Recently, Yunnei Power, which was forced to suspend business for nearly a month due to reorganization news, was announced to announce that the company’s actual controller Kunming SASAC has reached an agreement with China Ordnance Equipment Group to hold its holdings of Yunnei Power’s controlling shareholders. The 100% property rights of Yunnan Internal Combustion Engine Plant (holding a 38.14% equity interest in Yunnei Power) was transferred free of charge to China Changan Automobile Group Co., Ltd. (referred to as China Chang'an) under the China Ordnance Equipment Group.
As a result, China Chang'an achieved indirect control of Yunnei Power, and China Ordnance Equipment Group transformed itself into the new actual controller of Yunnei Power. This also means that in addition to Changan Automobile, China Changan has acquired a new financing platform.
Changan Automobile also recently issued a letter of intent for the offering of shares, and plans to raise funds of no more than 4 billion yuan through public offerings, and to develop independent brand R&D, investment in fixed assets, and brand promotion and sales network construction. An analyst from a well-known brokerage firm said in an interview with reporters yesterday that Chang’an’s frequent acquisitions and expansions in recent years are nothing more than trying to enlarge its scale first, and behind this public offering, there’s no doubt that “circling money is suspectâ€. .
Chang'an is not the ideal new home for cloud power
The above analysts stated that “China Chang’an has incorporated Yunnei Power into its business, and it is no doubt that it hopes to use Yunnei’s passenger car diesel engine business to make up for its own business shortcomings. However, for Yunnei Power, Chang’an is not a cloud power. The best new owner."
The analyst further pointed out: "Since China Chang'an's technology accumulation in the diesel engine business is almost zero, it has virtually limited the development space and speed of Yunnei's power. Moreover, the Changan diesel engine passenger car is still in its infancy. If the market is deserted, it will slow down the production and sales of power within the cloud."
"If the acquisition of Yunnei Power is Shanghai Automotive (15.02, -0.19, -1.25%), then SAIC Motor can directly subordinate Yunnei Power to the production of passenger car diesel for Shanghai Volkswagen. Needless to say, the rapid growth of the company itself. The development perspective with considerable interest will also allow Yunnei Power's investors to obtain more benefits."
Within one year or continue to increase the power within the cloud
Chang’an’s attitude towards this free transfer of assets is rather optimistic. According to the company, entering the light commercial vehicle market has always been an important strategy of the company. Diesel engines are the core components of light commercial vehicle products. Therefore, obtaining engine resources is the key to China Changan entering the light commercial vehicle market. The high-end passenger car and light commercial vehicle business being developed by Changan will also benefit from the joining of Yunnei Power. Not only that, under the background that the 12th Five-Year Plan has raised energy conservation and emission reduction to a new height, the impact of developing the layout of the diesel engine business is even more profound.
The Kunming SASAC, the assigner of the shares, certainly did not fly Yun Yun’s cooked duck.
According to China Chang'an’s commitment to the SASAC of Kunming, before 2015, Chang’an, China, will use Yunnei Power as a platform, invest RMB 1 billion to build a state-level enterprise technology center for diesel engine powertrains, and develop high-performance energy-saving and environmentally friendly diesel engines. Formed a China-based Changan diesel engine R&D, production, and export base. Under the premise of a good market response, the investment amount may increase to more than RMB 5 billion. At that time, Yunnei’s diesel engine production capacity will increase from the current 600,000 units/year to 1.2 million units/year.
As for whether the company will increase its holdings of Yunnei Power in the future, China Changan said that although there is no specific plan for adding value at present, the company may increase its holdings in Yunnei Power through the secondary market or other means within the next 12 months.
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