Changan Automobile's merger with Hafeichang River has different opinions

Since this week, the relevant military outfit group is about to sign an agreement with CNAC, Changan Automobile's rumors of reorganizing Hafei Automobile and Changhe Automobile have been overwhelming on the Internet and media. The attitude of the parties involved in deciding on this issue has made the reorganization of rumors more complicated.

Reorganization meets the interests of all parties

In fact, Chang'an reorganizes Hafei and Changhe, both in terms of interest and logical reasoning.

First of all, from the perspective of Chang'an, restructuring can quickly become bigger and stronger. At present, Changan's annual sales volume is only 862,000 units, which is far from the target of 2 million vehicles. Once the merger and reorganization of Hafei and Changhe, Chang'an will immediately increase sales of 400,000 vehicles. According to data released by China Automobile Association, from January to July this year, FAW’s market share was 14.2%, Dongfeng 13.5%, Chang’an 11%, Hafei 2.4%, and Changhe 1.2%. Once Chang'an and Hafei and Changhe are reorganized, market share will quickly rise to 14.6%, which will exceed the zero point of FAW Group by 4 percentage points.

Secondly, from the perspective of the AVIC Group, to give up Hafei and Changhe Motors, we can remove the burden and go light. In March of last year, the establishment of China National Aerospace Automobile Industry Corporation, Hafei and Changhe, two major micro-vehicle assets, and Dongan Power, were all included in the automobile assets. However, in the first half of last year, Hafei and Changhe only accounted for 9.3% and 3.1% of the micro-vehicle market. In the past, the two companies had once occupied 40.9% of the Chinese mini-vehicle market.

Third, the benefits are clear to Changzu and Changhe, joint venture partners of Japan's Suzuki. In the early 1990s, Suzuki established cooperative relations with Changan and Changhe at the same time. In recent years, Suzuki has begun to favor Changan Suzuki. It has handed over strategic models such as Swift, Tianyu SX4, and New Alto to Changan Suzuki. A bowl of water is difficult to balance. At the same time, the sales network of the two companies is difficult to integrate, and Japan Suzuki is also stretched. It is said that Suzuki is secretly supporting Changan Suzuki to integrate Changhe Suzuki.

Finally, from the perspective of national interests, it is said that the SASAC and the Ministry of Industry and Information Technology are also happy to contribute to this matter, so that the AVIC Group will devote all its energy to the domestic large aircraft project.

The rumors restructuring plan exposure

According to the reorganization plan reported by domestic media, AVIC Motor will be allocated free of charge to the Corps Group to enter the newly established China Changan Group. At the same time, CNAC will also hold a certain percentage of shares in China Changan Group.

In the future, Changan Automobile will lead the consolidation of mini vehicle assets under AVIC's automobile fleet, and eventually form Changan, Changhe and Hafei to produce different grades of micro-vehicles to jointly seize the market. At the same time, the engine resources owned by the China Armed Forces Group and China National Aviation Group will also be integrated into Dongan Power, forming the core engine block of the China Changan Automobile Group.

What is amazing is that the restructuring plan also rationalized the relationship between the joint venture company. Changan Suzuki and Changhe Suzuki will also be integrated. The two sides will coordinate production and integrate the sales network. Changan Suzuki's original second plant will also follow. give up.

It is said that by the end of this year, the China Aviation Industry Corporation and the Corps Group will implement the largest restructuring case in the history of the Chinese automobile industry. After the reorganization, China Chang'an Group will form a full-automotive chain group consisting of self-owned brands, joint-venture brands, commercial vehicles, and engine blocks, becoming the second-largest auto group next to SAIC Motor.

All parties concerned denied

After the media exposed the reorganization case, the attitudes of the parties concerned were unprecedented and all of them made rumors and clarifications.

Zhang Baolin, general manager of Changan Automobile Co., Ltd., said: “We did not get involved in anything.” And Zhao Xiongwu, senior manager of Chang’an Auto Group, also made it clear: “I don’t know the relevant matters.”

Zhao Guibin, general manager of AVIC and chairman of Changhe Automobile, also made it clear: “Aviation vehicles can never be allocated to the CNG group without compensation. We have taken so many measures in order to develop the automobile industry.”

It is said that AVIC Motors is currently planning to establish its own R&D center mainly for the development of small-scale energy-saving vehicles and new energy vehicles. At the same time, Changhe, Hafei, Dongan Power and other vehicle and component factories have implemented unified procurement.

Mystery announced at the end of this year

Although all parties have denied this restructuring plan, there are still people who have seen the mystery.

First of all, Yin Jiaxu, deputy general manager of the Bingzhuang Group, who has been busy with restructuring matters, and general manager of the China Changan Automobile Group, remained silent.

Secondly, regarding Zhao Guibin's statement that “it can never be allocated free of charge”, some people have interpreted it as saying that its subtext may be suggesting that Hafei, Changhe, and Dongan dynamics cannot be given, but they can be transferred conditionally.

Intriguingly, on the day when the senior executives of the AVIC Group denied the reorganization, on August 26th, the stocks of several listed companies involved in the A-shares market soared. Among them, Changan Automobile closed at its daily limit, and its flagship subsidiary, AVIC Changan, stopped trading. ) Hafei shares and Dongan Power also rose 4% and 3.03% respectively.

The answer will be announced before the end of this year.

View related topics: Military Equipment Group and AVIC Restructuring - Changan M&A Changhe Hafei

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