Changhe wants to buy Huayang Dyeing Golden Horse?

Changhe, which is in the merger storm, continues to attract attention. This time, Changhe planned to acquire Huayang Automobile in Wuhu, Anhui Province. This is Chang Heng's new coach, Xu Hengwu, who has accelerated the pace of Changhe's expansion. Moreover, behind this acquisition, there are also two private enterprises in Zhejiang - Wanxiang and the shadow of an iron bull. This shows the new thinking of Changhe's new expansion strategy. Acquisition of Huayang At the end of August, a senior member of the Changhe Group disclosed a major message to the CIEN reporter: Changhe is stepping up negotiations with Anhui Wuhu Huayang Automobile Company on the acquisition of the latter. The senior official told CIEN that the contact between Changhe and Huayang started at the end of last year. Basically, this matter has been determined. At present, it mainly deals with some details such as how many shares are acquired, the purchase price, and the operations after the acquisition. According to this high-level statement, Changhe will acquire at least 51% of Huayang's shares in order to achieve the purpose of controlling, and it will be possible to change Huayang Automotive's brand name to Changhe brand. After completion of the acquisition, Changhe plans to inject certain funds into Huayang, transform its existing production lines, increase its production capacity, and provide new models. Huayang Automobile Co., Ltd. is a small, privately owned vehicle company in Wuhu, Anhui Province. It owns a minibus production catalog. It started as an assembly car and its assembly is mainly from Changhe. As the company slowly develops, Huayang Motors has begun to set foot in the vehicle field, and has introduced a miniature commercial vehicle, the “Little Overlord”, with a small scale. Although there is a complete production line at present, the designed capacity is only 50,000, and the production and sales volume in recent years has been hovering around 20,000. Even if the private enterprise's mechanism is flexible, it is facing a situation where the efficiency declines and the operation becomes increasingly difficult. Changhe is to see this advantage of Zhongyang. The above-mentioned Changhe executives told CIEN that the Anhui Huaihai Machinery Plant (now Hefei Changhe Automobile Co.), which Changhe merged with, merged with Changhe Automobile Co., Ltd., which is also a case in which the production capacity is insufficient and the scale is not large enough to keep up with the company's development potential. After Changhe entered the capital, only a small amount of money was injected to increase its production capacity and provide new models for it. It quickly returned to life. After Changhe hopes to acquire Huayang, it aims to achieve low-cost expansion and rapid expansion of production capacity in accordance with the way of annexing Huaihai Machinery Plant that year, which effectively relieves the current tension in Changhe. In fact, the origin of Changhe and Huayang is not just that Changhe had provided assembly for Huayang. Huanyang’s current general manager Tan Liqun is the general manager of the former Changhe Automobile Sales Company. Tan also served as the boss of Hefei Changhe Automobile Co., Ltd. and has “a considerable amount of experience”. Tan joined Huayang in Changhe in early 2003. Therefore, insiders speculated that Tan's move had "special intentions." For the new model Changhe will provide for Huayang, Changhe Group, the top manager, said it will be a "multi-functional commercial vehicle," and "the original Huayang's models will continue to produce, but the brand may be changed to Changhe "As for the specific situation of this "multifunctional commercial vehicle," the high-level executive said "not clear." The universally-paid CIEN reporter verified Huayang Automobile’s related parties on the acquisition. At the time of confirmation, Huayang Automobile related sources disclosed another important message to CIEN reporters: behind Changhe’s acquisition of Huayang, there is also the shadow of Wanxiang Group, and another private company in Zhejiang Tieniu Industrial Co., Ltd. is also associated with this. . Huayang Automobile, an unnamed source, said that in reality, Wanxiang and Changhe have jointly acquired Huayang, and Changhe is also cooperating with Zhejiang private-owned Tieniu Industrial Co. From this, it is thought that Wan Xiangchao (000559, SZ), a company listed in the Wanxiang Group recently, suddenly stopped its approved financing allotment plan and withdrew from the restructuring of Sichuan Huafeng Trust. According to the media, Wanxiang encountered the problem of financial constraints. However, a person familiar with the universal sentiment denied this to the CIEN reporter: "To say that Wanxiang lacks money is simply nonsense." The source predicted that Wanxiang "may have other bigger plans." It now appears that this so-called "other larger plan" should be the joint acquisition of Huayang with Changhe. The “ambition” of Wanxiang Group's vehicle manufacturing, which is mainly engaged in the production of auto parts and components, has been a long time ago. In April this year, some media reported that Wanxiang Group and Changhe planned to establish a new auto plant in Hefei. This shows that the connection between Wanxiang and Changhe is early. The same is true. The connection between Wanxiang and Changhe originated from the knowledge of the former Laochang Yang Jinjun and the chairman of Wanxiang Group's board of directors Lu Guanqiu as a national model worker in Beijing. Afterwards, the two parties cooperated with Wanhe to supply auto parts for Changhe and jointly invested in a chassis system company in Jingdezhen, where Changhe Group is headquartered. Both parties have also been negotiating on the entire vehicle project for a long time. Wanxiang has always wanted to build a car, and accumulated a large amount of cash to prepare for the vehicle field. But she did not even qualify for vehicle production, let alone a car. At this time, Changhe's production lines at the headquarters of Jingdezhen and Hefei have all been overloaded. At the same time, Changhe has cooperated with a number of foreign R&D institutions to develop a variety of new models and is eager to require production lines for production. Changhe is eager to expand. The Changhe Jiujiang vehicle and engine project, which invested heavily, is still under construction. Jiujiang base and a variety of new models made Changhe invest a lot of money, and it also made Changhe feel tight. However, Changhe has car production qualifications, which is a very attractive thing for Wanxiang. As a result, the cooperation between Wanxiang and Changhe in the field of automobiles can be described as a match. However, in the negotiations between the two parties, Wanxiang insists on absolutely own control. In the new joint venture company, the chairman of the board of directors shall be the general manager, the general manager, the chief financial officer, and the director of personnel shall all be made universal. People come to serve. In this regard, the former Changhe Yang Jinjun said that it is difficult to accept, making it difficult for the two sides to make progress in the negotiations. Now, if Wanxiang and Changhe jointly acquire Huayang, it can be seen that Changhe New Commander Xu Hengwu has already made significant changes to the original joint venture policy. Cai Suping, general manager of Changhe Co., Ltd. has also stated on relevant occasions that under the premise of adhering to the Changhe brand, it may consider giving up control. Fingers to the Golden Horse River and the iron cattle have long been in cooperation. Tieniu Motor Company set up a car welding company in Hefei Changhe Automobile Co., Ltd. to provide production support for Hefei Changhe Motor Company. In addition, the company also supplies automotive parts for Changhe Suzuki. Tie Niu is also one of the many enterprises in Zhejiang that attempted to build passenger cars. What differs from Wanxiang is that Tieniu obtained the qualification for vehicle production as early as in the sixth batch of the National Development and Reform Commission's announcement on production of automobiles and motorcycles and products, but it was only the qualification of passenger cars. However, Tiburon prefers to build cars. This laid the foundation for the further cooperation between Tieniu and Changhe. Tie Niu is also one of the many enterprises in Zhejiang that attempted to build passenger cars. What differs from Wanxiang is that Tieniu obtained the qualification for vehicle production as early as in the sixth batch of the National Development and Reform Commission's announcement on production of automobiles and motorcycles and products, but it was only the qualification of passenger cars. In May 2003, Tie Niu acquired the Golden Horse Group in Huangshan, Anhui, and became the controlling shareholder of ST Jinma, a listed company of the Golden Horse Group. The main business of ST Jinma is automotive and motorcycle instrumentation. For a time, it was one of the largest manufacturers in the same industry in China. However, since 2001, the company has suffered losses, debts of up to 300 million yuan and was put on ST's hat. Tie Niu, after holding ST Golden Horse, injected billions of dollars into it to revitalize its assets. According to the 2004 mid-year report, the company achieved a net profit of 3.17 million yuan in the first half of this year. Industry insiders believe that choosing Kinmen and Matsu has many benefits for Changhe. First of all, it goes without saying that you can get cash support from Tiburon. Secondly, Huangshan is not only close to Jingdezhen in terms of geographical location, but also close to Zhejiang, which will provide good conditions for future joint management of Changhe and Tieniu, and it will share resources for parts procurement with Jingdezhen. In addition, the successful operation of Hefei Changhe Company has enabled Changhe to gain the trust of the Anhui Provincial Government, which will also help to win more local preferential policies for the future development of Golden Horse. According to informed sources, Changhe has received several hundred million yuan in cash support from the company. In exchange, Changhe intends to restructure the ST Jinma with Tien Niu and to use the Changhe’s car production qualification to enter the sedan area. More internal news from Changhe said that Chang He's new coach, Xu Hengwu, plans to increase Changhe's production capacity to 500,000 vehicles in two to three years. These include the 160,000 vehicles in Jingdezhen and Hefei, together with 150,000 vehicles that Jiujiang will be able to build at the beginning of next year, in addition to the 100,000 units of Wuhu Huayang and Huangshan Jinma. (Author: Lin new)

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