Top Ten industrial revitalization planning mergers and acquisitions throw out the first single

Guangzhou Auto Group acquisition of Changfeng Motor 29% shares 19th announced suspension of major asset restructuring Changfeng Motor (600991) is about to usher in a powerful new shareholder-Guangzhou Auto Group. According to authoritative sources, Guangzhou Auto Group will buy 29% of Changfeng's stake, the acquisition of capital of about 1.2 billion yuan, which became the Guangzhou Auto Group A shares of the only capital operation platform.　　The reorganization of both parties signed the fastest in Thursday. The acquisition of stock ownership according to sources close to the Hunan state-owned sector, the source said Guangzhou Auto Group will buy Changfeng motor holding shareholder Changfeng (Group) Limited liability company held 29% of the stake, after the acquisition, Guangzhou Auto Group will become the largest shareholder in Changfeng, Changfeng group will still hold Changfeng motor 21.98% of the stake,　　Relegated to the second largest shareholder position. Recently, Changfeng Motor has just implemented 2008 years of profit distribution, in every 10 shares to increase 3 shares sent 1 yuan, the company's total equity rose to 520.8714 million shares, Guangzhou Auto Group to buy Changfeng Motor 29% of the stake will be a total of 151.0527 million shares.　　Professionals, according to the current market acquisition practice, the acquisition price is generally the previous 30th, the average price of the company's shares close to 90%, if calculated, the Guangzhou Auto Group to buy Changfeng motor price of 7.75 yuan per share, Guangzhou Auto Group for the acquisition of Changfeng Motor control, will pay 1.171 billion yuan. Analysts pointed out that the Guangzhou Auto Group acquisition of Changfeng Motor 29% stake is stone. First of all, 29% per cent did not touch the offer ratio, thus reducing the time for the approval of the layers, facilitating the early reorganization of the two parties, and secondly, 29% per cent of the equity investment left room for subsequent asset injections. After the acquisition, Guangzhou Auto Group will have to abandon the domestic IPO plan, and Changfeng Motor as the only operating platform for a shares (Hong Kong stock has June Wei car (203.HK)). Because according to current regulations, in order to avoid competition, the country can no longer let the holding Changfeng motor of Guangzhou Group again listed, Guangzhou Auto group if want to achieve the overall listing, may only use Changfeng motor platform.　　This is also the proportion of the low percentage of the potential reason, if the proportion is too large, the future of capital injection may be due to the excessive proportion of Guangzhou Auto Group to affect its listing status. The data shows that Guangzhou Auto Group is the most profitable enterprise in the eight major automobile groups in China. According to PwC audit, as at the end of 2008, Guangzhou Auto Group total assets of 23.3 billion yuan, the total liability of 4.5 billion yuan, shareholder equity of 18.8 billion yuan. 2008, Guangzhou Auto Group realized operating income of 6.9 billion yuan, although a large amount of impairment, but the net profit still up to 2.9 billion yuan, belong to the company's shareholders net profit of 1.6 billion yuan.　　Joint venture Guangzhou Honda and Guangzhou Toyota 2008 sales reached 76.8 billion yuan, net profit of 6.1 billion yuan. The Guangzhou Auto purchase Changfeng, but also some people to Guangdong Local government is willing to the canton Honda and Guangzhou Toyota two cash cow into the future listed companies are skeptical, that this will affect local tax revenue. Financial experts said that due to future asset injectionEquity, which does not affect the actual registration of two joint-venture subsidiaries, has no effect on local taxes.　　In addition, there are sources said that Guangzhou Auto acquisition of Changfeng Motor 29% stake is only the first step, there will be further overall acquisition of Changfeng Group's plan.　　The government is pushing for the various sources to say, the Guangzhou Auto Group and Changfeng automobile marriage, each party to get what they want, the government behind the thrust is also unusually strong. Only focus on the SUV business, the lack of mainstream product car model production, has long been a short plate Changfeng car. A single product line makes it hard for Changfeng to make a breakthrough. In the past three years, Changfeng's main income growth rate was 1.98%, 8.67% and 3.23%, respectively. Such a low rate of growth, indicating that the production of SUV alone, the Changfeng does meet the development bottlenecks. 2008, Changfeng Motor net profit fell 23.44% Year-on-year, sales of the whole car is only 26,800 units, low capacity utilization. and Guangzhou Auto Group took over, Changfeng car will get new models, and enrich their product line, thereby opening the profit space.　　Changfeng Automobile general manager Chen Zhengyu has said, self-development is the eternal topic, the company wants the General Assembly, the joint strength Development sedan, find a strong to accelerate self-development, this is a very good thing. And for the Guangzhou Auto Group, the acquisition of Changfeng car not only enrich their own product line, more importantly, in the A-share market to obtain a capital operation platform. The company has issued two medium-term bills this year, which is not enough to satisfy the company's development requirements, as it has been seeking an IPO for years. According to the "Guangzhou Auto Group" Eleven-Five "Development Planning Outline", 2010, the company's passenger car plate annual capacity planning reached 1.2 million, the engine annual capacity of 1 million vehicles, commercial vehicles, the company will be through external cooperation and internal resources integration of two means, To 2010, the company's commercial vehicle plate can reach about 60,000 units per year, which requires bonus support.　　and the acquisition of Changfeng, the company obtained a A-share financing through the timely access to development funds, and SAIC, FAW and other competition to add weight. It is noteworthy that this time, the car enterprises across the province acquisition by the government departments of great support. The country recently promulgated the "Auto industry adjustment and revitalization planning rules" clearly pointed out that through mergers and acquisitions, production and marketing scale accounted for more than 90% of the market share of the number of auto enterprise groups from the current 14 reduced to 10 within. Encourage FAW, Dongfeng, SAIC, Changan and other large automobile enterprises to implement the merger and reorganization nationwide. Support Automotive enterprises such as BAIC, Guangzhou, Chery, and heavy vehicles to implement regional merger and reorganization. According to the disclosure, the reorganization has been highly valued by the NDRC, and by its promotion of the original only in the business of cooperation upgrade for the industrial integration, and eventually become the top ten industrial planning vigorously advocated the first purchase list.