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In the absence of any progress in the restructuring of Dongfeng and Fuqi, Fuqi did not passively wait for this, but actively took the initiative to expand. Recently, the domestic famous passenger car listed company Jinlong Automobile announced that the controlling shareholder of the company intends to be transformed into Fuqi Group by Xiamen Haizhou Group, a subsidiary of Xiamen State-owned Assets Supervision and Administration Commission. In the month prior to this re-introduction of Golden Dragon Motors, Fuqi Group spent a few billion yuan to launch the “New Longma†passenger car project. Industry analysts believe that the Fuqi Group continues to scrimp around before it officially reorganizes with Dongfeng Motor, or to raise more bargaining chips in the next negotiation; on the other hand, the progress of the reorganization between the two companies is not going smoothly. A series of actions of the group may also bring some variables in the future.
Dramatic struggle controlling stake <br> <br> due to planning major events, Jinlong car since November 18, 2013 has been suspended. On February 13 this year, the announcement of the sudden resumption of trading of Jinlong Motors announced that the current largest shareholder, Haiyi Group, held 20.7% of its shares, which is planned to be allocated to Fuzhou Automobile Group for free. At the same time, 13.52% of the shares of Golden Dragon Motors held by Fuqi Group will no longer be entrusted to Haiyi Group and will exercise their full shareholder rights in the future. This change shows that Fuqi Group will soon become the controlling shareholder of Golden Dragon Motor and will begin to exercise the rights of controlling shareholders.
Previously, around the control of Golden Dragon Motors, Fuqi and Xiamen local governments have been fighting for three years. As early as 2001, Fujian Province realized the reorganization of Golden Dragon Motors and Fuqi Group: Fuzhou Automobile Group holds 17% of the shares of Golden Dragon Motors and Xiamen State-owned Assets Investment Company (ie Haiyi Group) holds 12.68% of the shares of Golden Dragon. , are the first and second largest shareholders of Golden Dragon.
However, after Fuqi entered the main Jinlong, because of the contradictions with the Shanghai Wing Group, it did not realize the dream of the Fujian Provincial Government to integrate the automotive industry. In 2004, at the first extraordinary general meeting of Golden Dragon Auto, with the withdrawal of Ling Yuzhang and Wang Zhiyong representing Fuqi Group, Fuqi Group, which had the status of the largest shareholder, began to lose its actual management power over Jinlong.
This malformation has continued for many years until Dongfeng Motor and Fuqi Group began to restructure. In May of last year, just before the Dongfeng Group strategically reorganized the Fuqi Group, the Xiamen State-owned Assets Supervision and Administration Commission deliberately arranged an asset adjustment to transfer the 7.68% stake in the third largest shareholder to Shanghai Wing Group, allowing the latter to hold shares in Jinlong Automobile. It reached 20.70%, thus surpassing Fuqi as the largest shareholder. In this way, Wing Wing Group has been strengthened whether it is real management rights or equity. Allegedly, this move was mainly aimed at avoiding Dongfeng's reorganization of the blessed gas and passing it to the Dragon.
However, it was not thought that Haiyi Group, which was promoted to the largest shareholder of Golden Dragon, lost its controlling position in less than one year and was once again replaced by Fuqi Group. The change was dramatic.
蹊跷 æ— æ— æ— æ— æ— æ— æ— æ— ä¸€ç›´ 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 一直 æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ æ¤æ¬¡ The transfer of automobile shares to Fuqi is free to say a little.
According to Golden Dragon Motors, the change in shareholding was "requirement for responding to the strategic development of the Fujian automobile industry", but the specific reasons have not been explained. Some analysts believe that Jinlong Motors has many years of internal control disputes that have caused its profits to decline. This may be an important reason why the Fujian Provincial Government has helped Fuqi to regain control of Jinlong through administrative measures. According to the financial report released by Golden Dragon Motor in the first three quarters of 2013, the company's revenue was 14.699 billion yuan, an increase of 8.61% over the same period of last year, and net profit was only 106 million yuan, a year-on-year decrease of 25.42%.
However, it should not be overlooked that the two recent changes in the controlling stakes of Jinlong Automobile are all related to the reorganization of Dongfeng Automobile Group's event. Golden Dragon Motors, which owns Xiamen Golden Dragon, Xiamen Golden Brigade and Suzhou Golden Dragon “Three Dragons,†has been at the frontline of the domestic passenger car industry and directly competes with Yutong Bus. It can be described as the best quality business asset of Fuqi. However, under the influence of the Xiamen City Government, Fuqi Group has not been strong in controlling this asset. Therefore, many analysts believe that this time Fuzhou regains control over Jinlong Motors, it is likely that it will seek more chips for the next negotiation with Dongfeng Motor to win more favorable conditions for cooperation.
Fuqi Group's "Two Hands Preparation"
It is worth mentioning that at the same time when Fuqi was stakingly increasing, there was news that the restructuring of Dongfeng and Fuqi Group did not proceed smoothly, and even Dongfeng’s due diligence on Fuqi was postponed, which also attracted the attention of this group. The restructuring case brought some variables. "Doesn't rule out that Fuqi Group has two preparations," said sources close to Fuqi Group.
On May 16, 2013, Dongfeng Motor and the Fujian Provincial Government signed a cooperation agreement. Dongfeng Motor was transferred to 45% equity interest in Fuzhou by the Fujian Provincial State-owned Assets Supervision and Administration Commission in a capital increase manner and became the second largest shareholder; Dongfeng Motor will cooperate with Fuqi Group. In the form of an investment company, Southeast Automotive was established, of which Dongfeng holds 2-3% of the investment company and Fuqi holds 1/3 of the equity.
Judging from the contents of the signed framework agreement, Dongfeng plans to take a 45% stake in Fuqi, but it will not directly participate in the management of Fujian Benz, Jinlong Automobile and New Dragon Horse, but will only take over Southeast Automotive. This was also confirmed by Lian Xiaoqiang, Chairman of Fuqi Group.
Prior to his reorganization with Dongfeng, Lian Xiaoqiang emphasized that Fuqi and Dongfeng cooperated with each other. "If Dongfeng cooperates with us, it is not that we cannot, but because we need Dongfeng, Dongfeng also needs us." It can be seen that the management of Fuqi Group, represented by Lian Xiaoqiang, is not willing to be reorganized by Dongfeng.
With regard to the progress of cooperation with Dongfeng, Lian Xiaoqiang said that Dongfeng and Fuqi are still talking about the stage of feelings. Only when the feelings are well talked is it possible to get married. He also said: "To support joint development, we must rely on an empty concept. We must determine what the strategy for future development is, what products are and what are the key components. These are all very specific things." Italy, Fuqi and Dongfeng still have many things that haven't been dealt with.
In this context, Fuqi Group accelerated the launch of the new Ryoma project and strengthened the control of Jinlong Motors. It can be said that it is ready for the future. The cooperation with Dongfeng is proceeding smoothly. FuChang can win more interests and words through these projects in the future. Rights; if progress is not smooth, it is entirely possible to seek independent development. Written: Southern Reporter Huang Xiwei
[Related] Fu steam launch "new Ma" passenger car project <br> <br> this year, a lot of blessing Automobile Group action. Before resuming Jinlong this time, in January this year, Fuqi Group still insisted on launching the “New Longma†passenger car project under the premise of insufficient funds. The project is jointly funded by Fuqi Group and Longyan Municipal Government, with a total investment of 2.0275 billion yuan. It has three core projects with an annual output of 300,000 complete vehicles, an annual output of 300,000 engines, and an automotive R&D center. According to the plan, the new Ryoma will use micro-customers as an entry point, and gradually develop market segments such as MPV, SUV, and family cars.