Weichai Shangong restructuring kicks off Shandong Heavy Industry

Shandong Province's regional integration of the automotive industry has taken a key step - --- Weichai Holdings, Shangong Group Co., Ltd. and Shandong Automotive Industry Group Co., Ltd. to implement restructuring, the formation of Shandong Heavy Industry Group Co., Ltd. (hereinafter referred to as Shandong Heavy Industry Group or Shandong Heavy Industry) , has been agreed in principle by the Shandong provincial government office meeting.

At this point, Shandong Province officially took the lead in the reorganization of the auto industry, and the industry’s speculation that the Shantui shares, which had been for a long time, and Weichai Power’s “marriage” is becoming increasingly clear.

The release of Shandong Heavy Industry Group undoubtedly opened up the integration of the automotive industry in Shandong, but also clearly conveyed a message --- Shandong Province hopes to use this platform to integrate the province's automotive industry resources, and make the automotive industry bigger and stronger. Take a place on the Chinese automotive industry.

Reorganization rumors come true

The news of "marriage about marriage" between Weichai Power and Shantui shares has been circulating throughout this year in March.

On March 12th, the above two companies were affected by the rumor of restructuring, and their A shares were temporarily suspended from trading. On March 16th, the two companies respectively issued a clarification announcement, stating that “there was no plan negotiation for the asset restructuring and no sign of agreement, agreement, etc.” and promised that the above items would not be planned within the next 3 months. .

In fact, the rumors of the restructuring of Weichai Power and Shantui Technologies started to flood the industry as early as last year. On October 18, 2008, Shantui announced that the company’s deputy general manager, Jiang Kui, resigned due to work transfer, and Jiang Kui’s current position was the deputy party secretary and deputy general manager of Weichai Holding Group.

Although the rumors were once rampant, the two sides categorically denied it. The controlling shareholders of Shantui and Weichai Power are ShanGong Group and Weichai Holdings, both of which are owned by the Shandong State-owned Assets Supervision and Administration Commission (SASAC). As one of the main actors of the incident, the Shandong Provincial SASAC has also refused to confide in the least. Wind sounds.

On May 22, the card suddenly opened. On this day, Weichai Power and Shantui Electric respectively received shares of the company’s largest shareholder, Weichai Holdings and Shangong Group. According to the Governor’s office meeting minutes on May 7, they agreed in principle to Weichai Holdings and Sangong Group. The company and Shandong Automobile Industry Group Co., Ltd. reorganized and established Shandong Heavy Industry Group Co., Ltd.

According to the minutes of the meeting, after the reorganization, a standardized parent-subsidiary company management system was established between Shandong Heavy Industries Group and its affiliated companies, and a standardized corporate governance structure was established in accordance with the requirements of the “Company Law” and the modern enterprise system. The reorganized Shandong Heavy Industry Group, whose corporate ownership status remains unchanged, will not change after the reorganization is implemented, and the actual controllers of Weichai Power and Shantui Shares will not change. Currently, Weichai Holdings holds 14.92% of the shares in Weichai Power and Shangong Group holds 21.10% of shares in Shantui.

In fact, everything is just beginning, and the reorganization path and future plans for this regional integration have not been made public. A person familiar with the matter also said in an interview with reporters: “From the current situation, it has not yet been determined what kind of method to take to restructure. The specific implementation has yet to be announced.

However, according to the Reporter’s Report, there is currently a speculation that the reorganization will adopt the Shandong Iron and Steel Group’s model—by establishing a holding company, Shandong Heavy Industry Group, and the property rights of Weichai Holdings, Shangong Group, and Shandong Automotive Industry Group. Transferred to its subsidiaries.

The heavy duty of Shandong Heavy Industry

The establishment of Shandong Heavy Industry Group can be described as a result of the whole body. This will not only affect the three major groups that will be reorganized, but also include the overall layout of the automotive industry in Shandong.

In recent years, the development of the automotive industry in the provinces has continued unabated. The Shandong province's neighbor, Anhui Province, alone, has seen its automotive industry emerge in 10 years. For Shandong Province, where the automobile industry is one of the key industries for development, although the comprehensive economic indicators of the automotive industry have now ranked third in the country, they still face the lack of over one million productions such as FAW and SAIC, and the main revenue is over 1,000. The problem of billions of large enterprise groups.

On March 4th, Shandong Province issued a draft of the “Shandong Provincial Automobile Industry Adjustment and Revitalization Plan”, which clearly stated that “we must support Weichai Power, the joint restructuring of Shandong Automobile Group and Shandong Construction Machinery Group”, and cultivate 8 Home - 10 large-scale enterprise groups with strong competitiveness, of which two have operating income of over 100 billion yuan.

At present, Shandong Province has the industry leader in such areas as Weichai Power, China National Heavy Duty Truck (000951), (000,951), Shangong Group, and Shantu Farming Equipment. Among them, in addition to controlling the Shantui shares of the listed company, ShanGong Group also owns Shandong Shantui Machinery, Shandong Zhongyou Construction Machinery, and Shandong Ruichi Machinery.

Weichai Power's development in recent years has been very smooth. Following the successful entry into the torch in 2005, it also successfully acquired the French Boduan Engine Company in January this year. In 2008, Weichai Power's operating revenue reached 33.128 billion yuan, and it is expected to reach a sales target of 35.2 billion yuan in 2009. Shantui’s bulldozers in the domestic market are even more unique. In 2008, the sales revenue was 6.581 billion yuan.

An analyst believes that once the restructuring of the three major groups is completed, it will not only integrate and improve the upstream and downstream industrial chains of auto parts in Shandong Province, but also provide more space for capacity expansion and industrial upgrading.

In a sense, under the plan of making the automobile industry bigger and stronger in Shandong Province, Shandong Heavy Industry Group will have a heavy responsibility in the future and strive to provide a gift for the automotive industry in Shandong— sprinting 100 billion yuan worth of output value. The Target Auto Parts Industry Group entered the Regal Club of the domestic equipment industry.

At the same time, the analysts mentioned to the reporter that there is no industrial chain between Weichai Power and Shantui, and the business does not overlap. Therefore, the restructuring is expected to be slow and it is difficult to complete in a short time. .

Shandong reorganization of the automotive industry

The reorganization of such automobile companies not only occurred in Shandong Province.

In March this year, the State Council issued the "Regulations for the Adjustment and Rejuvenation of the Automotive Industry" (hereinafter referred to as the "Planning") and proposed eight major development goals for China's auto industry in the next three years. The most notable of these is the increase in the merger of domestic automobiles. The number of auto enterprise groups that account for more than 90% of the national auto sales will be reduced from the current 14 to less than 10.

According to the "planning", the state will make a clear deployment for merger and reorganization for the first time, and encourage the "big four" automobile groups of FAW, Dongfeng, SAIC, and Changan to implement merger and reorganization nationwide. Support Beiqi, Guangzhou Automobile, Chery, and CNHTC's "four small" auto group to implement regional mergers and acquisitions.

The first case of restructuring after the country promulgated the policy to support the merger and reorganization of car companies surfaced. GAC Group and Changfeng Group announced strategic cooperation. Driven by this, Chery’s “marriage” with JAC, FAW and Brilliance, Chang’an, and Hafei have also been included in the media’s predictions.

In the "four major and four small" industry structure that China's auto industry will present, China National Heavy Duty Truck (000951, stocks) was impressively among them and became the leading regional integration in Shandong. With the promotion of policy forces, the adjustment of the automobile industry layout in Shandong Province is a matter of course. On the 22nd, Shandong Shandong Wuzheng Group and Shanmao Agricultural Machinery Co., Ltd., two famous machinery manufacturers in Shandong Province, completed a strategic reorganization, and Shandong Wuzheng Group Shantuo Agricultural Machinery Equipment Co., Ltd. was officially unveiled.

As for the future development prospects of Shandong auto industry, China National Heavy Duty Truck and Weichai Power, two important chess pieces, have been paid close attention to by people. The two companies have performed well in their respective markets, but the relationship between the two companies is also rather subtle.

An industry source once analyzed with reporters that if China National Heavy Duty Truck, Weichai Power, and Zhongtong Bus (000957, stocks) can be integrated into one company, then it will become the Chinese automobile industry other than FAW, Second Automobile, and SAIC. An important pole. However, disputes over grievances in the history of the Shandong automobile industry will become the biggest obstacle. Therefore, it is not easy for the Shandong auto industry to achieve “great unification”.

“In 2006, the Weifang Woodcutters that the Shandong provincial government's one-page approval would be entangled with was segregated from its parent China National Heavy Duty Truck Group. Since then, both Sinotruk and Weichai Power have embarked on their own path to complete the industrial chain.” People believe that Ma Chunji and Tan Xuguang are both strong leaders. Both companies have also built a complete and independent industrial chain from the engine to the vehicle. Therefore, it is very difficult to integrate the two companies together. The Shandong auto industry, which is standing at a new starting point, will create a duopoly industrial layout.

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