The government promotes the power to weaken the bus


The Dongfeng reorganization of the Fuqi project, which lasted for many years, may be suspended.

Recently, a source close to the Fuqi Group revealed to reporters, “Dongfeng has not been in contact with Fuqi for a long time. The two parties’ cooperation talks have been stopped two months ago.” Dongfeng Motor related persons also told reporters. "There is no new progress in cooperation between the two sides."

According to sources, the restructuring of Fuqi has always been a reflection of the will of the Fujian Provincial Government.

This situation seems to have undergone subtle changes. According to insiders of Fuqi Group, due to the related personnel adjustments, the government has weakened the driving force for the restructuring of the Fushun Automobile project. On the other hand, Fuqi Group also achieved rapid growth last year. Under this background, the desire of Fuqi Group to develop independently began to appear.

The weakening of the government's driving force or incentives “The cooperation between the two sides has always been the local government's matchmaking.” Sources close to the Fuqi Group explained to the reporter that in 2009 Fujian Province also hoped that the Fuqi Group could “self-reliant”, but then the Fuqi was deteriorating. The situation changed the perception of the competent authorities. According to official data, in 2012, Fuqi Group achieved operating income of 10.26 billion yuan, down 65.8% from the 30 billion yuan in 2011.

“Fujian Province believes that in order to realize the desire of Fujian's auto industry to become bigger and stronger, we can only rely on external forces to seek a 'big tree'.” An insider of Fuqi Group previously told reporters that the Fujian Provincial Government Under the dominant operation, this tree selected Dongfeng Motor.

In July 2012, Dongfeng Motor Corporation Chairman Xu Ping and General Manager Zhu Fushou met with leaders of Fujian Province in Wuhan and reached preliminary intention. A month later, the two parties initially reached a memorandum of cooperation. In May last year, Dongfeng and Fujian Province again. The government signed a framework cooperation agreement.

"But the agreement is only at the government level. The agreement that has genuine legal effect should be signed by Dongfeng and Fuqi," said Cao He, a national securities analyst. However, this cooperation in the equity transfer and capital increase agreement originally signed in September 2013 has not been delayed.

According to the above-mentioned sources close to the Fuqi Group, “the main leaders of relevant departments at that time were the main promoters of Dongfeng and Fuqi cooperation projects. Now that the government is also promoting the automobile industry to become bigger and stronger, but after personnel adjustment, the Fujian Province The will power to advance this cooperation project is not as strong as before."

Fuqi once again emerged with its independent development aspirations . From the perspective of Fuqi Group, backed by Dongfeng, it may be able to help increase the sales volume. However, after Dongfeng enters the main Fuqi, it will give the latter's upstream and downstream industries development. Bring a certain impact, making Fuqi into 'hollowing' development." The above-mentioned persons close to the Fuqi Group analyzed the reporter.

This concern has undoubtedly become an insurmountable obstacle in the negotiation process between Dongfeng and Fuqi.

According to the plan, South East Motor Co., Ltd. is the first step in the cooperation between the two sides. After doing a good job in Southeast China Auto, Dongfeng will gradually sort out other sections of Fuqi. For Dongfeng, taking over Southeast Motors can bring about incremental growth for its self-determined plans. In return, Dongfeng will also introduce core components to invest and establish production bases in Fujian.

Southeast Automotive believes that "if the Southeast Motor is incorporated into Dongfeng's unified planning and unified layout of independent strategic plans in the future, then the set of inherent systems formed in the past 20 years by Southeast Motor will inevitably be broken." For example, the reporter stated, "For example, in the supply chain, if we use Dongfeng-based spare parts in the future, what about the supplier system in Southeast China? In addition, in terms of channel development, most distributor resources in the southeast are currently from Taiwan. Yulon Group, in the future, if the development of the channel is also controlled by Dongfeng, how can the relevant interests be balanced?”

“Fuqi is not willing to transfer control to others. If conditions permit, Fuqi will also seek self-reliance development.” The aforementioned person close to the Fuqi Group said.

According to official data, the total sales volume of Fuqi was 21.13 million units last year, an increase of 11.97% year-on-year. The company also achieved its first full-scale profit since 2004, with total profit of 733 million yuan, an increase of 163.81% year-on-year. This also seems to provide a good foundation for the independent development of Fuqi.

In addition, in the view of the above-mentioned persons, even if the cooperation with Dongfeng ends, but the blessing steam is not a "fight for a fight." “In the process of negotiations with Dongfeng, Fuqi Controlled the rhythm of negotiations well. It also took them.” As early as August 2012, when the two parties were closely approaching each other, Fuqi had won for the new Longmax Automobile. A scarcity of production qualifications. In February this year, Fuqi Group regained the position of the major shareholder of Golden Dragon Motors.

In response, Cao He, a national securities analyst, said that even with his own strength, even if he can achieve a certain amount of sales breakthroughs, there are still huge pressures to complete the goals set by the Fujian Provincial Government. “If there is a big difference from the expected goals, In the future, it is still difficult to get rid of the fate of being integrated." According to the “Twelfth Five-Year Plan” previously announced by Fujian Province, by the end of the “Twelfth Five-Year Plan”, the scale of automobile production and sales in Fujian will reach 1 million.



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