The Anxiety Behind Two "Nonsense"

Xu Heyi first responded to the rumors of Geely's stake in Beiqi: "Nonsense."

Then Yin Tongyue responded to the rumors that "Boneng bought Chery": "Nonsense."

One after the other, it is very lively. Like Liu Chuanzhi’s open letter, in the face of unfavorable public opinion, the two entrepreneurs who have fought for many years in the automotive industry have also gone into battle. Fortunately, their short four-letter words were more effective than Liu Chuanzhi's eloquent open letter, and the “acquisition” rumors came to an abrupt end on that day. When official statements were issued, all speculative reports were instantly destroyed.

After the news, discussions, controversies, and battles, the chickens and business are as usual. However, things are not as simple as it may seem on the surface. Two nonsense two days, and the nerves that Beiqi and Chery are most tightly touched are clearly touched.

"Hot money" influx trade-off anxiety

"Geely shares Beiqi" and "Bao can acquire Chery." All rumors are constantly fermenting around "money." The former is based on Li Shufu’s buying and buying in the world, while the latter is the reasoning for Chery’s “money shortage”. What's wrong is that in the past two years, a large number of “hot money” in the capital market has flooded with new carmakers. The automotive industry, which makes the general public believe that the investment and acquisition of the automotive industry is not too complicated, and it is possible for anyone to acquire anyone.

It is indeed possible, but there is still a lot of "nonsense" between guessing and the facts. At present, Xu Heyi has not made plans or efforts to allow private capital from the auto industry to enter Beiqi. Yin Tongyue is also difficult to thoroughly open his arms to the chaebol capital that is eager to get away with it.

The only thing that can be affirmed is that the magic of capital they must see, and even the "meat-eating masses" have seen it. In 2017 alone, the cumulative financing of companies such as Weilai and Weimar has exceeded 10 billion yuan. In the incomplete statistics of the Auto Topline App, the number of newly-built auto companies that have been frequently exposed has also reached a cumulative financing scale of approximately RMB 30 billion. For those capitals aimed at the automotive industry, 30 billion yuan may be just the tip of the iceberg.

Billion-dollar investment and financing, for Beiqi, especially Chery, is very attractive. In the past year, Chery was forced to peddle the sales of Kaiyi and Chihshang shares under the pressure of funds and continued to hit the IPO of financial services, and made every effort to solve the problem of money. The Beijing Automotive Industry Corporation has returned to the A-share market step by step. The listing of BAIC New Energy has only come to an end, and BAIC Group, which has a sluggish auto business, needs to consider long-term funding issues.

Under the influx of “hot money”, BAIC and Chery, which have more quality assets than new-build companies, accept the “baptism” of capital or continue to develop their own businesses and fight for themselves in the market? For the Beijing Automotive Group, which has Beijing-Benz's profitable dairy cows, TA still has room for consideration; but what about Chery? How to choose the enterprise?

Transformation Anxiety in the "mixed reform" advancing

Domestic media dared to speculate that Geely’s acquisition of Beiqi and Baoneng’s acquisition of Chery were a big part of the reason for this year’s state-owned enterprises’ accelerated implementation of mixed ownership reforms as the “basis”; similar to when the central government reorganized its operations frequently, it was determined by domestic media that FAW had determined FAW. Merged with Dongfeng, even with the merger of Chang'an.

From the reorganization of central enterprises to the mixed reform of state-owned enterprises, the “merger” revives again and history repeats itself. After all, the public’s eager expectations for the re-emergence of stragglers through reforms remain.

Beiqi and Chery became the two main protagonists of this rumors. The development of its own brand business lags behind private enterprises such as Geely. This is one of the important reasons. In addition, in the fields of domestic aviation and communications, private capital has already become an important force for mixed reforms. It has been demonstrated that this road is feasible.

However, unlike mixed state-owned enterprises that have already been successful, BAIC and Chery belong to local state-owned enterprises. There are also more stakeholders involved in joint ventures. The introduction of private capital through mixed reform is not a matter of “shooting the brain”. Not to mention that the high hat of the loss of state-owned assets may be withheld at any time. The obstruction of the reform by state-owned enterprises, especially local state-owned enterprises, is enough to make mixed reforms go through twists and turns.

Looking back, did Beiqi and Chery mention “reform” and mention “transition” in the past ten years? What's the final result? There are too many factors that make companies more competitive and anxiety for senior executives.

At this time, Beiqi and Chery must promote the mixed reform of state-owned enterprises. Basically, it is also necessary to force local SASACs to change the state-owned assets supervision and management method of “manager management assets”. When private capital is involved in state-owned enterprises, profit will inevitably become the first direction. Even the appointment of personnel will turn to marketization. This is totally different from the model in which the local finance director is transferred to the company's chief financial officer.

The mixed reform of state-owned enterprises has already started. Xu Heyi and Yin Tongyue are pilots of local state-owned enterprises. It is difficult to say that they did not see the opportunity, did not make preparations, and did not rule out that “Geely’s shares in Beiqi” and “Bao can acquire Chery” are what they have already seen. opportunity.

However, in the wave of mixed reform of state-owned enterprises, it is necessary to move freely, step in and out, and find a more sustainable path for the development of the enterprise. This means that Xu Heyi and Yin Tongyue need great wisdom and a big pattern. The idea of ​​making some ideas and making some attempts to be guessed or made public may only increase anxiety and increase “nonsense”.

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