· China's CRRC truck business reorganization plans to be 1.161 billion divestiture 100 years car factory

A month ago, CRRC announced the restructuring of the truck business. The Erqi vehicle, which was founded in the Qing Dynasty with a century of legendary history, was reorganized. On December 21st, the people of the Ministry of Culture of the Erqi Vehicle Enterprise told the reporter of "Daily Economic News" that the Erqi vehicle will be withdrawn from the manufacturing industry next year, and the transformation and upgrading will develop the service economy.
It is worth mentioning that CRRC Beijing Erqi Locomotive Co., Ltd. (hereinafter referred to as the Erqi Locomotive), which is the same as the Erqi Vehicle, will transform the Wenchuang industry with its advantageous geographical location and resources, but it is different from the Erqi vehicle. The locomotive remains in the listed company system.
Selling to CRRC Group will make a profit of 900 million yuan
According to the information of the official website of the Erqi Vehicle, the company is a large-scale rail transit enterprise mainly engaged in the manufacture, maintenance and spare parts production of railway wagons. It has the comprehensive production capacity of 4,000 new railway wagons and 3,500 railway wagons. According to the announcement, the revenue of Erqi Vehicles was approximately RMB 1.58 billion as of 2016, and the net profit was approximately RMB 126 million. From January to August 2017, the revenue was approximately RMB 1.789 billion and the net profit was approximately RMB 81,732,000.
The net value of fixed assets of Erqi Vehicle is 220 million yuan, the area of ​​industrial land is 630,000 square meters, and more than 1,800 sets of various production equipments. The transaction was assessed using the asset-based approach. China CRRC disclosed that the book value of the net assets of the Erqi vehicle was 177 million yuan on August 31, 2017, with an estimated value of approximately 1.161 billion yuan and a value-added rate of 555.38%.
China CRRC's transfer of 100% equity of Erqi Vehicle is expected to generate investment income of approximately RMB 900 million, which will be used to supplement liquidity, expand business and capital expenditure.
Since 2017, China CRRC's performance is showing signs of weakness, and this transfer will help boost annual results. China CRRC's third quarterly report showed that the company's net profit attributable to shareholders of the listed company was 6.809 billion yuan, down 9.4% from the same period of the previous year.
China CRRC said in the announcement that the divestiture of the Erqi vehicles is mainly based on two considerations: First, implement the state's measures to ease the policy of Beijing's non-capital function; Second, deepen the company's reforms and promote the company's trucks and other business adjustments. Structure and de-capacity will help optimize the company's internal resource allocation.
"Daily Economic News" reporter noted that the Erqi vehicle is located in the southwestern Fifth Ring Road of Fengtai District, Beijing, adjacent to the famous Lugou Bridge-Wanping Scenic Area. According to the introduction of the Capital Window, the general manufacturing industry is prohibited from new construction or expansion of manufacturing in the six districts of Beijing City, including Fengtai District.
Centennial car factory plans to transform service economy
China CRRC announced on November 20 that the board of directors reviewed and approved the “Proposal on the Reorganization Plan of China CRRC Co., Ltd.”, which will be based on CZ Qiqihar Transportation Equipment Co., Ltd. (hereinafter referred to as Qiqihar Company) and CRRC Changjiang Vehicle Co., Ltd. The company has established two sub-groups for the main body, of which Qiqihar Sub-Group consists of five companies including Erqi vehicles.
The Erqi Vehicle was established in 2007, but traced its roots. The Erqi Vehicle was built in 1897. The Lubao Railway Lugou Bridge Machine Factory was established in 1897. It has a long history of 120 years. After two evolutions, the plant was divided into Beijing Erqi Locomotive Factory and Beijing Erqi Vehicle Factory in 1980. The former was the predecessor of the 27th locomotive of China CRRC's wholly-owned subsidiary, and the latter was the predecessor of the Erqi vehicle.
Currently, both companies are in transition. According to the "Beijing Daily" reported in November, the demonstration area in the old factory building of the Erqi locomotive has taken the lead in launching the transformation and transformation into the Wenchuang Park. It is expected that the transformation will be completed in March next year, and the Erqi locomotive is expected to be completely shut down in the first quarter of 2018.

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