On July 20th, SAIC Port, a wholly-owned subsidiary of SAIC, terminated the acquisition of UCAR and Amber? Growth enterprise market holds no more than 665,438+03 million shares of automobile co., ltd. Subsequently, UCAR announced that it intends to transfer no more than 443 million shares of CAR Inc to Jiangxi Jinggangshan BAIC Investment Management Co., Ltd. or its designated third party at a price of 3. 1 HK$ per share.
SAIC, which is inexperienced in the field of tourism, is obviously not the best time to take over the hot potato of automobile company. Compared with SAIC, BAIC, which has a huge B-end market, can take over CAR Inc and boost its sales to a great extent, which is undoubtedly a wise move to "replenish blood" for BAIC, whose sales are falling off a cliff.
Dramatically, however, on the same day that CAR Inc. announced that Jinggangshan BAIC had become the newly proposed acquirer, CAR Inc. announced that UCAR had been investigated by the China Securities Regulatory Commission for alleged information disclosure violations. Will this investigation by the CSRC make the proposed acquisition plan of Jinggangshan BAIC change again?
Full of ups and downs
On July 20th, SAIC announced that SAIC Port, a wholly-owned subsidiary of SAIC, terminated the acquisition of UCAR and Amber. Growth enterprise market holds no more than 665,438+03 million shares of automobile co., ltd.
Subsequently, UCAR announced that it intends to transfer no more than 443 million shares of CAR Inc to Jiangxi Jinggangshan BAIC Investment Management Co., Ltd. or its designated third party at a price of 3. 1 HK$ per share. CAR Inc has applied to HKEx to resume trading at 9: 00 am on July 2 1.
"When we acquire a company, we don't just talk about the acquisition, but more importantly, the operation after the acquisition. In the attitude of being responsible for the interests of the company and shareholders, we terminated the transaction in time. " What Chen Hong, chairman of SAIC, obviously means is that the prerequisite for the two sides not to reach an agreement is "mainly about the future operation of the automobile company". In other words, poor management is an important reason why SAIC decided to terminate the transaction.
In fact, in just three months after the thunder storm of Ruixun, the buyers of CAR Inc have experienced three changes. The first time was in April, one of the shareholders of CAR Inc, Ameb? GEM plans to acquire shares of auto companies held by UCAR in two batches. After the first batch of acquisitions are completed, BAIC will enter the market, and then SAIC will pay a high price to "cut off" BAIC, and then there will be this drama of reversing and regaining BAIC.
At this point, around, or BAIC Group Automobile Co., Ltd. carried out all.
Wise choice
In fact, since the layout of EVCARD, SAIC has always hoped to make a difference in mobile travel and even gain new growth points. As emphasized by Chen Hong, Chairman of SAIC, at the annual general meeting of shareholders on June 20th19th this year, SAIC will further intensify the mixed reform based on the needs of the transformation and upgrading of the Group's integrated suppliers of mobile travel services and products.
However, why did SAIC, which was bent on expanding its tourism business, "cut off" BAIC's shares in China and announced the termination of the acquisition in time? In this regard, we may be able to see some clues from SAIC's own mobile tourism business.
According to the data, from 2065438 to May 2006, SAIC Investment Company and International Automobile City jointly established Global Car Rental Co., Ltd. By the end of 2065438+2009, SAIC Investment Company held 55. 14% of the shares of Global Car Rental.
Unfortunately, EVCARD has been losing money since its establishment. By 20 19, almost all of the five regional subsidiaries including Guangzhou, Suzhou, Wuhan and Qingdao have an asset-liability ratio of about 1 10%. It is no wonder that in April 2020, SAIC headquarters provided asset guarantees to its subsidiaries.
In contrast, the life of car companies is not easy. Although Car Inc. has always regarded itself as the largest car rental company in China, its performance has been declining in recent years due to internal cost control and external market competition.
In 20 19, the total revenue of car companies' leasing business was 5.559 billion yuan, up only 4. 1% year-on-year. And its net profit has been declining for three consecutive years. The net profit of the car company in 20 17 is still 88 10/00000 yuan, and the net profit in 20 19 is only 3 10/000000 yuan, a sharp drop of 89.3% year-on-year.
On the one hand, it is the Shenzhou system that can't be thrown away, and on the other hand, it is SAIC that is not on the right track in the field of mobile travel. Who will be optimistic about this group of "cp"? It's not that we underestimated the success probability of the "loser alliance", we can only say that SAIC obviously does not have the strength to fully trade CAR Inc. ..
There are still variables.
Compared with SAIC, BAIC's acquisition of auto companies seems to reflect its due value.
Affected by the subsidy recession and epidemic in the first half of the year, BAIC New Energy, which won the championship of pure electric vehicle sales for seven consecutive years, suffered from Waterloo this year. According to the sales data of BAIC new energy vehicles, in June 2020, the sales volume of BAIC new energy vehicles was 3,008, down 88.46% year-on-year; In the first half of 2020, the cumulative sales volume was 1.47 million vehicles, a year-on-year decrease of 77.44%.
Judging from the previous sales target of BAIC New Energy, B-end accounts for a considerable part, and C-end users account for a small proportion. Since the epidemic has had a serious impact on B-end sales such as travel companies, it is not surprising that BAIC New Energy has ushered in a decline in sales. Once again, BAIC chose to take over CAR Inc to consolidate its B-end sales, which is undoubtedly a relatively steady play.
According to the data, Chelian is one of the leading enterprises in the domestic car rental industry, and its fleet size, network coverage and market share are in the leading position in the industry. In 20 19, the operating income of the car company reached 769 10/00000 yuan and the net profit was 30.776 million yuan. The total fleet size is nearly 654.38+0.5 million vehicles, and there are over 654.38+0.000 stores and outlets nationwide.
In this regard, some insiders believe that the reason why Shenzhou is valued by several car companies is related to CAR Inc as a car rental platform to digest inventory for car companies. Presumably, the original intention of BAIC is also here. After all, before that, CAR Inc could create an industry miracle of 30% annual financial report growth for Baowo Automobile, not to mention BAIC.
To sum up, now, automobile companies seem to have returned to the embrace of BAIC Group. Although at present, the combination of BAIC and automobile companies is more reasonable than SAIC, BAIC will also face the problem of "solving the future operation of automobile companies".
In addition, in the long run, it is obviously not a sustainable development practice for car companies to achieve the purpose of digesting inventory by arranging mobile trips. One day, the demand for travel business will be filled, and then traditional car companies will face the old problem of expanding production capacity or maintaining the status quo.
Dramatically, on the same day that CAR Inc. announced that Jinggangshan BAIC had become the newly proposed acquirer, CAR Inc. announced that UCAR had been investigated by the China Securities Regulatory Commission for alleged information disclosure violations. After CAR Inc resumed trading on July 2 1 day, its share price once fell by more than 10%. As of the close of the day, CAR Inc closed at HK$ 2.67 per share, down 8.87%.
Will this investigation by the CSRC make the proposed acquisition plan of Jinggangshan BAIC change again? Obviously, this melon can actually be eaten again. ......
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.