12.05 billion wholly-owned Huizhong SAIC Integrated Commercial Vehicle System

Although successfully became the largest passenger car, SAIC Motor's pace in commercial vehicles has only just begun.

On June 12, Shanghai Automotive (16.88,0.31,1.87%)(600104.SH) announced that the company plans to acquire 50% equity of Shanghai Huizhong Automobile Manufacturing Co., Ltd. (hereinafter referred to as Shanghai Huizhong) to speed up commercial vehicles. Vehicle integration. This is another new move in the development of commercial vehicles after Shanghai Automotive plans to invest 210 million yuan in the next five years to establish a commercial vehicle technology center.

Integrated and ready to go

On June 12, Shanghai Automotive held the 30th meeting of the third board of directors by means of communication voting. The meeting reviewed and approved the signing of the same day with Shangshi Automotive Development Co., Ltd. (hereinafter referred to as Shangshi Development (23.95, -0.41, -1.68%)). The "Equity Transfer Agreement." Pursuant to the agreement, the company has transferred 50% of the shares of Shanghai Huizhong Automotive Manufacturing Co., Ltd. and Shanghai Wanzhong Auto Parts Co., Ltd. (hereinafter referred to as Shanghai Wanzhong) to Shanghai Real Estate Development Co., Ltd. for self-raised funds. The total transaction amount is RMB 14.75. 100 million yuan, of which Shanghai Huizhong has a 50% stake of 1.205 billion yuan. After the acquisition is completed, the two companies will become wholly owned subsidiaries of Shanghai Automotive and hold 100% of their equity.

The announcement states that after the company acquires the above equity, it will accelerate the consolidation of assets of the commercial vehicle vehicle business, promote the development of the core component business, increase the company's industrial scale and market competitiveness in this field, and will have a positive impact on the company's operations.

Shanghai Huizhong was established on January 11, 1992. It is a subsidiary of SAIC Motor. It purchased South Korea's Ssangyong heavy truck production line in 2001 and positioned the heavy truck market at more than 15 tons. SAIC Motor is the main company in the heavy-duty vehicle market.

In SAIC's commercial vehicle system, apart from Huizhong, there is SAIC Iveco, which is a joint venture formed by SAIC and Iveco each with a 50% stake. As a commercial vehicle investment company, the first project is Chongqing. Red Rock. Last year, SAIC, Iveco, and Chongqing Sinotruk signed a framework agreement. Shanghai Automotive Group and Iveco jointly established a commercial vehicle investment company, and acquired a 67% stake in Hongyan Automobile held by Chongqing CNHTC Group. Chongqing Zhongqi will Control the remaining 33% of shares.

Shanghai insiders told reporters that in the future, SAIC Iveco and Huizhong will have two platforms in the SAIC commercial vehicle system. According to the plan, Hongyan’s multiple heavy truck brands will coexist at the same time after the operation of Chongqing Hongyan. At the production base’s annual output of 40,000 vehicles, the original Iveco trucks are 4,000, and the mixed vehicles are Iveco Red. There are 26,000 units of rock and 10,000 units of Hongyan vehicles, while Shanghai Huizhong has two main brands, namely the "Fleet Fleet" brand heavy truck and Istana bus built on the Ssangyong heavy truck platform and bus platform.
One share

Shanghai Automotive is currently the largest automotive manufacturer in China. In 2006, SAIC ranked first in terms of production and sales volume of 1,224,400, far exceeding FAW and Dongfeng.

However, commercial vehicles have always been SAIC's shortcomings.

According to data from the China Association of Automobile Manufacturers, China’s commercial vehicle sales exceeded the 2 million mark for the first time in 2006, climbing to 2.04 million, an increase of 14.23% year-on-year. Among them, the highest increase in sales of heavy trucks, cumulative sales of all types of heavy trucks reached 307,296 units, an increase of 31%.

However, in this eye-catching heavy-duty card market, SAIC appeared a bit cold. In addition to Dongfeng and FAW, there are China National Heavy Duty Truck (49.28, 0.28, 0.57%) and Foton Motor (16.50, -0.46, -2.71%) companies in the current heavy truck market in China. Almost divided the profits of China's high-growth heavy-duty truck market, SAIC did not.

Commercial vehicle is one of the focuses of the “Eleventh Five-Year Plan” of SAIC Motor. Shanghai Automotive related personnel told reporters that in order to speed up the construction of a new system for commercial vehicles, SAIC Motor Co., Ltd. has clearly defined the strategic layout of "one small and one small": "a small" means the continued development of mini vehicles; "a large" means the active development of heavy vehicles. .

The latest news shows that SAIC's first commercial vehicle R&D institution has been established a few days ago. The technical center will be responsible for the research and development of commercial vehicle vehicles, and will be equally concerned with SAIC Technology Center, which specializes in research and development of passenger vehicles.

According to the plan announced by SAIC before, Chongqing Hongyan will be officially put into production in 2008, and the annual production capacity of the entire vehicle will reach 40,000. According to relevant responsible persons, the project will not only meet domestic demand but also gradually expand its share of the international market.
"If we want to develop in the future, how to effectively integrate is what SAIC must face and consider. Otherwise, it will create a certain amount of waste of resources, especially marketing resources," commented the industry insider. SAIC-related personnel told reporters that one of the purposes of achieving 100% control of Huizhong is also to make it easier for SAIC to integrate its commercial vehicle system in the future, because Huizhong’s former half shareholder has actually developed its parent company, SIHL Holdings. In the Hong Kong market, it is also a listed company. If it does not achieve 100% control, SAIC will integrate Huizhong and the procedures will be more complicated.
View related topics: SAIC commercial vehicle expansion

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