong Kong courts to protect corporate assets, assess financial instruments and other liabilities.

“Northern China will definitely not go bankrupt due to a provisional liquidation.” According to senior officials of a related company in Beitai, Beitai is only one of the companies under the Tianbao Group and the overall strategic deployment of the Tianbao automobile industry chain will not be due to the North. Thailand has been shaken by mistakes in the financial capital market.

For the claim filed by the Shanghai Industrial Investment Group to the court of up to 326.6 million yuan, Beitai has also filed a counter-claim. According to the results of Beihai's audit, Beitai not only did not owe any money to Shanghai Industrial Investment Group, which in turn owes Beitai nearly 100 million yuan in purchases. At present, the case has yet to be further examined.

Since it was first put into production in Anhui Province in June 1997, Beitai has become China's top 100 auto parts company in only 7 years and successfully entered the supporting systems of Shanghai GM, Chrysler and Beijing Benz.

In fact, behind the "Northern Legend of Thailand" is Tianbao Group's technical accumulation for more than 20 years. At present, Tianbao Group has established a central technology R&D center in Detroit and Los Angeles. Among them, the Los Angeles R&D Center has been able to undertake the design work of the vehicle, and has a number of vehicle platforms; the Detroit R&D Center can also undertake the design and development of chassis and powertrain parts, and has a complete technology development database.

In addition, Tianbao Group also transferred its international resources to the Chinese mainland, and continuously carried out the localization transformation, adaptability improvement, supporting system development, and production technical support for the models and key component assemblies designed by the US R&D center. At present, Tianbao Group has set up automobile engineering institutes, chassis technology centers and spare parts research and development centers in Shenyang and Beijing, and has initially formed a globally integrated technology research and development system.

According to informed sources, it is the technical strength and international market experience of the Tianbao Group that has attracted strategic investors for its success.

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