Local state-funded direct management: Shanghai auto Reorganization to Group

Shanghai has so far the largest state-funded restructuring plan has been released. Shanghai Auto (600104. SH April 5 announced the reorganization plan.　　According to the plan, Shanghai Automobile intends to purchase its own assets in the form of non-public offering to the parent company SAIC Group and Shanghai Automobile Industry Co., Ltd., which is estimated at 28.56 billion yuan. As the world's eighth-largest auto group, SAIC's stake in Shanghai cars will increase from 72.95% to 77.21%.　　In addition to retaining a small number of assets involving real estate, no longer have other operating assets, SAIC has become Shanghai's first to achieve the overall listing of large state-owned enterprises group. Shanghai Auto Related People April 6 to our correspondent confirmed that after the reorganization, the future of China's automotive will still be the form of independent listed companies, with the Shanghai automobile on the diesel shares (600741. SH) is listed as the two pillar parts industry of Shanghai automobile.　　And by the "empty shell" of the SAIC group, its assets will be gradually transferred to SASAC, the ultimate realization of "to group", so that Shanghai automobile will become a direct holding of the Shanghai state-owned enterprises. According to our understanding, at the same time, a reorganization of the Shanghai Automotive Management Internal Incentive program is and related departments to communicate.　　Once the scheme is passed, indicators such as earnings per share and return on net assets will be included in the assessment system for the company's executives. "The overall plan of the Shanghai state-owned reorganization is a mature one listing, and SAIC's model will become one of the reference templates for the overall listing of China's capital in the future."　　"A member of the Shanghai state-funded committee told reporters.　　Prior to this, the Shanghai state-owned enterprise reform established the goal of the "Twelve-Five" period of more than 90% industrial groups to achieve the overall listing or core assets listed. Since the market believes that the restructuring in the short term can not quickly increase earnings, coupled with the reorganization of the news has been early digestion, Shanghai Auto Wednesday After the return of the stock price performance is flat, the tail plate rose only 0.03 yuan, the report closed at 18.48 Yuan.　　At the same time, the resumption of the Chinese car in January after the explosion, because the plan did not appear to be expected by the Shanghai car absorption, the same day did not rise against the fall, the end of the plate closed at 12.26 yuan, a decrease of 4.29%.　　Spare parts and services assets profit-making space SAIC will include a total of 22 assets including independent parts business, service trade business, new Energy automobile business and other related companies, all of which are injected into Shanghai automobile. Shanghai automobile related Personage said to the reporter, along with the automobile market matures, the automobile industry chain's value center of gravity will shift to both ends, the upstream research and development design link and the downstream Sale service link profit is improving. Before that, the center of gravity of Shanghai automobile is mainly in the manufacturing link in the middle of industrial chain.　　Through this reorganization, the parts business and service trade plate into Shanghai automobile, so that the business chain of Shanghai automobile upstream and downstream extension, will open up new and broader profit space for the company.　　Wanguo's latest report also pointed out that the injection of service trade business profits of 1.1 billion yuan, only accounted for 6.7% of the total after the reorganization, the future growth of space. And the main fuel cell protonExchange membrane technology and related components of the Xinyuan Power Co., Ltd., China's motor drive motor, electric steering gear, electronic air-conditioning and other key components, and injected into the listed companies, with the original Shanghai Automotive Jevin, Czech and other new energy business will play a synergistic effect, the new energy vehicle business are unified into the Shanghai automotive Platform,　　It is beneficial for the company to integrate the new energy key technology of the group with the whole vehicle and parts business, and it is expected to become a new profit growth point after the cultivation and development. "SAIC listed the first three principles, namely, the integration of business, improve the system and safeguard the interests of shareholders."　　The Shanghai car Personage said. The Executive appraisal Incentive plan is planning Shanghai automobile April 5 Night announcement, said the business in 2010 for the group brought the net profit is 2.6 billion yuan.　　If the share capital (10.97 billion shares) is calculated according to the issue, the injected assets would increase the earnings of Shanghai automobile by 0.24 yuan per share, and in 2010, Shanghai auto earnings per share would be 1.48 yuan. However, the Citic Securities report that the overall value of the new business assets of the profit and equity expansion, the restructuring, the company's earnings per share change little.　　The earnings forecasts for the next two years are still maintained, with a total of $1.87 and $2.26 per share.　　As the market is expected to restructure short-term performance difficult to increase significantly, this plan can obtain institutional investors, whether the shareholders meeting and the SFC and other approvals, it is difficult to determine.　　To this end, from April 6 onwards, Shanghai Automotive executives divided into three routes, by SAIC chairman Hu Maoyuan, Shanghai Automotive President Chen Hong, SAIC Group president SAIC, respectively, in Shanghai, Beijing, Shenzhen three simultaneous roadshow. At the same time, in order to enhance the long-term confidence of the investors in Shanghai automobile, in the formulation of the reorganization plan, Shanghai automobile and related departments in the communication of the company's senior management Assessment, incentive related programs, hope through the reorganization, while sound performance evaluation and incentive mechanism.　　In this plan, the company's earnings per share, net asset yield and other investors are very concerned about the data, will also become the evaluation of senior managers, in order to make the interests of the company's management and the interests of shareholders combined.　　SASAC will directly hold the Shanghai automobile in the first day roadshow, about the China Automotive Systems Co., Ltd. (hereinafter called "China", 600741.SH) after entering Shanghai automobile listed company's trend, and the SAIC group becomes "empty shell" after the direction, is the most investor concern. December 2006, Shanghai automobile through directional additional acquisition group overall equity, key parts and auto financial assets, to achieve the SAIC group's first round of "the overall listing." Because the Shanghai automobile wants the business concentration degree to be higher, therefore chooses the entire vehicle and with the whole vehicle closely related spare parts listing.　　In August 2008, SAIC also listed some of its parts and components assets in the form of a bus stake in the backdoor Shanghai Holdings, and renamed it "China Auto" (600741.SH). "There were two different schemes for the Chinese car, ais to keep the listed company unchanged, just change shareholders, another plan is to be fully absorbed by Shanghai automobile. and Shanghai automobile related personnel to our correspondent confirmed that the plan decided to choose the former. "The Chinese car is still an independent listed company, just like firewood." "The person explained that, if simply from the perspective of regulation, it is undoubtedly more convenient for the Chinese automobile to absorb into the Shanghai automobile, but the future of the Chinese automobile will emphasize the coordination of the research and development of parts and the vehicle, and the trend of" 0 grade ", that is more close to the customer's demand, realize the independent innovation, and not only limited to the requirement　　This will necessarily require more research and development input, and the retention of listed companies this financing platform would be more conducive to its development.　　In addition, the Chinese auto parts company, in addition to SAIC internal business, but also undertook a large number of external matching, if fully absorbed by SAIC, also not conducive to its external ancillary business development, therefore, from the business development space, Shanghai Automotive to give its relative independence. As for the "empty shell" of the SAIC group, according to our understanding, the future SAIC-related real estate projects will be entrusted to the third party management, business units to carry out warping, the staff reasonable arrangements, management admiral and Shanghai Automobile Merger, and the group assets will gradually transfer to the Shanghai state-funded committee, the ultimate realization to the group,　　Shanghai Auto will become a direct holding company by Shanghai Sasac.　　As the current structure of the SAIC group is not complex, "go to the group" will not cause too much instability for SAIC, which is why SAIC has been the first to complete the IPO. "Shanghai Sasac Direct Holding, the mechanism of Shanghai Auto securitization will be more flexible."　　"China Merchants Securities senior analyst Wangliucheng Evaluation said.　　However, the programme is still in the process of gestation and there is no timetable for its completion.　　"Mature one on the overall listing of a" Shanghai auto Restructuring, the Shanghai state-owned large-scale securitization plan of the first step. January 12, the 2011 Shanghai state-owned Enterprises working conference to determine, in 2010 has achieved 30.5% of the Shanghai state-owned securitization rate on the basis of 2011 will be further in accordance with the "marketization, securitization, transparency," the development of ideas, and fully promote the enterprise groups to achieve the overall or core business assets listed,　　We will increase the securitization rate of operating state-owned capital to about 35% and promote the listing of 3 enterprise groups as a whole.　　And the Shanghai state-owned enterprise reform in the "Twelve-Five" period of the target for "more than 90% industrial groups to achieve the overall listing or the core assets listed."　　It is in this context, the beginning of this year, SAIC began to brew the overall listing, Shanghai motor and China motor vehicles began to suspend in early February, in less than two months time to come up with a reorganization plan. "Our assets are relatively clear and the integration options are more acceptable," he said.　　Shanghai automobile related personage tells a reporter. It is reported that the Shanghai municipal government has given some preferential policies to the Shanghai Auto Asset injection transaction. Shanghai Auto buys the shares of Chinese motor vehicles in accordance with the issue of shares purchase asset agreement signed 30 transactionsDay's daily weighted average price arithmetic average of 90% determines.　　The trading price of China Merchants Bank (600036.SH) 368 million shares held by Shanghai Automobile Industry Co., Ltd. is also similar to that of the Chinese domain, which is determined by 90% of the daily weighted average price arithmetic average of 30 days before the signing of the asset purchase agreement. According to Shanghai automobile related personage, after the plan announces, next will carry on the appraisal to the assets, then announces the release plan, seeks to complete the entire reorganization work in the year.　　Shanghai Auto will become Shanghai's largest state-owned enterprise to achieve the 100% asset securitization rate.　　"There is no specific timetable for the reform of the state-owned capital in Shanghai, but as long as the conditions are ripe, one should be listed as a whole," the Shanghai state-owned people told reporters, and in the next large number of state-owned enterprises listed in the process, the overall listing of Shanghai automobile will undoubtedly become "Our overall listing requirements are that the group can enter the assets of the listed companies, but also to meet market requirements." The SASAC official said. Responsible Editor: NF045