Ten years of grinding a sword, won the plum blossoms. In 2004, when Xu Heyi, the chairman of BAIC Group, revealed at the State-owned Enterprise Development Forum held by the Beijing State-owned Assets Supervision and Administration Commission that Beiqi plans to go public, it would not have been thought that it would take 10 years for the dream to come true.
On December 19, 2014, Beijing Automobile Co., Ltd. (hereinafter referred to as “Beijing Autoâ€) listed on the Hong Kong stock exchange at a price of HK$8.9/share, raising a total of HK$12.975 billion, exceeding RMB10 billion, exceeding the original plan. The 11 billion Hong Kong dollar fundraising plan, the IPO has created the largest single financing in the history of China's automobile industry.
The "Securities Daily" reporter learned that Beijing Auto was actively subscribed by investors during the IPO, and the part that was sold to retail investors received a subscription multiple of 2.6, which was higher than the subscription multiple of Dongfeng Motor when it was registered in Hong Kong stocks.
At the same time, Yan Xiaolei, Secretary of the Board of Directors of BAIC, confirmed to reporters that Shi Yuzhu, Chairman of the Board of Directors of Giant Network, subscribed for Beijing Electric Motor Co., Ltd., which is worth more than 100 million U.S. dollars (about 780 million U.S. dollars), which is also the investment auto industry that he did in 2003. dream.
“Beijing Auto covers three major business segments, including Mercedes-Benz luxury car business, Beijing Hyundai high-end brand business and Beijing Auto's own brand business, covering joint venture luxury, joint venture middle and high-end, self-owned brand, high-end, self-owned brand economy. In almost all market segments, such as passenger cars, the potential is large, the growth rate is fast, and the complementary effect is obvious. “Yan Xiaolei believes that investors actively value the Beijing auto business with reasonable structure and strong profitability.
BAIC's independent business, which is of concern to investors, will drag down the performance of listed companies. Li Feng, president of BAIC, directly throws out the short-term performance growth plan. The three major sectors of Beijing Auto will launch SUV models next year. In the moment of catching up with the rapid growth of the luxury car market and SUV market, BAIC’s independent business will definitely improve its cash flow next year. .
Beijing Auto's 10-year listing of Xinhua Road According to Xu Heyi, the Beijing auto listing plan dates back to 2004. At that time, he revealed at the State-owned Enterprise Development Forum held by the Beijing State-owned Assets Supervision and Administration Commission that BAIC is planning to go public in 2005, but at the time it was not mature. And the reality makes the listing fail.
Xu Heyi told reporters that in the past ten years, he has experienced the steps of preparation, brewing, planning and implementation. After various difficulties, he has gradually solved four problems with the progress of his work: First, he solved the problem of the Beiqi plate in 2004. The problem was that we only had a car project in Beijing Hyundai, and the assets that could be loaded into the listed company were too small. Second, it solved the problem of inconsistent shareholders' opinions. Some individual shareholders finally agreed to the listing after the management repeatedly adjusted the listing plan and guided; It has always been the foreign partner's attitude toward the listing is unclear, we have also done the work; the fourth is to reach a consensus on which businesses are listed in the listed company, the final parts are not loaded into the listed company, but returned to the Hainachuan company .
In November 2013, BAIC Group and Germany Daimler signed a strategic agreement to acquire a 12% stake in Beijing Automotive through the purchase of additional shares. In addition, BAIC's shareholding ratio of Beijing Benz Motor Co., Ltd. (Beijing Benz) will increase from 50% to 51%; at the same time, Daimler will sell the company in the joint venture - Beijing Mercedes-Benz sales The service company's share ratio will increase from 50% to 51%. This kind of equity swap provides a possibility for Beijing Benz's performance to be included in the financial statements of listed companies. Daimler's shareholding also “protects the companyâ€.
In the end, Beijing Auto decided to include the assets of Beijing Benz, Beijing Hyundai, Beiqi Independent Passenger Vehicle and Powertrain into the listed company. From the perspective of injecting assets into the market, including Powertrain, Beijing Benz and Beijing Hyundai are the strongest and best-developing assets of BAIC Group. Only BAIC's independent business can be in the investment period, but it has also achieved a growth of more than 100 for two consecutive years. %speed.
Shi Yuzhu’s big shareholding is also to see Beijing Automotive’s excellent listed assets and development potential. Ex-part partner Mercedes-Benz oversubscribed 15% and raised funds of 1.679 billion Hong Kong dollars, through HSBCCorporate Finance (HongKong) Limited, CITIC Securities, Deutsche Securities and Rui The four joint sponsors of Silver Securities were sold globally. The total funds raised were 12.975 billion Hong Kong dollars, exceeding 10 billion yuan, exceeding the original plan of 11 billion Hong Kong dollars to raise funds. The IPO has created the largest single financing in the history of China's automobile industry. .
At the same time, Shi Yuzhu, chairman of the Giants Network Board of Directors, optimistic about Beijing Auto, so subscribed for Beijing Auto shares with the recent offer price limit, and subscribed for shares worth US$100 million (about 780 million Hong Kong dollars).
Whether selling health products, transforming online games, or being an investor, Shi Yuzhu has a keen business sense. According to incomplete statistics, Shi Yuzhu has invested in or held indirectly in 19 listed companies through giant investment and Shanghai Jiante involving real estate, civil engineering, plastics, plastics, metals, electronics and energy. According to Forbes’ 2013 China Rich List, Shi Yuzhu’s personal assets increased from $1.8 billion in 2012 to $2.9 billion, rising from 93 to 58. His investment in this ranking is indispensable.
As for the idea of ​​investing in the auto industry, Shi Yuzhu had proposed to invest in the auto industry from 2003 to 2004, but it was rejected by the Giant Investment Committee. At that time, the investment committee was more interested in the liquor business. The Shi Yuzhu's shareholding in Beijing Auto is obviously based on the fact that the core business of the company can have a better P/E ratio.
The new listing will guarantee that the listed company has a beautiful performance list. According to the prospectus, the funds raised by Beijing Auto will be invested in expanding the production facilities of Beijing Auto and Beijing Benz. About 2.06 billion yuan will be used for the construction project of Beijing Automotive Powertrain Production Base (Phase I), about RMB 550 million will be used for the construction project of Beijing Automotive Powertrain R&D Center (Phase I); It is used for the production expansion plan of Beijing Benz passenger car, and 620 million yuan is intended for its engine factory. After the project is put into production, the overall production capacity and risk resistance capability of Beijing Auto will be further improved.
According to public information, Beijing Automotive's main business is BAIC's independent business, Beijing Benz and the joint venture company Beijing Hyundai. In 2013, the joint venture's investment income reached 5.99 billion yuan, of which Beijing Hyundai contributed 5.4 billion yuan and Beijing Benz contributed 570 million yuan. The independent brand segment of BAIC is still at a loss.
In view of the operating loss of BAIC's own brand in 2013 reached 2.75 billion yuan, what will happen to Beijing Automotive's future performance? Li Feng predicts that the growth rate of the auto industry will be better than this year next year. He believes that China's auto market may grow by about 10% in 2015, and BAIC will also seize the opportunity of the luxury car market and the SUV market to grow faster than the overall industry. market.
"According to the plan, next year, BAIC's independent sector will be listed on an SUV model, which will ensure that the cash flow of this business will be greatly improved. In addition, three of the three models listed in Beijing Benz are SUV models, and Beijing Hyundai also has a SUV model. "Li Feng believes that the listing of these products will ensure that listed companies have a beautiful performance list.
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