SAIC's acquisition of Xinya Way Memorandum signed in June

The last piece of vehicle assets after the merger of SAIC and Nanjing Auto, Wuxi Xinyatu, will finally find its “attribution”. The reporter confirmed through multiple parties that if nothing unexpected happens, the memorandum of understanding between SAIC and Wuxi Xinyatu will be signed in the second half of this month. At present, Wuxi Xinyatu is already preparing for due diligence.

Prepare due diligence

At the end of May, Ramada Hotel Wuxi Huishan Development Zone adjacent to Xinya Tu, leaders of Wuxi Municipal Government and Development Zone, and leaders of NAC represented by Wang Yaoping and Xue Xiang; represented by Cao Xinping and Gan Ping SAIC representatives held another meeting here after the end of April. According to sources close to the Negotiating Group, the theme of the meeting is to hope that SAIC will accelerate the progress of the acquisition of Xinya Tu, and initially confirmed that a memorandum of understanding will be signed in late June. At present, Wuxi Xinyatu has cooperated with relevant data, financial statements and other data related to due diligence.

"The memorandum of understanding was signed for the due diligence work to be carried out immediately," informed sources said. According to the scale of Xinyatu, the entire due diligence process will take about 10 days. If it goes well, Xinya Tu is officially not far from SAIC M&A.

Currently, as the time for Xinyao to stop production is increasing day by day, Xinya Way has stopped sending salaries since last month. At the same time, due to the sale of spare parts, there has been a shortage of parts and components in the after-sales service market, and it has also caused customer complaints. . However, at present, everything is improving with the efforts of shareholders. According to informed sources, Wuxi Huishan Development Zone, which accounts for 12% of the shares, has decided to advance wages, while Nanjing Automobile, which holds 20% of the shares, is preparing to outsource through service. Such as the form of resolving the problem of the after-sales service of the new Yatu stop production models.

SAIC 100% Holdings

In the meeting at the end of May, Yu Chengliang, a major shareholder of Xinyatu, which accounted for 68% of the shares, did not participate. According to informed sources, SAIC's acquisition of 100% of Xinyatu’s shares has been adopted by shareholders.

Prior to this, after the acquisition of MG MG by Nanjing Automotive, Xinya Tu from Nanjing Auto Holding, in order to wholeheartedly develop MG, Wang Haoliang, chairman of the former Nanqi, adopted a non-operating and non-administrative attitude, and will be in August 2006. 40% of Xinya Tu's shares were transferred to Wuxi Weifu, and 28% to Jinnan Group Yu Chengliang. As a result, Wuxi Xinya Tu became two shareholders from the original two shareholders. In December last year, prior to the merger with SAIC, Nanjing Automobile finally agreed that Yu Chengliang had acquired 40% of Wuxi Weifu, resulting in Yu Chengliang’s 68% majority shareholder before SAIC acquired Xinya.

“The Huishan Development Zone has agreed to completely withdraw and transfer the 12% equity held by it to SAIC free of charge.” According to informed sources, as a development zone, more emphasis is placed on companies within its jurisdiction, which can bring development zones in the future. How much tax revenue, not the company's shares. In fact, at the beginning of the introduction of Xinya Road, Huishan Development Zone had placed great hopes on it, hoping that it would not only bring tax revenue but also attracted a number of parts and components companies. Therefore, Xinya Tu was once the largest in Huishan Development Zone in Wuxi. One of the investment projects. However, unfortunately, in the past years, Xinya Road suffered long-term losses and has not yet paid a penny tax.

The shares held by private entrepreneur Yu Chengliang, the reporter learned that Yu Chengliang has also agreed to withdraw. According to sources familiar with Xinya, when Nanjing Automobile transferred the Xinyatu shares in 2006, Xinya Tu reported that its net assets were only around 10 million yuan due to poor operating performance. Although it is difficult for the outside party to obtain the exact amount of the transfer due to the transaction between the shareholders, the reporter learned that Yu Chengliang had paid the equity transfer fee at the time of obtaining the equity. At present, the Wuxi municipal government is considering giving it some compensation.

Xinya Tufu future

After SAIC acquired 100% of Xinyatu’s equity, the layout of SAIC’s commercial vehicles expanded. According to various confirmations, SAIC-Istaner will relocate from the original instrument to Wuxi.

Before negotiating with SAIC, although the Wuxi municipal government gave very generous conditions, it hopes that SAIC Motor’s production capacity in Xinya Tu can reach 50,000 vehicles. Although, from the current situation, Istana is far from the production and sales of 50,000 vehicles, but in fact, a strong commercial vehicle is SAIC's hope.

After the acquisition of Nanjing Auto, SAIC Motor Corporation has owned a full range of commercial vehicles including large, medium and light trucks as well as medium, large passenger and light passenger vehicles. In fact, SAIC Motor has already advanced its talented personnel in advance in order to make commercial vehicles bigger and stronger. The commercial vehicle was managed by Xiao Guopu, an experienced vice president. After that, the Commercial Vehicle Division and the Commercial Vehicle Technology Center were established to lay the foundation for the future planning and development of commercial vehicles.

In the SAIC commercial vehicle map, the current production and sales volume of Istana is not high, but it can be said that SAIC is the earliest independent commercial vehicle, SAIC can not let it go, it will strive to make it a lighter passenger high-end benchmark. With the establishment of the Wuxi-based area, the new Istaner model will be moved south to produce here.
View related topics: SAIC commercial vehicle expansion

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