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Recently, Jianghuai Automobile announced that the China Securities Regulatory Commission decided to terminate the review of the company’s issuance of additional applications. The announcement said that on April 21, 2011, the company submitted an application report to the China Securities Regulatory Commission. According to the actual situation of the company and in combination with the situation of the capital market, the company voluntarily requested the withdrawal of the additional application documents.
Regarding the statement of “active withdrawal of additional issuance application documents†by JAC, some securities analysts told the “China Business†reporter that this was an attitude that he did not want to admit that he had failed to increase orientation. Some analysts believe that the continuous personnel changes this year, coupled with the deteriorating performance, will, to a certain extent, expedite the reorganization of Daan Automobile, which has long been shelved.
Issuance is not
“Everything is based on the announcement of a listed company.†In answering a reporter’s interview on the issuance of withdrawals, Jianghuai Auto’s top executive merely understated.
It is understood that as early as April 21, 2011, Jianghuai Automobile submitted an application report for Anhui Jianghuai Automobile Co., Ltd. to the China Securities Regulatory Commission. According to Jianghuai Automobile's previously released information, Jianghuai plans to issue no more than 150 million yuan of ordinary shares through public issuance, raising no more than 2.8 billion yuan (including issuing expenses), investing in expansion projects and years of passenger car bases. Production of 200,000 high-performance gasoline engine projects.
Recently, Jianghuai again announced that according to the actual situation of the company, combined with the situation of the capital market, the company and the sponsors also submitted a request for withdrawal of the additional issuance documents to the China Securities Regulatory Commission, and requested to withdraw the issuance of additional issuance documents. At this time, more than a year has passed since the JAC Automotive 2010 General Meeting of Shareholders (March 18, 2011).
"Because the current stock price is too low (as of June 13, 2012, Jianghuai Auto's closing price was 6.16 yuan and the highest historical value was 19.66 yuan), it is not worthwhile to issue new shares again." The so-called initiative to withdraw the issuance of additional applications , Jianghuai Automobile director secretaries Feng Liangsen once explained to the media.
However, a securities analyst told the reporter that the issuance price was determined after the CSRC approved the company's issuance plan within six months after the option to issue the prospectus, and the price was based on the average price of the first 20 trading days announced by the prospectus. In other words, starting from the CSRC's approval of the company's additional issuance plan, Jianghuai Automobile can have half a year to determine the issuance price depending on the specific stock price situation. “Accordingly, JAC Motor apparently knew that it could not pass the review by the Securities Regulatory Commission and it would take the initiative to revoke the additional issuance. Application".
As for the Securities and Futures Commission’s failure to approve the JAC’s issuance plan, the securities analysts stated that they are still understanding the specific circumstances. Actually, regardless of whether it is voluntarily withdrawn or if the CSRC disapproved, for JAC, the private placement was No matter what, it will undoubtedly exacerbate the current financial difficulties.
Wind and rain
According to statistics from Jianghuai Automobile, in 2011, the overall sales volume of Jianghuai Automobile was 21.54 million units, which is a considerable gap from the annual sales target of nearly 300,000 vehicles. At the same time, in 2011, sales of JAC Passenger Vehicles also saw a decline in sales, which decreased by more than 30,000 vehicles year-on-year. Under such circumstances, the profitability of Jianghuai Automobile has become very bad: According to the 2011 annual report issued by JAC, this year, Jianghuai Automobile realized a total operating income of RMB 304.74 billion, a slight increase of only 2.59% year-on-year; attributable to listed companies The net profit of shareholders was approximately RMB 618 million, a significant drop of 46.88% year-on-year. In addition, according to the reporter, Jianghuai Automobile received a local government subsidy of RMB 164 million in 2011. If this portion of the subsidy is removed, the decline in the profits of JAC will obviously be even greater.
More seriously, the profitability of Jianghuai Automobile is still in a continuous state of blood loss. In the first half of 2012, the overall performance of JAC Motor has not yet improved. According to data released by JAC's April sales and sales bulletin, in April 2012, JAC sedan sales were 11,000 units, which was a significant decrease of 29.25% year-on-year; MPV sales were 4711 units, a year-on-year decrease of 27.59%; SRV (small recreational vehicles) sales were 787 vehicles, a year-on-year decrease of 50.69%; truck sales were 23,818 vehicles, a year-on-year decrease of 10.06%. At the same time, Jianghuai Automobile achieved operating income of 7.262 billion yuan in the first quarter, a year-on-year decrease of 23.69%, and net profit of 103 million yuan, a decrease of 69.25% from the same period last year.
On the one hand, it is the continued decline in profits. On the other hand, there are many new projects in JAC that are in urgent need of assistance. According to Jianghuai's announcement, in 2012, Jianghuai Automotive added more than 1.2 billion yuan in investment projects, including 23.05 million yuan to build commercial vehicle parking and shipping yard projects, and 209 million yuan to build an HFC7131 series with an annual output of 80,000 sets. The new model of the car body mold clamp project, 795 million yuan to build an annual output of 150,000 sets of dual clutch automatic transmission (DCT) project and 180 million yuan of 50,000 sets of DCT tooth shaft items and so on.
"The new issuance plan is no doubt, will no doubt exacerbate the financial pressure of JAC." An auto analyst of Northeast Securities said that the 2.8 billion yuan fund to be raised in the previous issuance plan cannot be put in place, which means that Jianghuai Automobile has its own funds. In addition, more sources of funds such as bank loans must be sought. "On the one hand, new projects have accelerated their expansion. On the other, they have faced market downturns and financial pressure. JAC seems to have entered a dilemma."
Restructuring?
After the failure of the JAC's issuance plan, industry experts analyzed that in the face of increasing financial pressure and continued sluggish performance of the industry, Jianghuai Automobile's current restructuring expectations have greatly increased.
As early as May 2009, relevant departments of Anhui Province issued the "Automobile Industry Adjustment and Revitalization Plan of Anhui Province", and decided to implement the "Daan Automobile" strategy, pushing Chery, Jianghuai and other car companies to reorganize within the province according to market principles. Strive to form an annual sales of more than one million automotive enterprise groups. At that time, it was generally believed in the industry that Chery's integration of JAC was a more feasible approach in terms of its status and scale.
Since then, Chery's reorganization of the Jianghuai has been heard endlessly. However, due to the strong opposition of Jiang Yanhuai Chairman Zuo Yan'an, the reorganization incident has not taken place. At the beginning of 2012, Zuo Yanan left his post and the former president of JAC Motors, An Jin, took over from Zuo Yan'an and began to preside over the work of JAC. Together with the precarious situation of the JAC market, JAC's restructuring expectations have clearly been greatly enhanced.
According to the “12th Five-Year Plan†previously announced by JAC, JAC’s overall development strategy is to adjust the product structure and make large-scale production. It plans to make efforts in passenger vehicles, commercial vehicles and other fields to achieve a breakthrough in annual production and sales of finished vehicles. 1.6 million vehicles (including more than 1 million passenger vehicles, accounting for more than 60%), and the target of overseas sales reaching more than 20%, and the market performance of Jianghuai Automobile in the first half of 2011 to 2012 was not good, and its business adjustment pressures are Gradually increase. On the other hand, in 2011, overall sales of Chery's passenger vehicles fell by 2% compared with 2010 due to poor overall market conditions. In addition, if there is no government subsidy, Chery will all be in a loss state in the past three years. Chery’s The "China's own brand banner" status is precarious. “This will surely make the government departments revisit the idea that companies should be grouped or restructured to enhance their ability to resist risks.†Some well-known analysts in the industry stated that “Chery’s position and influence in the automotive industry far exceeds that of JAC, and is therefore realized by Chery. The reorganization of Jianghuai Automobile will inevitably be a matter for all parties to focus on."
Regarding this issue, all parties of Chery were blindly interviewed by reporters. However, it can be imagined that a big screen involving the integration of assets between Chery and Jianghuai has already been lifted.
In the second half of 2006, news about the reorganization of Chery and JAC began to spread gradually. At that time, it was revealed that Chery will reorganize the latter by holding JAC in order to increase production capacity, increase resource utilization, and seek overall strength. Influence.
In May 2009, relevant departments of Anhui Province issued the "Automobile Industry Adjustment and Revitalization Plan of Anhui Province", pushing Chery, Jianghuai and other car companies to reorganize in the province according to market principles, and strive to form an annual sales of more than one million cars. Enterprise Group.
In October 2009, there was information showing that with the promotion of the Anhui provincial government, it was determined that Chery's integration of JAC is a more feasible approach. At this time, Zuo Yanan, chairman of Jianghuai, has always resisted this attitude, and the reorganization of Chery and JAC has been left behind.
During the two sessions in 2010, Chery’s reorganization of JAC was once again very rampant. During this period, Zuo Yanan publicly stated that he did not agree with the restructuring of Chery and JAC, and both should cooperate more.
At the beginning of 2012, Zuo Yanan suddenly left the company and was replaced by Jianghuai Automobile’s former president Anjin. He recently became the chairman of Jianghuai. Recently, JAC’s planned private placement plan has failed. The capital chain has been tight and the market situation has become increasingly difficult. As a result, Jianghuai’s expectation of restructuring by Chery has gradually begun. Enhanced.
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