Dongfeng Denies Reorganization of Recognized Fuzhou Gas

On December 19, Dongfeng Motor issued an announcement denying the rumor that Fujian Automobile will be reorganized this month. The Dongfeng reorganization blessing gas that had been handed down to the signing ceremony was once again thrown away.

Dongfeng Motor stated in the announcement that, in the near future, market rumors Dongfeng will restructure Fuqi through the acquisition of Fuquan's equity. The two parties have reached preliminary cooperation intention and will sign a strategic cooperation framework agreement this month. In order to avoid misunderstandings by investors, the company now states as follows: The company currently does not have any major reorganization including the content mentioned above, and there is no information that should be disclosed but not disclosed.

The news about Dongfeng’s reorganization of Fuqi has long been rumors for a long time, but it has not been officially confirmed. This involves the restructuring of local governments, central enterprises, state-owned enterprises, Japanese companies, and two Taiwanese companies. The complexity is far beyond imagination. . Dongfeng Motor's public statement appears to have temporarily ended the acquisition of fog. However, Dongfeng Motor's wording leaves room for it, saying that it is "currently" and still makes the industry think about its reorganization.

At the end of September this year, a number of media sources broke the news that the plan for Dongfeng Motor’s original intention to sign a reorganization agreement with Fuzhou on September 17 was postponed. However, the source did not specify the reason for the delay in signing the contract.

According to the person who broke the news, in July 2012, senior officials of Dongfeng Motor Corporation and related leaders of Fujian Province held talks in Wuhan and reached preliminary cooperation intentions. In August, the delegation of Dongfeng Motor inspected the overall business development and financial status of Fuqi Group and reached a memorandum of cooperation. The two parties then held talks on the Strategic Cooperation Framework Agreement. In accordance with the agreement established in August, Fuqi will be integrated into Dongfeng's strategic plan after being reorganized, and Southeast Motor will become Dongfeng's strategic base in the southeast region. In the future, Fudan will develop its own brand cars. Dongfeng and Fuqi's restructuring plan is divided into two steps: Dongfeng's acquisition of 40% shares in Fugas, realization of the equity investment in Fuqi, and the assignment of a general manager for Fuqi Group; in the subsequent operations, Dongfeng will support Fuqi in all aspects. When Fuzhou Automobile's annual sales reached 300,000 vehicles, Dongfeng has the right to acquire 20% shares of Fugas and become a major shareholder.

At that time, it seemed to the outside world that Dongfeng Motor's reorganization of the Fujian automobile seemed to be a “stuck”, and many reports stated that the two parties had already reached an agreement and only had to finalize some details. And the reorganization of both sides seems to be the best partner for each other.

For Dongfeng Motor, which is trying to catch up with SAIC Motor Co., Ltd., which is trying to compete with China Automotive’s “first-in-a-lifetime” vehicle, if it can integrate the Fujian automobile into its pocket, it is undoubtedly a double harvest of its production capacity and product line. Dongfeng Motor has a rich product line and is doing a good job in the commercial vehicle sector. However, Dongfeng has not been able to come up with a powerful self-owned brand sedan. If Dongfeng reorganizes the Fuqi Group, its own brands, such as Delica, Fulika, Lingbao, Lingli, Lingyue, etc., as well as the newly launched new Longma mini vehicle project, will form an increment for Dongfeng's own brands.

Moreover, when the media inquired about Dongfeng’s reorganization of Fuzhou, the general manager of Dongfeng Motor Zhu Fushou did not deny the reorganization. He said, “The reorganization has not yet been confirmed. Dongfeng has always been open to reorganization, but it is also cautious and prudent. The style of work.” Although this statement is official and concealed, it has been interpreted by the industry that Dongfeng Motor has promoted the restructuring of Fujian Automobile by default.

So what caused the two parties to sign a contract but immediately "abortion"? At that time, people in the industry believed that the credibility of the industry was "Mitsubishi's tough". Mitsubishi Motors holds a 25% stake in Southeast Motors. The three shareholders of Southeast Automotive are Fujian Automobile Group, Taiwan Zhonghua Automobile and Mitsubishi Motors, with a 2:1:1 equity ratio. Mitsubishi Motors also holds a 19% stake in Taiwan’s China Motors. Mitsubishi Motors’ attitude has become a key part of Dongfeng Group's reorganization of Fujian Auto.

At the time, the reason why the industry ignored the impact of Mitsubishi Motors on Dongfeng Motor's reorganization of the Fujian automobile incident was that Mitsubishi Motors had just successfully withdrawn from Changfeng, cooperated with Guangzhou Automobile, and had a joint venture company in China. The industry generally believes that Mitsubishi Motors may be happy to see the reorganization of Southeastern Automobile, take the opportunity to get rid of the burden, focus on cooperation with GAC, and even open up new joint venture partners.

However, on September 17, Mitsubishi Motors issued an announcement expressing its position on the development of the Southeast Motor. "There will be no change in the proportion of Mitsubishi's investment in Southeast Motor, and we will work together with other shareholders of Southeast Motor to seek cooperation with Southeast Motor. "Development." Some industry analysts said that even if the Southeast Asian car is a burden for itself, Mitsubishi Motors will not easily let go of the completion of the reorganization, let alone, relatively speaking, Southeast Automotive is still Fujian Automobile's quality assets.

Dongfeng Motor Co., Ltd., in an unconventional manner, publicly denied that the restructuring of the blessing is coming soon. It is not known whether it will be added to the previous obstacles. In many statements, the phrase “Fu steam is changed” is widely circulated. According to industry insiders, when interacting with Fuqi Steam Management in private, the other party made it clear that it would not reorganize, and stated that “the company has 8 sets of drawings, can build dozens of models, and is not short of money. It does not need Dongfeng to restructure. Dongfeng can not give Fuqi resources. The only thing missing from Fuqi is the talent and innovation system."

This argument is not without logic and factual support. Fortunately, if Fuqi goes on reorganization, the main reason is the demand for funds. Although Fuqi Group has been at a loss since 2008, it does not matter if the company is backed by the Fujian government. In 2011, the Fujian government injected 350 million yuan to support Fujian Automobile. However, auto production and sales in Fujian still decreased by 6.85% and 6.07% year-on-year, respectively; sales revenue was approximately 11.5 billion yuan, a year-on-year decrease of 5.94%.

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