On the evening of March 25th, FAW Car officially announced that the listed company had received the Reply of China Securities Regulatory Commission on Approving Major Asset Restructuring of FAW Car Co., Ltd. and Issuing Shares to China First Automobile Co., Ltd., and approved the asset restructuring transaction of FAW Car.
According to the previous restructuring plan, FAW Car will replace all its assets and liabilities except the equity of FAW Finance Co., Ltd. and Xin 'an Automobile Insurance Co., Ltd. and some retained assets with the equivalent of faw liberation 100% equity held by China First Automobile Co., Ltd. (hereinafter referred to as "FAW"). According to the previously disclosed reorganization draft, FAW Car valued the equity of FAW Pentium Car Co., Ltd. (hereinafter referred to as "FAW Pentium")100 at 5.088 billion yuan, and replaced the assets of faw liberation with 27.009 billion yuan. The difference will be made up mainly by issuing shares in a targeted way.
On March 8/kloc-0 and March 9/kloc-0, Changchun Municipal Market Supervision Administration and Changchun New District Branch of Changchun Municipal Market Supervision Administration successively issued the Notice of Registration Permission, which means that faw liberation and FAW Car have completed the industrial and commercial registration procedures for the equity transfer involved in this transaction. Faw liberation became a wholly-owned subsidiary of a listed company and FAW Pentium became a wholly-owned subsidiary of FAW.
"This replacement plan is good for FAW Group, Pentium brand and Jiefang commercial vehicle." Insiders of FAW Pentium told reporters that for the group, the problem of horizontal competition that has not been solved for many years has finally been solved. For listed companies, it is beneficial to the market value of FAW cars to package and inject the best commercial vehicle resources in the independent sector of FAW Group at present.
Faw liberation insiders also told reporters that since last year, faw liberation has been sorting out its internal resources. "Listing is good for us, but it also means greater performance pressure."
At the internal meeting of 5438+ 10 in June this year, faw liberation proposed the goal of quadrupling by 2025: First, the sales volume of commercial vehicles was 550,000, and the overall market share doubled from 7% to14%; Second, the total profit is 9 billion yuan, and the profit rate has doubled from less than 3% to more than 6%; Third, the operating income doubled from 75 billion to15 billion; Fourth, the annual per capita income doubled, from 6.5438+0.3 million yuan to 260,000 yuan. In 20 19, the cumulative sales volume of heavy trucks, medium trucks and light trucks in faw liberation reached 335,700, and the medium trucks ranked first in the industry for three consecutive years, with a net profit of/kloc-0.66 billion yuan in the first half of the year.
The insiders believe that for Pentium, an independent passenger car brand owned by FAW Group, its assets will be placed from listed companies and become an unlisted wholly-owned subsidiary of FAW, which is also conducive to its future development. Previously, in the management structure of listed companies, FAW Pentium had to give full information disclosure in accordance with the requirements of listing laws and regulations, and had strict requirements on short-term business performance, which might affect long-term market decisions.
Returning to FAW, FAW Group can give more support to Pentium brand on the one hand, and pay less attention to short-term performance and long-term development on the other. In July last year, FAW Group gave specific indicators and support programs for the future development of Hongqi and Pentium brands at an internal meeting. For Pentium brand, FAW will support 500 million yuan and 300 million yuan in brand and R&D every year, and 2.4 billion yuan in the next three years, and strive to achieve the goal of "3 10" (654.38 million vehicles in three years, with zero profit rate).
An analyst who has been paying attention to FAW Group for a long time believes that the purchase replacement plan and the profitability of FAW Group's independent passenger car sector are crucial to the overall listing of FAW Group. He believes that the next important task of FAW Group will be mixed reform and improve its core competitiveness. At present, the profitability of FAW Group is mainly joint-venture passenger cars and independent commercial vehicles. In the future, it is necessary to improve the profitability of the independent passenger car sector, and then realize the overall listing after the profitability of passenger cars is improved.
FAW Pentium and FAW Hongqi, another independent passenger car brand under FAW Group, both sold more than 654.38+million vehicles last year, with a target of 200,000 vehicles this year. According to the data released by FAW Group, the automobile sales in 20 19 reached 3.464 million vehicles, up by 1.3% year-on-year, and the operating income reached 620 billion yuan, up by 4.4% year-on-year. In terms of profit, the net profit was 44.05 billion yuan, a year-on-year increase of 2.2%.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.