Dongfeng Motor Group (hereinafter referred to as "Dongfeng") may not become the "terminator" of the long reorganization road of Fujian Automobile Group (hereinafter referred to as "FuChang").
A year after Dongfeng and the Fujian Provincial Government formally signed a strategic cooperation agreement, the marriage between Fuqi and Dongfeng ceased. A few days ago news from the Fuqi Group, Dongfeng and Fuqi negotiations have been terminated. However, in the face of reporters' verification, Dongfeng denied this.
“The reorganization project between Dongfeng and Fuqi is still under discussion, but there is no news that can be announced at the moment.†Zhou Mi, director of the Party Committee Office of Dongfeng Motor Group, told reporters.
Since 2009, rumours about the reorganization of Fuqi Group have been heard. The scandals include Beiqi, Guangzhou Automobile and Dongfeng, which later signed a strategic cooperation agreement. However, in the one year since the agreement was signed, there has been no substantive progress in the restructuring of Dongfeng and Fuqi. The slow progress of the negotiations between the two sides, coupled with their differing views on key issues, has led the industry to believe that this is a sign that Dongfu Lian has come to an end.
For Fuzhou, which has strong independent intentions, whether the termination of this negotiation can lead to a real destination is still unknown.
Fuqi means that Dongfeng is not active. “Since the beginning of the negotiations, Dongfeng was not active in restructuring the Fuqi. This led to slow progress in restructuring negotiations.†Talking about the main reason for the termination of Dongfeng and Fuqi Talks, Fuzhou Automobile Insider told reporters .
One of the reasons for the slow progress of negotiations on Fuqi was because Dongfeng was not active. Insiders inside Dongfeng disclosed to reporters that the restructuring of Dongfeng and Fuqi was actually a project of Fufeng to take the initiative to find Dongfeng, not the rumors of the Dongfeng’s previous rumors. The restructuring of Fuqi, "there is a big difference between the two sides in the willingness, this is the result of the other party (fu steam) stand on their own interpretation."
In response, the reporter called the Fuqi Group office, but the other party did not formally respond to this situation. However, according to people close to the Fuqi Group, they told reporters: “Fuqia has suffered from unsuccessful negotiation of reorganization projects in recent years, and the operating conditions in recent days have improved. At the same time, Dongfeng is not sure about reorganization of Fuzhou Automobile. In addition, the original reorganization was led by the provincial government. Fuqi itself has a stronger desire for independent development. Under the multiple factors, there will be today's situation.†The insider also stated that the willingness of Fuqi to develop independently has been very strong. At the time when the prevalence of reorganization of domestic automobile enterprises was prevailing, they should be forced by the Fujian provincial government.
In addition to its own development aspirations, the policy support of the Fujian Provincial Government is another important reason for Fuqi’s pursuit of independent development. In February of this year, Fujian Jinlong Motor announced that according to the requirements of the strategic development of the Fujian automobile industry, 20.7% of the shares held by Xiamen Haiyi Group Co., Ltd. were allocated free of charge to Fuqi, and the controlling shareholder of Golden Dragon Automotive was from Haiyi Group. Become a Fuqi Group.
After the completion of the transaction, Jinlong Motors has added Southeast Motors, Fujian Benz and Fuqi Xinlongma, which were previously affiliated with its subsidiaries, to form a comprehensive layout covering passenger cars, commercial vehicles and passenger cars. Some industry analysts have indicated that the purpose of this move by the Fujian Provincial Government is undoubtedly to increase the core competitiveness of Fuqi Group. On the one hand, it will increase the bargaining power for future restructuring and development negotiations. On the other hand, it will also provide practical support for the independent development of Fuqi.
Right to speak dispute <br> <br> In fact, Fu steam train of thought had been carried out in accordance with the development of Fujian Provincial Government. As early as 2008, the Fujian Provincial Government asked Fuqi to find suitable domestic companies to participate in the docking and reorganization. In November 2011, Fujian proposed to achieve a target of 1 million cars and a total output value of 200 billion yuan for the auto industry by 2015. In the same year, the sales of Fuqi Automobile were only 123,000 units. Fujian Province needs a car company with a strong financial backing to rejuvenate Fuqi.
Beiqi and Guangzhou Automobile, which were eager to develop at the time, showed a strong interest in Fuqi. However, because the internal relationship of Fuqi was complex and complicated, it was necessary to participate in many negotiations. It is clear that neither Beiqi nor Guangzhou Automobile could win this competition. Grasp the final Fuqi restructuring into chaos.
Dongfeng’s intervention was actually conducted under the guidance of its Taiwan joint venture partner Yulon Motors. It is reported that Taiwan Yulon Motors, through its subsidiary China Motors, holds a 25% stake in Southeast Motor. Southeast Automotive established in 1995 had sales of more than 80,000 vehicles as early as 2003. After 10 years of blowout in the Chinese auto market, its target sales volume was only 110,000 units in 2012 and 120,000 units in 2013. The development trend lagged behind the increase in the industry.
In sharp contrast, Dongfeng Yulon, which was contracted with Dongfeng in 2010, began mass production in less than a year. In the first year of 2012, sales volume reached 31,000 units, and sales revenue was 6.485 billion yuan. And achieve profitability. Based on the recognition of Dongfeng's joint venture culture, Yulon expressed hope at the time to establish more extensive business cooperation with Dongfeng. While the joint venture company of Yulon and Fuqi and Mitsubishi has developed, Southeast Motor has become increasingly marginalized. In addition, at the time, Fuzhou also expressed its willingness to sell stocks to rescue the crisis. Therefore, in this context, Dongfeng seemed to be involved at the time.
According to the information, in accordance with the agreement agreed between Dongfeng and Fuzhou in August 2012, the reorganization plan was divided into two steps: Dongfeng acquired 40% shares of Fuqi after the agreement between the two parties, and realized the first step to enter into Fuquan, which was the then general manager position. Vacant vacancies will be assigned to a general manager; in the subsequent operations, Dongfeng will support Fuqi on a variety of resources. Dongfeng will have the right to acquire 20% of Fuqi when Fulan's annual sales reach 300,000 units. Shares, become a controlling shareholder.
However, in May 2013 Dongfeng signed a cooperation agreement with the Fujian Provincial Government, the relevant contents were modified to “Dongfeng’s 45% equity holding in Fuqi through a capital increaseâ€. Although the transfer of equity was increased, Fuqi remained Maintain the status of major shareholders. From the framework agreement at that time, it can be seen that Fuqi did not accept the previous formulation of giving up the status of a major shareholder, and the intention to maintain independent development has already been demonstrated.
According to Dongfeng insiders, Dongfeng's holding of Fuqi is mainly in exchange for control of Southeast Motor. In accordance with the previous 50% for Fuqi, China Automotive (Yulon) and Mitsubishi Motors each accounted for 25% of the company's total shares, Dongfeng's restructuring of Fuzhou will account for 2/3 of the original 50% of Fuqi's shares, that is, shareholders The car is about 33.3%. Even if the two sides set up an investment company to hold Southeast Auto in accordance with the agreement, with the relationship with Yulon, the actual control of Dongfeng Motor’s results by Dongfeng has become apparent.
In the framework agreement, there is no specific mention of changes in the shares of Fuqi's other sectors. If Dongfeng holds 45% of the equity of Fuqi, Dongfeng does not have the right to speak in the Mercedes-Benz Fujian, Fujian Xinlongma and other automobile enterprises.
Uncertain prospects for independence
From the current situation, the restructuring of Fuqi seems to have returned to its starting point. “The previous reorganization was designated by the government. At the time, Fuqi was at a low point, but Fuxin's own wish for independent development has never changed.†The aforementioned person close to Fuqi said to the Times Weekly reporter.
According to the statistics released by Fuqi, the total sales volume of Fuqi in 2013 was 21.13 million units, an increase of 11.97% year-on-year; the operating income was 33.655 billion yuan, an increase of 10.27% year-on-year; and the total profit was 733 million yuan, a year-on-year increase of 163.81%. Although the data is not enough to compare with the giant such as Dongfeng, but for its own sake, it has made the idea of ​​“look peacefully and develop independentlyâ€.
Some analysts pointed out that any parties involved in the negotiations will have tremendous changes because of the strength of each other. For the past few years, Fuzhou's recovery growth momentum has made it more and more prosperous.
The scale of production and sales reached 300,000 vehicles, which is the condition that Dongfeng had previously determined to increase its holdings of Fuqi. At the moment, South East Motor sells only 120,000 vehicles a year. On the whole, although there are recoverable growth performances, Fuqi still does not change its “marginalized†status quo.
For Dongfeng, after 10 years of arduous negotiations, it finally achieved the signing of Dongfeng Renault with Renault last year. After more than a year of negotiation, it successfully became a major shareholder of PSA this year, and accelerated and expanded its relationship with PSA in Asia. In cooperation, we can see that Dongfeng’s recent negotiation focus is not on the blessing of the blessing. Some analysts believe that compared with the Dongfeng Group's sales volume of 3.5439 million units in 2013, the sales volume of Fuqi is less than one-tenth compared with the same period last year. And Dongfeng has been cooperating with Dongfeng recently for the top-ranking groups and brands. It is better that Dongfeng needs Fuqi and it is better to need Fufeng to develop Fuqi.
Judging from the current situation, Fuqi has not yet had enough products to support its sales. According to the “12th Five-Year†development plan previously announced by Fuqi, by 2015, its total output value will reach 200 billion yuan and its production and sales volume will reach 1 million. The reality is that Fuqi must achieve the above goals but it is an "impossible task."
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