Jiangling may become the "middle bridge" between Changan and Ford


Changan Automobile Group and Ford Motor Co., Ltd. have finally entered into a substantial operation stage in the joint venture and cooperation in heavy truck field. There are various signs that Jiangling Motors may become the capital operation platform for this cooperation between the two parties.

According to the latest information disclosed by the Chongqing Property Rights Exchange, Changan Automobile Group and its major sharer, the Corps Group, has listed 100% of the total equity held by Taiyuan Changan Heavy-duty Truck Co., Ltd. (hereinafter referred to as “Changan Chongqi”) for a listing period from July. From June 6 to August 2, the equity transfer price was 270 million yuan.

As the target of this listing, Changan Heavy Duty Truck is an integrated heavy-vehicle manufacturer that integrates R&D, production and sales. Its main products include various high-, medium- and low-grade dump trucks, tractors, gas vehicles, and special vehicles. The company’s net profit in 2011 and the first five months of this year were -39.58 million yuan and 8.5 million yuan respectively, and the book value of net assets (as of the end of March of this year) was 259 million yuan, roughly equivalent to the current listing price.

One background that cannot be overlooked is that since last May, the outside world has rumored that Ford Motor Company intends to enter the heavy truck market in China. The approach taken is to restructure Changan Heavy-Duty Trucks with Changan Automobile Group. According to another media report, Wang Jun, deputy secretary of the Shanxi Provincial Party Committee and Governor, met with Ford (China) Chairman Xiao Dawei and his party in mid-March this year. The report pointed out that "In order to speed up the development of CNHTC Chang'an, and fundamentally address the long-term constraints on the development of the brand, technology and other restrictive factors, Changan Automobile Group decided to cooperate with Ford Motor Co., which has been cooperating for many years, to deepen cooperation with Taiyuan Changan Based on the platform, Taiyuan Changan Heavy-duty Truck was reorganized and all work is progressing steadily."

Nowadays, Ford Motor Co., Ltd. has not adopted direct investment in this cooperation, but has introduced listed companies as "middle bridges."

According to the Changan Automobile Group listed transfer “gateway”, the transferee of Changan CNHTC shall be a listed company registered and legally existing in China with a duration of more than 5 years; it shall also have the manufacturing capability and perfection of commercial vehicles. Sales network, and sales of commercial vehicles in 2011 were not less than 150,000. In addition, the registered capital of the transferee should not be less than 800 million yuan, and the return on net assets per year in the last three years should not be less than 5%.

It is not difficult to find out carefully that the information of the listed companies of the Changan Automobile Group will be found to be "tailor-made" for Jiangling Motors. According to the 2011 annual report, Jiangling Motors, which is mainly engaged in the commercial vehicle business, sold 195,000 vehicles last year. Excluding some SUV products, its sales of commercial vehicles were just over 150,000. At the same time, the company’s total share capital is 863 million shares, and the return on net assets in the past three years is also much higher than 5%, both meeting the above conditions.

In addition, according to Jiangling Motor’s statement, the company’s controlling shareholders are Jiangling Holdings and Ford Motors (holding 30% equity), while Chang’an Automobile Group indirectly controls 50% equity of Jiangling Holdings. This apparently has been an in-depth cooperation between Ford and Changan. Created a "natural" opportunity.

The reporter interviewed Jiangling Motors on the matter yesterday and the company’s person did not question whether he had bid for Changan Heavy Duty Truck. In contrast, Changan Automobile stakeholders clearly stated that "Changan Automobile itself will not participate in equity bidding."



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