Under the guidance of the recently released "Automobile Industry Revitalization and Adjustment Plan," a new round of mergers and reorganizations are expected to come. In Shandong, China National Heavy Duty Truck was selected as the only national commercial vehicle company as a commercial vehicle company and became a government-supported company that participated in the industry restructuring.
Another industry giant, Weichai Power, has obtained support from Shandong Province and is preparing to reorganize two state-owned enterprises in the equipment industry in Shandong Province. After the "Three Swords Together," it is expected to sprint over 100 billion yuan worth of output.
China National Heavy Duty Truck and Weichai Power, which used to be the “mother and son†of each other and are now on the road to the Chinese equipment industry, are relying on the government’s push to re-plan their own territory.
The equipment "crocodile" is ready to appear
"The joint reorganization of Weichai Power, Shandong Automotive Industry Group (hereinafter referred to as "Shanqi Group") and Shandong Construction Machinery Group (hereinafter referred to as "Shangong Group") has basically been confirmed and is included in the "Shandong Provincial Automobile Industry Adjustment and Revitalization Plan". On the 6th, Wei Xueqin, secretary general of the Shandong Automotive Industry Association, told the Economic Herald reporter. At the same time, Wei Xueqin said that there is currently no clear guidance on the restructuring plan of China National Heavy Duty Truck.
Both SAAM Group and ShanGong Group are large-scale enterprise groups in the industry. The former has the capability to produce light and heavy-duty vehicles, modified vehicles, and commercial vehicles. Parts production covers several major series of heavy-duty vehicles, light-duty vehicles, passenger cars, and construction machinery, and has Jinan. Auto Parts Factory, Shandong Daewoo Auto Parts Company, Shandong Auto Gear General Factory and other wholly-owned subsidiaries and several holding companies; the latter owns Shantui Construction Machinery Co., Ltd., Shandong Linggong Construction Machinery Co., Ltd., and Taian Crane Machinery Factory. Part or all of the equity, of which Shantui shares and Shandong Lingong are listed companies.
Weichai and the above two groups of companies are subsidiaries of the Shandong State-owned Assets Supervision and Administration Commission. The Herald reporter was informed that the reorganization of Weichai and SAIC Group had been secretly advancing as early as two years ago, and recently the ShanGong Group has also reported “swoffsâ€.
Wei Xueqin said that the names of the three companies' consortium have not yet been determined. However, a person familiar with the situation revealed that the three companies or the group will be built into a "China Heavy-Duty Group Corporation." If successful, it is expected to be listed by the end of this month.
If the above reorganization is completed, Weichai Power will develop from a power supplier to a complete system component supplier and become an important production base for international heavy-duty vehicles, construction machinery and engines.
It is worth mentioning that even if the international financial crisis raged, Weichai still bucked the trend and launched a strategic layout in foreign markets. At the end of January, Weichai took over the assets of the French company Baudouin through its subsidiary companies and took steps to acquire overseas companies. At present, Weichai is still on the verge of further overseas acquisitions. According to sources, Weichai pointed to the next acquisition target to GM's auto parts manufacturing plant in Strasbourg, France.
As a large-scale enterprise group that integrates engine assembly and automobile parts production, while continuing to develop the heavy-duty truck market, it is cutting into the construction machinery market – the strategic layout of Weichai has become clear. In the heavy truck market, Weichai's major customers include Shaanxi Heavy Duty Truck, Beiqi Foton, and Baotou North Mercedes-Benz; in the construction machinery market, they have stable customers such as Guangxi Liugong Machinery, Shandong Lingong and Shangong Machinery. In the context of the decline of the entire market last year, Weichai sold more than 10,000 units in bulldozers, agricultural machinery, and other ancillary markets.
It is conceivable that, after holding hands with SAIC Group and Shangong Group, Weichai's engine and construction machinery industry chain will be greatly optimized and extended. Similar to Weichai Power, the “Advancement and Revitalization Plan of Shandong Automotive Industry†recently issued (Consultation Draft) clearly states that listed companies such as China National Heavy Duty Truck Group and Zhongtong Bus will also be entrusted with important tasks in different key development areas. China National Heavy Duty Truck Co., Ltd. takes on the role of "industry integrator" in the face of the lack of large enterprise groups such as FAW and SAIC that produce over a million units and has a main revenue of over 100 billion yuan. Shandong Province clarified that it will cultivate 8-10 companies with strong competition. The large-scale enterprise groups of Lishui, including two companies with operating revenue exceeding 100 billion yuan, and four companies with over 20 billion yuan. In the field of heavy trucks, it will increase its support for China National Heavy Duty Truck Group, increase market share, and expand the scale of vehicle exports.
In fact, according to the State's automobile industry promotion plan, China National Heavy Duty Truck Group, as the only commercial vehicle company in Shandong that has been selected as the “national teamâ€, has been encouraged to implement “regional mergers and reorganizations†as well as BAIC, GAC and Chery. It is reported that China National Heavy Duty Truck Corporation once was also a big crocodile company formed according to the government’s will. After separating the heavy truck business of Shaanxi Heavy Duty Truck and Chongqing Heavy Industry in 2000, it once formed the three-decked pattern of domestic heavy-duty truck market and its most important supporting enterprise. Weichai Power also announced "Independence" in 2006.
Today, two “mother and son†companies have formed heavy truck industry chains ranging from vehicles to engines and gearboxes through investments and acquisitions. At this time, under the background of the government's reorganization of the auto industry, China National Heavy Duty Truck was again selected as the “national teamâ€, playing the role of the industry integrator, or will prompt the commercial vehicle pattern to change again. According to the Revitalization Plan, “Commercial vehicle companies are encouraged to merge and restructure to promote the accelerated recovery of the commercial vehicle industry.†A few days ago, some media disclosed that Sinotruk will reorganize Zhongtong Bus. Zhongtong Bus is affiliated to Shandong Communications Industry Group Corporation. Its actual controllers with China National Heavy Duty Truck are Shandong Provincial SASAC. Therefore, Sinotruk reorganized Zhongtong Bus or proceeded in the following way: Shandong Communications Industry Group placed Zhongtong Automotive Industry Group Co., Ltd., which it controls, into China National Heavy Duty Truck, making China National Heavy Duty Truck indirectly hold Zhongtong Bus, and China National Heavy Duty Truck Group will The high-quality assets of passenger cars and commercial vehicle companies were injected into Zhongtong Bus to form a complementary development situation. On this rumors, on the 5th and 6th, the Herald reporters respectively contacted Chung-India of the Zhongtong Bus Executive Secretary and the related persons of China National Heavy Duty Truck General Administration and did not receive a positive reply. At the same time, news that Weichai intends to restructure Zhongtong Bus also began to spread. It is reported that some of the luxury cars of Zhongtong Bus have already used engines produced by Weichai. Herald reporter also noted that Weichai Power (000338) and Zhongtong Bus (000957) stopped trading on the 6th at the same time, adding a touch of imagination to the matter. The above suspense remains to be revealed, but China National Heavy Duty Truck has already begun a small scale restructuring test. Not long ago, it signed a strategic reorganization and share transfer agreement with Shanxi Datong Gear Group, and subsequently reorganized Liuzhou Yunli Special Purpose Vehicle Company and Hubei Huawei Special Purpose Vehicle Company, the largest special-purpose vehicle manufacturer in China, and gradually drifted away from the road of industrial integration and reorganization. . In the opinion of China National Heavy Duty Truck Co., Ltd., this will help Sinotruk strengthen technological improvement, expand and enhance corporate strength, and achieve bigger and stronger. “If the positioning of Weichai Power's reorganization and merger is the scale of expansion, then for CNHTC, the significance of carrying out 'regional restructuring' is to increase industry concentration.â€
On the afternoon of the 6th, a veteran of the Shandong automobile industry reported to the reporter. Ni Guixiang, Vice Minister of China National Heavy Duty Truck Enterprise Cultural Construction, introduced that in January of this year, China National Heavy Duty Truck produced and sold more than 4,000 vehicles, of which more than 930 were exported, a larger year-on-year decline, but the market share was “accidentally†raised to 37.64%. Compared with last year, it increased by 17%, ranking first in heavy truck sales. The heavy truck sector is the main growth point for commercial vehicles in the future. At the time when second-tier companies’ market share is declining, for giants such as China National Heavy Duty Truck Corporation, under the encouragement of policies, it is obviously an opportunity to greatly increase industry concentration.
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