Guangzhou Auto Stock Exchange and Changfeng motor, the fastest September landing A shares

"This is the most appropriate integration route for the Guangzhou Auto Group," said Liu Su, a beijing-based analyst with each correspondent.　　"This is the first time that Guangzhou Auto Group has taken a stake in the 600991,sh, the executive director of Guangzhou Auto Group, Dong Lou SA," said the "package plan" gradually. March 23, Guangzhou Auto Group announced the reorganization of Guangzhou Changfeng, according to the plan, Guangzhou Auto Group will issue a A shares in exchange for all shareholders of Guangzhou Changfeng.　　After the end of the exchange of shares, GAC Changfeng Retreat, Guangzhou Auto Group for the exchange of shares issued a a-share to the SFC to apply for the Shanghai Stock Exchange. Lu SA said that if all goes well, the Guangzhou Auto Group is the fastest listing at the end of September. After that, Guangzhou Auto Group will soon set up 50:50 joint ventures with Mitsubishi Motors in Changsha.　　At present, Guangzhou GAC Mitsubishi Project has been approved by the competent authorities of the State. Since the promulgation of the car revitalization plan to encourage mergers and acquisitions, Guangzhou Auto Group has become the biggest winner, restructuring the original Changfeng motor, after the successful acquisition of Fiat and Mitsubishi joint venture places.　　Today, Guangzhou Auto Group, according to the plan two times to restructure Guangzhou GAC Changfeng, eventually set up Guangzhou Mitsubishi Joint venture to complete the "Headhunt".　　Guangzhou Auto Group in 3 years time, completed the construction of A+h two capital operation platform, once again to complement the industrial chain of two strategic integration, to achieve the regional layout of the Great South. Capital reorganization set up two financing platforms as China's sixth-largest carmaker, Guangzhou Auto Group (hereinafter referred to as GAC) last week announced plans to restructure Guangzhou Changfeng. Lu SA said that March 21 and 22nd, Guangzhou Changfeng and Guangzhou Auto Group has convened a board of directors, approved the relevant program. The two sides will jointly convene a shareholder meeting in the next 45 days to announce whether the reorganization plan is approved. If the reorganization plan passes, the Guangzhou Auto Group will report to the CSRC for approval.　　If the approval is smooth, Guangzhou Auto Group is expected to be listed at the end of September this year.　　Shinghai, an analyst at the Securities and automotive industry, told the Daily economic news reporter that the state-owned large and medium sized auto companies will eventually return to a A-share listing policy guidance is very obvious, and then, the auto industry more enterprises in the A-share market to build a capital operation platform.　　In August 2010, Guangzhou Auto Group (02238,HK) privatized June Wei Automobile (00203,hk) by way of agreement arrangement. Shinghai Analysis of Guangzhou Auto Group's two capital operations that the curve on the market time cost is lower, which is the best choice for the current Guangzhou group.　　As the IPO time is long, at the same time, Guangzhou Auto Group brand Model development lags behind, it is possible that the main business is not in line with the listing criteria, and after the IPO financing more quickly. At this point, Guangzhou Auto Group through the privatization of June Granville car and the absorption of Guangzhou Changfeng is expected to achieve H-shares and a shares listed together.　　Fangyou, chairman of Guangzhou Auto Group, said in an interview with the Daily economic news that Guangzhou Auto Group was more comfortable in raising funds after the Shanghai Stock Exchange and the SEHK were listed together. Joint venture Mitsubishi Perfect model integrated brand Guangzhou GAC Changfeng general manager Shongjie said in an interview with the Guangzhou Motor Mitsubishi joint venture Project and two times the restructuring Changfeng steamThe car is actually the same project, in order.　　If smooth, the end of September GAC Group A shares after the listing, Guangzhou Mitsubishi will also be established, the project has been approved by the national authorities. According to Lu SA introduced, Guangzhou, Mitsubishi's cooperation will be divided into three steps.　　First, Guangzhou Auto Group will take the Guangzhou auto Changfeng as the platform, and Mitsubishi Motor set up a proportion of 50:50 of the joint venture to carry out in-depth cooperation, Mitsubishi will be the new joint venture to import new models, and finally, the two sides will be based on development plans to add additional investment to new joint ventures to expand capacity In a joint venture with Mitsubishi Motors and the Guangzhou Auto Group, Mitsubishi Motors ' China-related head said in an interview with the Daily economic news that the first GM SUV to be produced by GAC will be listed in the second half of 2012.　　According to Mitsubishi's development strategy in China, Mitsubishi will form 300,000 vehicle capacity in China by 2015, he said. The Mitsubishi side also said that Mitsubishi would maintain a stake in the joint venture with the south-East automobile company.　　At present, Mitsubishi directly and indirectly owns about 29.5% of the South East Car, is the second largest shareholder of southeast automobile.　　The gap between 50% and 29.5% is clear, and analysts say that Mitsubishi's strategic focus in China will be tilted towards Mitsubishi Motors is obvious. Shongjie said that the future status of Guangzhou auto Mitsubishi will be "to raise their own long, to make up their own short."　　He said that Mitsubishi is a good SUV, to continue to develop this advantage, while Guangzhou Mitsubishi to "on the basis of the SUV, the future will be a car, a full range of balanced and sound development of the car manufacturer." Last year, Pajero, a joint venture between Guangzhou Auto and Mitsubishi, made a historic breakthrough in 10,000 vehicles.　　Shongjie said that Changfeng Motor has a better foundation, after reorganization, in the procurement costs, sales and management costs have been optimized, so last year's performance growth. The independent brand aspect, Shongjie said, Guangzhou Auto Changfeng's independent brand Cheetah will peel out from the Guangzhou GAC Changfeng, by the Guangzhou Auto Group Independent brand Company management, makes it becomes the second independent passenger car brand and the base which passes outside Guangzhou Auto.　　Guangzhou auto Changfeng main production SUV, make up for the Guangzhou auto brand model without SUV blank.　　Cash flow or become a big test of expansion is not a two-level listing has not been funded, but in recent years, the planned investment is very expensive, is the Guangzhou Auto group really not bad money? "Say not bad money is not accurate, but at this stage, there is no cash flow pressure is the fact that there is no urgent financing needs." Fangyou said.　　The data provided by Guangzhou Auto Group show that GAC is in the leading position in the domestic automobile industry in various indexes, such as profit scale, gross profit margin, net profit rate and net assets yield.　　Fangyou explained that the "Twelve-Five-year" period of Guangzhou Auto Group's capacity planning and investment projects in the "Eleven-Five" period has been a balanced investment, such as Guangzhou Honda, Guangzhou, Toyota's expansion of production and so on, so there is no cash pressure. Shinghai Analysis, Guangzhou Auto Group after the reorganization of Guangzhou Changfeng, the face of product, capital integration and other issues, short-term yield will appear to decline is inevitable, need two timeAdjustment。 Mitsubishi's first vehicle will be on the market in the second half of 2012, according to the head of the MC.　　So, to achieve break-even point, make profit, also need two time. Shinghai analysis, during this period, the cash flow of Guangzhou Auto Group has become a major test of its benign development.