In recent days, the leaders of the Shaanxi State-owned Assets Supervision and Administration Commission and the senior executives of Shaanxi Auto have been busy. The conference will be held again and again, in order to achieve the listing of the Shaanxi Automobile Group as soon as possible.
There are a lot of rumours about the listing of Shaanxi Automobile. Now it can be confirmed that, in accordance with the requirements of Shaanxi Provincial SASAC, as the first step to promote the listing of Shaanxi Automobile Group, Shaanxi Automobile Group intends to split itself into two groups: Xinsha Automobile Group and Shaanxi Automobile Industry. The company, Shaanxi Heavy Vehicle Co., Ltd. (hereinafter referred to as “Shaanxi Heavy Gasâ€) will not enter Shaanxi Auto Industry and is not within the scope of the listing plan.
As for the way in which Shaanxi Auto will be listed, the disputes and games between Shaanxi SASAC, Shaanxi Zhongqi, and its major shareholder, Weichai, seem to be very different from those outside speculation. Who will benefit from the listing of Shaanxi Auto? Why is the road to listing so twisted? On these issues, the reporter conducted a survey.
How to go public
The way in which Shaanxi Auto is listed in the industry is through Shaanxi Auto Industry. As for the assets included in Shaanxi Auto Industry, the industry has speculated that it is "non-performing assets" such as mini-vehicles and passenger cars. In response to this, they have regretted that Shaanqi is unable to achieve its goal of becoming bigger and stronger.
As for its own advantages and disadvantages, it is believed that no one is more aware of it than Shaanxi Automobile. Therefore, it is certain that Shaanqi will not pack these non-performing assets into Shaanxi Auto Industry for listing.
So, which of the listed roads should Shaanxi Automobile choose? In response, Shaanxi Auto's insiders said: “There is no certainty. The Shaanxi SASAC has always said this at this meeting. There are other plans for the next meeting.†It is learned that the Shaanxi Provincial State-owned Assets Supervision and Administration Commission has divided Shaanxi Automobile Group into The issue of delisting has been repeatedly mentioned several times, but there has been no clear statement.
For SASAC's position will not be included in the scope of listing, of which the relevant securities company's analysts said: "If the SASAC to Shaanxi Airlines Heavy Truck 49% of the shares listed, Shanxi Automobile need to solicit Weichai's consent. Because Weichai holds a controlling interest, it needs the control of the shareholders. The exception is that although Weichai holds 51%, but only less than 50% of the voting rights. But I believe this assumption is not valid."
Therefore, in many of these speculations, Shaan Auto Industrial Corp. has bought back another listed company for backdoor listing, which may be the best and most feasible solution. In this regard, Shaanxi Auto Industry also quite agree with this program.
Behind the hand
The reason why the Shaanxi State-owned Assets Supervision and Administration Commission has actively promoted the listing of Shaanxi Auto is because it has always hoped that Shaanxi can be transformed into a major automotive province. This has both economic and administrative intentions. The 49:51 shareholding structure with Weichai Power made the SASAC unable to do so. The two sides have been contesting each other. Listing financing and expanding industries are great news for Shaanxi Automobile's long-term development, and it also helps Shaanxi Automobile realize its dream of becoming bigger and stronger and becoming one of the strongest in the car industry. Therefore, Shaanxi Automobile is also actively promoting the listing.
So, who is the "culprit" hindering the listing of Shaanxi Auto?
Who is not good for him
Shaanxi Heavy Duty Trucks accounted for 80% of the operating revenue of Shaanxi Automobile Group. In fact, Shaanxi Automobile Group is required to be listed as a whole, Shaan Heavy Industries is a good asset, however, because Shaanqi Group only holds 49% of Shaanqi Group In proportion, the assets of Shaanxi Heavy Duty Truck will not be successfully consolidated into the financial statements.
Shaanxi Automobile is the only heavy truck segment for Weichai, which is an important part of its “engine-aerocycle-to-vehicle manufacturing†gold industrial chain. The industrial chain involves a total of 4 companies, in addition to Weichai Power and Shaanxi Heavy Industry Automobile also had Shaanxi Fast Gear and Hande Axle, and the latter three were all actually controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) with a 49% stake, and Weichai Power Holdings was 51%.
For the game between Weichai and the Shaanxi SASAC and the delicate relationship with Shaanxi Auto, people in the industry put forward his unique views on this newspaper. He believes that this issue is actually viewed from the perspective of an entrepreneur. Does not exclude Weichai for its control, after all, it can get Weichai financial and material support.
The listing is financed through capital operations, which is a great temptation for Shaanxi Auto. In the face of the difficulty of stopping the listing of Shaanxi Auto, Weichai will make a compromise even if it does not want to. Because Weichai, on the one hand, does not want Shaanxi Automobile to get out of its control and grow bigger and bigger. On the one hand, Weichai will eventually make concessions to the Shaanxi SASAC, and it will not be a benefit to Weichai.
Therefore, Shaanxi Auto's listing is imperative. In the short term, the mutually beneficial relationship between Weichai and Shaanxi Auto will continue. However, after Shaanxi Auto's wings are hard enough, it is difficult for WeiChai to trap it. Whoever is going to die will wait and see.
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