Recently, Tianjin FAW Li Xia Automobile Co., Ltd. disclosed the progress announcement of major asset restructuring. The announcement shows that on February 2, 2020, the Ministry of Ecology and Environment of the People's Republic of China has changed the environmental protection information of the enterprise, the name of the enterprise has been changed to "Tianjin Bojun Automobile Co., Ltd." and the legal representative has been changed to "Huang? Mingxi. (that is, Huang Ximing, CEO of Nanjing Bo County)
Capital market "skyrocketing" carnival
On March 12 and 13, FAW Li Xia rose sharply in the weak A-share market, which triggered a carnival in the capital market. FAW Li Xia has basically completed the "cleaning" work.
In fact, FAW Li Xia has been looking for ways to avoid delisting for many years, and has sold its assets many times. In this major asset restructuring, FAW Li Xia sold its assets to FAW again, so FAW Li Xia will divest most of the assets related to the whole vehicle and hand over all the production qualifications to the joint venture company led by Bojun, becoming a complete "shell resource".
Of course, obtaining production qualification does not mean that Tianjin Bojun's future is smooth sailing. Whether Nanjing Bojun's capital chain can support the joint venture between the two parties and the research and development and landing of follow-up products is the "survival guarantee" for Tianjin Bojun in the future. According to the data, Tianjin Bojun was established in 201918 with a registered capital of 253,400 yuan, of which Nanjing Bojun contributed 2,034 million yuan in cash, accounting for 80. 1%. FAW Li Xia appraised the land, factory buildings, equipment and liabilities related to the whole vehicle. In addition to the cooperation with Nanjing Bojun, FAW Li Xia also reorganized its assets with China Railway Vu Thang Science and Technology Development Co., Ltd. (hereinafter referred to as China Railway Vu Thang).
Assets reorganization changes Bo county.
It is a classic method for listed companies to buy shares of another joint venture with all the physical assets and liabilities to be disposed of, and then exchange some shares of the new enterprise. As a result, FAW Li Xia basically has no physical assets, and what is waiting for this listed company is the backdoor. Through asset reorganization, the main business of FAW Car will change from R&D passenger car manufacturing and sales to R&D commercial car manufacturing and sales in the future.
From 20 14 to 20 18, the accumulated loss of FAW Li Xia exceeded 7.5 billion yuan. During this period, the sale of property is not only for survival, but also for asset restructuring. FAW Li Xia has successively sold the internal combustion engine manufacturing branch, transmission branch, product development center and automobile research center. In addition, FAW Li Xia also transferred 15% of FAW Toyota, a high-quality asset, back to FAW twice at the price of 2.56 billion yuan and 2.923 billion yuan. As a former national magic car, FAW Li Xia finally came to the edge of the cliff.
According to the annual ring report, with the frequent listing of FAW-related companies in the change of rights and interests, the overall listing signal of FAW Group is becoming more and more obvious. On the whole, although Bojun has the production qualification of FAW Li Xia, it only looks more complete and beautiful in the capital market, but whether it can really make money from it, even if it finds the next offer. At that time, "Huaxia Deli" was still a memory of China people, especially its cheap, sturdy and durable style, which made Li Xia the first choice for taxis in most cities. Now, Li Xia, who will take over the new automobile manufacturing power and who will support the board?
Wechat official account: the car bell rings
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.