The loss of double money shares and Michelin break up

Each reporter Song Yuandong the French tyre giant Michelin Company and the double Money shares (600623, closing price 7.48 yuan) The rumor finally has the latest progress!　　Double-Money shares announced today that because of the joint venture-Shanghai Michelin Tyre Co., Ltd. (hereinafter referred to as the joint venture), the company intends to transfer the company held 28.49% of the shareholding (Michelin Company Holdings 70%), the board has passed the relevant proposals on the transfer. The announcement shows that the joint venture was established on March 22, 2001, and is a unlisted Sino-foreign joint Venture Company Limited in Shanghai, with the original share capital of 663 million yuan and a nominal value of 1 yuan per share. 2005, the JV company was approved by the state, and the share capital was changed to 963 million yuan. At present, the ratio of two-dollar shareholding is 28.49%. The company's business scope involves manufacturing, processing and marketing of advanced radial tyres, tyre-related steel wire and other tyre-related products, and provides related services. As of March 31 this year, the joint venture company book Net assets of 7.34 million yuan, after the asset assessment, the owner's rights and interests initially recognized as 416 million yuan.　　The two-dollar stake will be listed on the Shanghai Joint Equity exchange at a price higher than the assessed investment interest.　　In view of the reasons for the transfer of equity, the company explained that, taking into account the joint venture company over the years successive huge losses, at the same time, combined with the company's own product structure adjustment and enhance profitability needs, so decided to transfer the stake.　　Analysts said that Michelin and the two-money share of the breakup rumors early last year in the industry circulated, in addition to the joint venture company for years of losses, but also with the product positioning gradually blurred. In China, Michelin, which implements Multi-Brand brands, has 3 brands of rice, hundreds of miles and resilience. According to market segmentation, Michelin brand flagship high-end market, back to the Force brand is to pay attention to cost-effective, mainly in the face of low-end market, while the main face of the SUV and other personalized market.　　Later, the price difference between Michelin tires, which was sharply reduced, and the prices of the brand rising, led to a smaller price gap between the two, and Michelin's rush into low-end markets was seen as a sign of a break-up between Michelin and the two-dollar stake. Prior to the media reports, if the withdrawal of the joint venture, under the previous agreement, the two-money shares will not be able to use the resilience of the brand. Therefore, the two-money shares will be the other, concentrate on building their own car tire brand. At present, the two-money shares are being built in Chongqing, the first phase will form an annual output of 1 million All-steel radial tire production capacity, and will gradually form an annual output of 4 million All-steel radial tires, 15 million steel radial tires and 20 million motorcycle tires of the scale of manufacture. Among them, 15 million half steel radial tires are car tires, after breaking up with Michelin, the two-money shares may concentrate on building their own brands.