Ford, Changan, and JMC, which failed to implement the "Golden Triangle" plan on passenger cars, will try again in the heavy truck field.
Recently, the latest information disclosed by the Chongqing Property Rights Exchange shows that Changan Automobile Group and its major sharer, the Corps Group, has transferred 100% of the shares held by Taiyuan Changan Heavy-Duty Truck Co., Ltd. (hereinafter abbreviated as Changan Heavy Duty Truck) in the form of a listing. From July 6 to August 2, the equity transfer price was RMB 270 million.
In the view of market analysts, the "threshold" for the transfer listed by the Changan Automobile Group is likely to be "tailor-made" for Jiangling Motors (000550). In this company, Ford is the second largest shareholder, holding 29.96% equity, and Changan is indirectly holding shares through Jiangling Holdings (the largest shareholder of Jiangling Motors), so it is used as a cooperation project between Ford and Changan heavy trucks. The platform is also in the interest of both parties.
Although Ford China's position with Changan's heavy-duty cooperation "has no definite results," Chang'an insiders have been happy to say that "it will soon be clear." People close to Jiangling Motors Co., Ltd. said that the acquisition was already "not news" inside Jiangling Motors.
By the way, Jiangling Changan Heavy Truck is a wholly-owned subsidiary established by Changan Group in 2007 on the basis of reorganizing Shanxi Provincial Automobile Industry Group Co., Ltd.. At the beginning of the reorganization, the company set up a goal of achieving a total vehicle sales of 15,000 by 2012. Vehicles, with an overall sales income of more than 3 billion yuan, have entered the top 10 heavy truck industry. However, the performance of Changan Heavy Duty Truck in recent years shows that in 2011, sales of Changan Heavy Duty Truck were only more than 3,000 vehicles, while the annual sales of heavy trucks in the top ten were all over 10,000.
Extending the performance of heavy trucks and improving profitability are important layouts for the Changan Group to become bigger and stronger and narrow the gap with other major auto groups.
The introduction of heavy trucks, SUVs, and high-end Lincoln brands into China is a strategic move for Ford to enhance its performance in China. The two sides hit it off.
Last year, it was reported that Ford and Changan had reached a preliminary agreement to take over Changan Group, a heavy-duty truck company under Changan Group, through joint ventures and cooperation.
In May of last year and March of this year, leaders of the Shanxi Provincial Government met with the top ranks of the Armed Forces Group and Ford China Executives respectively, hoping to “accelerate the development of Chang'an Heavy Duty Truckâ€.
In May this year, Xu Liuping, chairman of Changan Automobile Group, said in an interview with the media that the cooperation with Ford’s heavy truck will “provide good news until the end of June.â€
However, unlike previous rumored Changan and Ford's 50:50 joint venture company to take over Chang'an Chongqi’s plan, Chang’an Group and its major sharer Corps Group have recently listed 100% of Chang’an Shouqi’s shares.
According to Chang'an’s requirements in equity transfer, the transferee of Chang’an CNHTC shall be a listed company registered in China and legally existing, with a duration of more than 5 years; it shall also have the manufacturing capacity and perfection of commercial vehicles. Sales network, and sales of commercial vehicles in 2011 were not less than 150,000. In addition, the registered capital of the transferee should not be less than 800 million yuan, and the return on net assets per year in the last three years should not be less than 5%.
In the opinion of market analysts, this series of requirements seems to be tailor-made for Jiangling Motors. National Securities Auto Industry analyst Cao He said that before the general company's assets are transferred, they will first find the “next homeâ€, and the conditions required in the transfer announcement are also customized according to the intention of “beginning at homeâ€.
Chang'an Group has three directly-controlled listed companies: Chongqing Changan, ST Qingqi, and Dongan Power. Jiangling Motors shares are listed companies that Changan Group has indirectly held shares through Chongqing Changan. Of the four listed companies, only Jiangling is a commercial vehicle company. Changan, Chongqing, mainly passenger cars, and the company's insiders made it clear that "will not acquire Chang'an Heavy Duty Truck." ST Qingqi and Dongan Power are the listed company platforms for Changan Group's parts and powertrains, respectively.
According to insiders from Chang'an, the main route for Jiangling is to avoid government approvals for new joint venture projects. On the other hand, it is also the result of Ford’s active promotion.
Jiangling Motors was originally a subsidiary of Jiangling Motors Group and was the first listed company in Jiangxi Province. Ford Motor Co., Ltd. subscribed Jiangling’s B shares for two premiums in August 1995 and October 1998, holding a total of 259 million Jiangling B shares, which accounted for 29.96% of the company’s total share capital, and became the second largest shareholder of Jiangling Motors. After Ford and Chongqing Changan entered a joint venture in the field of cars, under the impetus of Ford, Chongqing Changan invested RMB 450 million in 2004 and established Jiangling Holdings, a joint venture with Jiangling Group. Each of the two parties holds 50% of the shares, and later Jiangling Holding became the first company in the company. Major shareholder, holding 41.03%.
After the actual controlling party of Jiangling Motors became Jiangling, Ford and Changan, the shareholding ratio of Ford and Changan was higher than that of JMC. It is in the interests of both parties to put the heavy truck joint ventures of the two parties into the JMC.
Reintroducing the "Golden Triangle"
Regarding the upcoming takeover of Changan Chongqi, the shareholders of Jiangling Motors Motor Co., Ltd. did not say whether or not: “We are a listed company. Major information is disclosed by the listed company. There is no information available in this regard. However, according to sources close to Jiangling Motors, The plan for the acquisition of Chang'an Heavy Duty Truck was basically established last year. This is not news inside JMC.
For many years, the second largest shareholder, Ford, has played an important role in the business development of Jiangling Motors. The executives of Jiangling Motors and many other senior executives have been assigned by Ford, and the management of Jiangling Motors shares a “American company†style. . Jiangling Motors has always had high hopes for the second largest shareholder and hopes that by virtue of Ford, it will take Jiangling Motors shares to a higher level. Under the cooperation of Ford, in 2004, Jiangling Motors Corporation accepted Chongqing Chang'an to acquire shares in Jiangling Motors, and also wanted to enter the field of passenger cars and cars.
Around 2005, Changan Ford also reportedly bought shares in Jiangling Motors, which gave Jiangling Motors shares rumors of sedan production and Changan and Ford cars.
When Changan joined the company under the company of Ford, Jiangling set up a factory in Nanjing. It was considered to be the "Golden Triangle" plan for Ford to join Changan and move out of Chongqing.
However, this "Golden Triangle" combination, which was highly favored by the outside world at that time, did not bear fruit.
Chang’an thinks that Jiangling’s passenger car brand and marketing network are not enough to make a good car; Jiangling’s side believes that Chang’an did not provide enough resources to support it. Therefore, the center of cooperation was later bet on Ford’s body. In 2010, Ford finally started the small blue base with annual output of 300,000 units in Jiangling, and also promised to introduce SUV and other passenger car products into Jiangling Motors shares.
For Jiangling Group, Changan and Ford introduced heavy trucks into Jiangling Motors, which is also in line with their interests. As the capacity of the domestic light commercial vehicle market is approaching saturation and the growth rate has slowed down, the performance of Jiangling Motors Co., Ltd., which has been regarded as the "best student" in the capital market since last year, has begun to decline.
Although the heavy truck market is currently sluggish, in the long run, with the development of China’s economy, there is still room for development. In addition, current heavy truck industry products and technologies are at a relatively low level, with the tightening of energy conservation and environmental protection standards. , Product and technology upgrade trend is obvious, Daimler and Fukuda joint venture, Volkswagen's commercial vehicle Man shares into Sinotruk, Volvo marriage Dongfeng, Navistar joint Jianghuai and other international commercial vehicle giants stepped up their joint venture in China in the past two years Cooperation projects are all laid out for this purpose.
Obviously, Ford, Changan, and JMC are also seeing an opportunity to upgrade and reshuffle the heavy truck industry, so they hope to achieve a breakthrough here.
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