Merger and reorganization approval separation system near some car companies said no concern

Since October 8, 2013, the SFC will formally implement the merger and reorganization of the audit separation system. The SFC has focused on supporting the merger and reorganization of the nine major industries, the automotive industry ranked first. In this regard, the reporter interviewed a number of automotive industry listed companies, unfortunately, several enterprises have said that the first heard of the separation system, but also did not pay attention to. What is the effect of the separation system on the automobile enterprise? In this respect, some industry analysts in the "Securities daily" reporter interviewed, said that the implementation of the separation system of car mergers and acquisitions of the substantive role is not large, the domestic auto industry mergers and acquisitions still do not solve the inherent problems. "In fact, Chinese mergers and acquisitions are not only between enterprises and enterprises, but also involving local government, enterprise and enterprise is not separate, more difficult than foreign countries." "Haitong Securities analyst Chen Penghui told reporters. Some car companies do not pay attention to the so-called merger and reorganization of the audit separation system, when the CSRC approves the application for the administrative license for the major assets reorganization of the listed company, according to the information Disclosure and standard operation condition of the listed company, the ability of the financial consultant and the credit record of the intermediary organization and the handling personnel, combined with the national industrial policy and the transaction type, To meet the standards of the merger and reorganization of the application, conditionally dilute the administrative audit and reduce audit links, the implementation of a differentiated audit system arrangements. "The introduction of the separation system is conducive to the rapid merger and reorganization between domestic auto enterprises." In the system, the threshold of mergers and acquisitions is reduced, access to fast-track or direct approval helps to encourage mergers and acquisitions. "In the restructuring of auto mergers and acquisitions, the state-owned car companies are more powerful and larger in size, and the desire to enhance market competitiveness through mergers and acquisitions is higher," said Cai Jianming, a researcher in the investment consultancy transport industry. Reporter through wind data statistics, this year, the Shanghai and Shenzhen Cities Automotive and auto parts industry, a total of 42 mergers and acquisitions, involving an amount of about 550 billion yuan. Only 7 are related to the vehicle enterprise, the rest is the auto parts business. Among them, 14 mergers and acquisitions projects have been completed, 11 have entered the board plan, 7 signed the transfer agreement, 4 have passed the shareholder meeting, only 1 failed. So, how do you see the Securities and Futures Commission's system of separation of companies that have not settled on mergers and acquisitions, as well as companies with demand for mergers and acquisitions? In response, the reporter called the Southwest, a company not to be named car Enterprise Senior people, the other side of the answer is somewhat confusing the meaning of the mind. "Today is the first time I heard of this thing, just heard or a little monk." No one in the industry has discussed this matter. "he said. Subsequently, the reporter calls a number of car companies, the same situation appeared, most enterprises have not heard of excessive road system, said the need for research and research, and then published related comments. The real role is limited to say, for car companies, now, the understanding of the separation system is still in a learning stage, not to the understanding of the system. It remains to be seen how effective the policy of the SFC, which appears to be capable of promoting the transition of excess capacity, is not less than half a month from the implementation of the October 8 separation system. However, in the opinion of many analysts in the industry, the separationSystem to the automotive industry to bring positive general. Haitong Securities analyst Chen Penghui that the current auto industry overcapacity, the policy is mainly to promote the industry mergers and acquisitions, especially bus companies. "At present, the provinces have their own bus enterprises, many enterprises are serious losses, overcapacity is serious, and can not really promote mergers and acquisitions, China's mergers and acquisitions will often involve local governments, enterprises and enterprises are inseparable, mergers and acquisitions more difficult natural increase." At the same time, many enterprises to implement mergers and acquisitions, intended to acquire brand and technology, the automotive industry is particularly obvious. Cai Jianming that the implementation of the separation system is not a substantial role in the reorganization of automobile mergers and acquisitions, the domestic auto industry merger and reorganization still does not solve the inherent problems. And what are the inherent problems? In this regard, he explained that the state-owned car enterprise system is more complex, involving a variety of interests, especially the interests of local governments, the interests of local departments are difficult to balance. Enterprise mergers and acquisitions is not only between enterprises and enterprises. At the same time, the domestic automobile industry still has a large number of small and scattered, low level of specialization of enterprises, mergers and acquisitions efficiency is not high, the subsequent integration of the results are not ideal. However, the "small but scattered" point of view, the top car companies do not think so, the automotive industry in different stages of development, has been doing is the fittest. "For China's auto industry, this is not a big problem, the car industry's biggest problem is to really promote the development of independent brands, from policy to promote the pace of building Chinese brands." If the government can give priority to the use of independent brands, the ability to negotiate the price of independent brands will have great benefits. "he said.