On the last day of the Lunar New Year in 2007, Xu Heyi, the head of Beijing Automotive, finally dropped the general manager of BAIC's “Global Recruitment†from Beijing Automobile Holdings to the general manager’s office of Beijing Modern Building, Jinyun Road. He also uncovered the industry’s general manager of BAIC. Guess.
Not before the media reporter broke the news, this person surnamed Wang, a big name. Wang Dajing, who is currently the vice president of SAIC Motor, is responsible for the overall technical management and product development of SAIC Motor, including organizing the company’s mid- and long-term product development plans and technical routes, organizing the company’s independent development system and fostering independent development capabilities. , Improve the company's technology management system and workflow, and promote the construction of self-owned brand automobiles, new energy vehicles, and automotive electronics projects. It can be said that Wang Da is always an authentic technical officer. At present, the strong momentum of SAIC’s own brand development is Wang Da’s biggest contribution to SAIC.
This time, Wang Da joined BAIC and was appointed as the general manager of BAIC. The scope of his work far exceeded his work on SAIC's own brand development planning and technology management. More to think about the chairman of Xu Heyi for the preparation of the three major plans for 2008 BAIC: overall listing; break through the local, the layout of the country; accelerate internal integration, improve the overall performance of BAIC.
It can be said that the biggest thing for Beiqi chairman Xu Heyi in 2008 was to allow BAIC to achieve overall listing, so as to drive the company's continued rapid development through capital market financing. The Beijing Auto Group will be the specific implementer of BAIC's overall listing. This means that the general manager of Beijing University of Aeronautics and Astronautics, which is currently airborne, has to undertake more work at the executive level. This is a technical challenge for Wang Da, who is from a technical perspective.
Judging from the overall listing of SAIC and Dongfeng, BAIC needs to do a lot of work to achieve overall listing. Listing is not an end in itself. Listing is the purpose of driving company development. Therefore, if it is to be successful, BAIC needs to go through four thresholds.
First: Persuade the joint venture partners to agree to place the Chinese assets in the joint venture company into the listed company
This step is a step that China's state-owned auto companies must do now, because if the joint venture's overall listing is lost, it will basically lose its significance. Because at present Beijing Automotive's four vehicle manufacturing companies, Beijing Dyke and Beijing Hyundai are joint ventures, and the two companies represent almost all of Beiqi's performance and profits. While Beiqi Manufacturing and Beiqi Foton are manufacturers of off-road vehicles and commercial vehicles, respectively. At present, China's concept is very poor, and Beijing Auto Manufacturing is a well-known manufacturer of SUVs; and BAIC's actual shareholding in Beiqi Foton is only 36.43%. .
From the timetable for the overall listing of SAIC, it was decided that the obstacles of the joint venture company could not be bypassed. However, SAIC eventually allowed Volkswagen, GM, and Ssangyong Trade Union to agree that the Chinese company’s shares in the joint venture would be incorporated into the listed company. This is inseparable from SAIC's strong position in the game with its joint venture partners. The status of BAIC and its joint venture company is difficult to compare with SAIC. Therefore, whether BAIC can obtain foreign support from the joint venture company will be the first threshold for BAIC's overall listing.
Second: How does Beiqi make the 2008 performance high enough?
As we all know, companies that are going to go public will generally choose to go public when they have the best performance, so as to maximize financing. In 2007, the performance of various subsidiaries of BAIC did not stand out, even Beijing Hyundai had a bad performance of only 3% year-on-year increase, and in 2008 the Chinese auto market increased by about 22% year-on-year; Beijing Benz is more for the North The glory, sales and profits on the face are difficult to compare with SAIC's two joint ventures; Beiqi Foton is a relatively stable profit source and profit support for BAIC, but unfortunately the controlling power is too low, only 36.43%; It also belongs to the category of a special-purpose vehicle. Beiqi has very little promotion and support for Beiqi Manufacturing. In 2007, the sales volume was only 40,000, and it was difficult to make a large contribution to profits. Others such as parts and components, used cars, financial companies, and automobile institutes are all just companies that were established in 2007 by BAIC, and they are also difficult to form economies of scale in 2008.
Although Beiqi’s various companies have high-profile distribution of new car plans and production and sales targets in 2008. If it can be completed, BAIC can still seize the plans for final listing in 2008, but from the previous BAIC marketing level and new car promotion strategy, the situation is not very optimistic.
Although before the Spring Festival in 2008, Xu Heyi made drastic changes to the Chinese executives of his joint venture company, and also put Wang Dachi on the position of general manager of Beijing Automobile Holdings. But these people did not have too good performance before. Therefore, whether Beiqi can deliver a satisfactory answer at the end of 2008 is the final factor in Xu Heyi’s decision to go public or not.
Third: How to create an independent brand concept
Hu Maoyuan's delay in the overall listing of SAIC Motor in 2005 is another factor, that is, lack of concept of independent brands. Because China's auto vehicle companies are listed on the market, if they only invest in the Chinese assets of the joint venture company, it will inevitably give people insufficient confidence. There will be no major shareholders willing to do basic investment, and the lack of support from the foundation investors will be very unfavorable. The long-term development of listed companies. Therefore, to create a self-owned brand development plan that can be seen as a hope is to see the prospects for the development of BAIC in the next few years or even decades. There will also be large shareholders who are willing to be long-term fundamental investors, thus bringing continuous financing support to the stable development of BAIC.
It can be said that Wang Dachang’s participation in BAIC is the greatest impetus for BAIC to develop its own brand. Wang Da joined SAIC Motor’s predecessor as a GM’s technology executive. The number of years of service passed has exceeded 20 years, which has made Wang Da’s total enough. The ability to build a complete self-owned brand development plan for BAIC and put it into practice.
In addition to the self-owned brand passenger vehicles, the integration of Beiqi's SUV assets will also be one of BAIC's jobs in 2008. From the perspective of the future development of BAIC: Sedan, commercial vehicles, and SUVs, the Beiqi manufacturer cannot continue to be a benefactor of Beiqi Holdings, and will surely make moves in 2008 to make it a BAIC. The overall listing of quality assets.
SAIC also made an overall listing decision after releasing its own brand development plan in 2006. Therefore, before BAIC's listing, it must have a complete self-brand development plan.
Fourth: Beiqi urgently needs to expand the overall scale of BAIC through mergers and acquisitions
Last year, BAIC sold a total of 694,000 vehicles, achieved sales of more than 650 billion yuan, and profits of 1.64 billion yuan, ranking fifth in the national auto group. In 2008, BAIC raised 900,000 vehicles for production and sales, challenged 1 million vehicles, guaranteed sales revenue of 88.21 billion yuan and challenged 95.5 billion yuan.
To achieve this goal, it seems to be a bit difficult to pass the existing four vehicle manufacturing companies. After the establishment of BAIC Group Corporation, the rapid expansion of BAIC's overall scale through mergers and acquisitions should be Xu Heyi’s announcement of a “breakthrough place, national layout†Important expansion strategy. At present, there are basically clear targets for mergers and acquisitions in Fuzhou, located in the southeast corner of Fuzhou.
In addition to Fuqi, there are still many auto industries owned by domestic local governments that are complementary to BAIC. Can BAIC use the "Government card" to rapidly expand the BAIC market scale through a package purchase plan, and then use "accelerate internal integration" to contribute to the overall listing of BAIC. This is an essential condition for BAIC's smooth listing.
After Xu Heyi announced the appointment of new personnel, it also announced the overall new listing plan of Beijing Automotive: During the year, BAIC Automobile achieved the overall listing of the entire vehicle, but it was not an IPO. It was most likely to be incorporated into Beijing Enterprises Holdings (0392.HK) and indirectly realized the listing financing. . No matter what method, the ultimate goal is only one, use the listing to finance, and then use financing to drive the continuous, healthy and rapid development of BAIC. Therefore, although the road to the listing of BAIC is difficult, it is also a step that must be taken.
Water Hammer Absorber,Water Hammer Arresters,Best Water Hammer Arrestor,Water Hammer Arrestor Price
A1BEST International Corporation , https://www.aone-best.com