A few days ago, there were rumors that Anhui Province is integrating and reorganizing Chery and Jianghuai automobile companies. At present, plans for Chery and Jianghuai to hold shares have been submitted to the State-owned Assets Supervision and Administration Commission of the State Council.
Chery ranked sixth in sales volume in the country in the first half of this year. JAC is currently the largest passenger vehicle chassis manufacturer and second-largest light truck manufacturer in China. The restructuring of the two companies will have a significant impact on the domestic auto industry's pattern. Therefore, this rumors Has received widespread attention.
Proposed to form "Chinese Renault-Nissan"
It is reported that Anhui Province is currently the only province in China with two major branded auto companies. In 2006, Chery Automobile plans to produce and sell 281,000 units, with sales of 19.8 billion yuan; Jianghuai Automobile plans to sell 190,000 vehicles, with a sales income of 14.5 billion yuan. In 2005, it increased by 26%.
However, even if the two companies successfully completed the plan, the sales revenue together only 34.3 billion yuan, while the SAIC, FAW, Dongfeng three major groups as early as in 2005 sales exceeded or close to 100 billion yuan. Therefore, the industry has long been rumored that the Anhui provincial government has always planned to merge Chery and JAC into one group to further expand the automobile industry in Anhui.
Earlier this year, relevant departments of Anhui Province disclosed that Jianghuai Automobile and Chery Automobile had formed their intentions and they plan to cooperate in joint procurement, supporting cooperation and technical exchanges. The two cooperation frameworks may include the establishment of a joint procurement platform for raw materials to reduce procurement costs, and the establishment of a technology-sharing platform to strengthen cooperation in research and development.
The latest news is that the Anhui Provincial Property Rights Bureau has taken the lead in drafting a plan for the conversion of the two parties and reported it to the SASAC. According to the plan, Jianghuai’s shares will be transferred to Chery at discounted prices, and JAC’s sedan project will be allowed to use Chery’s car catalogue. At the same time, JAC will obtain a share of Chery Automobile and become one of the founders of Chery Automobile's listing. This plan actually means that Chery and JAC will "marry" into a similar alliance to Renault-Nissan.
Reorganization is beneficial to Chery and JAC "win-win"
When reporters checked with Chery and Jianghuai on this day, the relevant parties were all silent, and there was no doubt about the rumors. Analysts believe that this plan is actually a “win-win†situation for both parties. The parties are silent because the plan is related to the approval of the JAC sedan project and the listing reform of Chery Automobile. Is still in secrecy.
It is reported that JAC has already completed all preparations for car production. The production base of 50,000 cars per year is expected to be put into use in October of this year. The reserve for more than 10 models has also been completed, including passenger cars and passenger cars. The car sales company has been well-established. As long as there is a “life permitâ€, the JAC sedan can immediately go offline. However, under the background of macro-control of automobile production capacity, the road directly approved by the Jianghuai sedan project through the National Development and Reform Commission has actually been blocked. If they can achieve cross-shareholding, then JAC's sedan project can be acquired in the name of Chery Affiliate. produce.
For Chery, holding JAC means acquiring some of JAC's assets at a lower cost, and obtaining JAC's technical support for commercial vehicles. On the other hand, Chery hopes to complete the restructuring within the year and formally go public next year. The mutual holding of shares with JAC means that JAC can be introduced into Chery Automobile as an outside investor and become one of the founders of Chery Automobile's listing.
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