On privatization, peace and Autohome will be on the same front.

Ping An acquisition Autohome control of the matter is twists ups and downs, was written to the textbook case is not too much, the development of events seems to have to control the autohome of the right to become a bit passive, but this passive is probably in the help of peace. Safe from the Australian power to buy Autohome shares this matter, is not a simple two companies for control of the problem, but involving more capital-level investment income issues, capital market demand is often the biggest push to facilitate the transaction, which occurred in the Chinese Internet companies in the merger case many times.

Ping An has not formally declared Autohome privatisation plan, but it is inevitable

First we need to clarify the key issues that have been confused in this matter, when the company announced that it would sell 47.7% of its shares to China at $29.55 a share, ping An official did not formally announce the privatization of the Autohome. In other words, peace is only from the Australian power to buy the Autohome control, as for the other Autohome equity how to deal with, peace did not formally stated, but the road news and the media speculation is the default for peace will be autohome privatization.

When Qin announced the joint Boyu, Hillhouse and sequoia Formation of the Privatization consortium, many people mistakenly thought that the peace and Autohome led by the new consortium of privatization dispute, the rivalry between the consortium is popular with the masses of "commercial" drama, so some media intentionally or unintentionally to the contradiction between the competition to guide. But in fact, peace did not issue a privatization offer, nor did it announce a privatization plan, all of which were wishful speculation by the media and coincided with the Autohome management's MBO, as if peace had been planned to privatize Autohome immediately.

Of course, the media inference is also reasonable, if the peace from the Australian power to acquire the Autohome 47.7% of the shares, it will be necessary to privatize Autohome as soon as possible, because the real buy Autohome from the Australian power is not the Ping an group, but the Ping an group under the Peace Trust, The different nature of the acquisition subject differs greatly.

If the Ping an group to lead the acquisition, then the Autohome may not be privatized, because Ping an group can have a variety of ways to deal with the Autohome, but if it is a peace trust to buy, it is basically the autohome will be privatized, because the Peace Trust is a trust product, The return on investment is required, and for Ping An trust, the current a-share to the Internet company's price-to-earnings, will autohome after privatization back to a A-share is the perfect choice to obtain high financial returns.

Farce can also become comedy, Autohome's privatization offer or help the peace of the busy

For the Ping An group, the Autohome Privatization consortium led by Autohome may not be a farce, but rather a comedy of windfall gains, which will accelerate the process of autohome privatization, and Autohome's management has actually paved the way for the privatization of peace. The current market value of Autohome is $3.3 billion, although Ping an trust can raise $1.6 billion to buy most of the shares in the hands of the Australian power, if the Ping An trust alone to raise autohome privatization of the remainder of the funds is still difficult to achieve.

Qin is actually ready for peace and other capital partners, and Boyu, Hillhouse and Sequoia and peace have a certain source or cooperation experience, as long as peace and Autohome-led Autohome management to reach a consensus, that Bo Yu, Hillhouse and Sequoia will not repel let peace as the leader of Autohome privatization. Indeed, it is crucial that the Autohome management is invisible in promoting peace and accelerating its privatization process. We may as well turn to see what happens if peace is slow to privatize Autohome?

First, Ping An autohome is good news, the U.S. capital market will inevitably increase the autohome have more space for imagination, the price-earnings ratio is bound to be lifted by the new concept, which will push up autohome share prices, will increase the cost of peaceful future privatization autohome. And Autohome's swift release of a Autohome privatization invitation to a meeting to speed up the privatization of Ping An will probably help save some of the cost of privatization. So, although Autohome management's MBO move to make peace a little awkward, but from the perspective of investment return has a small value.

Second, if Autohome does not retire soon, there is a possibility that the autohome in new cars, used cars and big data and the future of the smart car market will likely be a drag on Autohome's financial performance. Although the current Autohome financial situation is very good, if once Autohome's earnings annual loss, it will affect the time of its return to a a-share, because a-share listing has three consecutive years of profit requirements. Once Autohome has lost money before privatization, it is likely to miss the best time to return to a A-share, which would be a result of the peace Trust's inability to bear.

Peace and Autohome have no choice, do not have to choose, the result is only one

Now, whether it is ping an group or Autohome have no other choice, in fact, there is no other choice, because for both sides is also a good partner. In the previous article "Autohome privatization suspense, in fact, the answer is already very obvious" article analysis, sandwiched between Autohome and Ping An group is not a hostile relationship between fire and fire, just because of insufficient communication and caused by misunderstanding, if the misunderstanding solved will be easy to hold a group together, And now Ping An official in the interview has released the goodwill, said: "We communicate with the management, for the benefit of Autohome development and the interests of all shareholders, we all support." "Peace is the initiative to show, Autohome again blindly insisted that cooperation is somewhat hypocritical."

Discerning eye can see that the Ping an group and Autohome is obviously able to picking. There are often rumors of autohome privatisation in the industry, but it's not always heard. As we all know, there is too little stake in the Autohome management, and it takes a long time to negotiate a lot of external investment resources to achieve privatization. Then why did Autohome suddenly announce privatization after the peace was announced? The reason is, as the Autohome privatization suspense, in fact, the answer is already very clear, the article said, Autohome really have no money to complete the privatization is not important, the purpose is to fight the sum, and now see this effect achieved. If peace is willing to take the shares of Autohome from the Australian power, the other investment institutions are very willing to help buy back the remaining shares, because there is peace, the return to a a-share will be more inefficient, we can make a sum.

For the capital market, will autohome operation back to a-share will have a rich financial return, and for Autohome management, at this stage through privatization back to a a-share, can obtain better financing channels, to have more funds to meet the strategic layout of the next few years. Because the story in the American market today is very difficult to hit, but the effect on a-share is very different.

For the Ping An group, the use of Ping An trust to buy Autohome can actually do double benefit, not only to obtain financial returns, but also for the Ping an group to provide strategic services. At present, safety and automobile related business mainly includes auto insurance, car loan two parts, although auto insurance business market share 21%, ranked industry second, 2015 premium income of 130.9 billion, but the loss of motor insurance is a common phenomenon, The top three of businesses like Ping An are only 1.32 billion, with almost nothing in the overall profits of Ping an group.

By contrast, the business of car loans has to be more promising. In 2015, Ping An bank issued 59.6 billion car loans, an increase of 14%, accounting for about 9% of the overall automotive financial market, compared with the overall 54% share of commercial banks, there will be a greater space for growth in the future, but competition is also particularly fierce. After the peace good house, the safe Good car project successively to fold, must prop up Mr. Ma in 2016 the "becomes the international leading personal life financial life service provider" The enterprise vision needs to have a mature company to help it cut into the automobile finance domain, in this case, Acquiring Autohome may help ping An to achieve faster growth in its automotive finance business.

But before Autohome had expressed intention to enter the automobile financial market, but the current Autohome financial services are basically zero, if want to quickly enhance their financial strength, the introduction of peace this powerful partner is the quickest shortcut. Therefore, whether for the Ping an group, or for the Autohome, the other side are very cooperative partners, the final outcome of both the future is only one, that is "together."

Not before the Autohome Privatization consortium to see the figure of peace, it can be understood as the parents of the marriage of the small temper, really to autohome out the official statement of the day of privatization, Ping an impressively appear in the list of the buyer's membership is not surprising. Perhaps these days of farce instead let the two sides formed a tacit understanding, and in this process, both sides found that synergy will maximize mutual benefit. Although the peace was autohome a bit passive, but only the result or good, the process will not care.

Wen/technology does not spit fast public number: Tucaokeji

On privatization, peace and Autohome will be on the same front.