1
1
3
3
2
2
1
1
Position:
Homepage
/
/
/
Incorporating Bohai Pistons Anniversary BAIC's secret parts listing platform

Incorporating Bohai Pistons Anniversary BAIC's secret parts listing platform

(Summary description)On June 25, Bohai Pistons (600960.SH) will join the "BAIC Group" for a full year. During this year, BAIC Group has transformed this listed company whose main business is automobile piston manufacturing into something "unrecognizable". The "mysterious" role played by Bohai Pistons in the entire group has gradually become clear.

Incorporating Bohai Pistons Anniversary BAIC's secret parts listing platform

(Summary description)On June 25, Bohai Pistons (600960.SH) will join the "BAIC Group" for a full year. During this year, BAIC Group has transformed this listed company whose main business is automobile piston manufacturing into something "unrecognizable". The "mysterious" role played by Bohai Pistons in the entire group has gradually become clear.

Information

Liu Xiaolin Wang Guoxin 

  775 

  2016-06-20

   Liu Xiaolin Wang Guoxin

   On June 25, Bohai Pistons (600960.SH) will join the "BAIC Group" for a full year. During this year, BAIC Group has transformed this listed company whose main business is automobile piston manufacturing into something "unrecognizable". The "mysterious" role played by Bohai Pistons in the entire group has gradually become clear.

   In early June, Bohai Piston issued a major asset acquisition announcement. Beijing Hainachuan Auto Parts Co., Ltd. transferred its 100% equity of Hainachuan (Binzhou) Engine Parts Co., Ltd. to the company by way of subscription and cash consideration. All shareholders of Hainachuan (Binzhou) Engine Parts Co., Ltd. involved rights and interests. Hainachuan is a component production company and component development platform of BAIC Group, and this transaction is not as simple as it seems.

In the six months prior to the transfer of the Binzhou engine plant to Bohai Pistons, Hainachuan transferred its 51% stake in Tai’an Departure, 40% stake in Inrigat, 20% stake in Hanon, 35% stake in Tenneco Vibration Reduction, The 49% equity of Naco Exhaust was transferred to Binzhou Engine Company free of charge. By transferring the equity of Binzhou Engine Company to Bohai Piston, the injection of high-quality component resources under Hainachuan was realized.

As a result, Bohai Pistons has realized the layout of automotive core component systems including automotive power systems, heat exchange systems, and chassis systems, as well as vehicle body lightweighting, and has transformed from a single piston manufacturer into a comprehensive automotive component manufacturing. enterprise. At the same time, after the newly incorporated 4 companies, the book value of the net assets of Binzhou Engine Factory became 687,078,900 yuan, with an appraised value of 216,645,500 yuan, and an appraised appreciation of 1,479,373,600 yuan, with an appreciation rate of 215.31%.

   This is BAIC’s latest re-engineering of the Bohai Pistons. Prior to this, Bohai Piston has undergone several equity and business adjustments, and BAIC is gradually packing its parts and components business into the platform. Combined with BAIC Group's plan to spin-off and go public, these signs ultimately point to a goal-to use Bohai Piston as a capital platform to achieve the listing of parts and components.

   year of great expansion

   Two years ago, on June 17, 2014, Binzhou State-owned Assets Supervision and Administration Commission and BAIC Group signed the "State-owned Shares Free Transfer Agreement" and transferred 105 million state-owned shares (accounting for 32.06% of the total share capital) of Bohai Piston to BAIC Group for free. The actual controller of BAIC Group is the Beijing State-owned Assets Supervision and Administration Commission. Even after many "central-local cooperation" transfers of state-owned equity for free, the free transfer of state-owned enterprise equity between the "local state-owned assets" of Binzhou and Beijing is still rare.

   This transaction means that a new mode of capital operation is quietly emerging-taking advantage of the needs of local governments to pursue economic growth, committing investment and obtaining equity in local state-owned enterprises for free. This is a low-cost expansion path that BAIC Group has innovated. BAIC Group will take Hainachuan as the main investment body and plan to build a Binzhou auto parts production base with a total investment of 13.8 billion yuan in Binzhou. On June 24, 2015, the equity change was completed. The controlling shareholder of Bohai Piston was changed from Binzhou State-owned Assets Supervision and Administration Commission to BAIC Group, and the actual controller was changed from "Binzhou State-owned Assets Supervision and Administration Commission" to "Beijing SASAC".

   Since then, Bohai Pistons has started a substantial adjustment and business expansion. In July 2015, BAIC announced that it would increase its stake in Bohai Pistons by 2% during the year. In November last year, Bohai Pistons began to suspend trading. The additional issuance funds behind the three-month suspension not only initiated the acquisition of Binzhou Engine, but also used Binzhou Engine to produce 250,000 sets of automobile engine blocks, cylinder heads, and Crankshaft construction project and forward-looking technology research and development center, etc.

   At the beginning of March, Bohai Pistons purchased a 6.50% stake in BAIC New Energy to acquire a stake in BAIC New Energy Automobile Co., Ltd., successfully expanding its business to new energy vehicles. Through this transaction, Bohai Pistons will not only obtain rapid revenue and profit growth through the provision of supporting parts for BAIC New Energy, but will also obtain good investment income as BAIC New Energy's future profit growth.

   With the help of BAIC's resource advantages (1695.421, -83.04, -4.67%), Bohai Pistons' strategic territory has continued to expand. Through the active alignment and coordination of BAIC Group, Bohai Pistons and Daimler-Benz reached a strategic cooperation agreement in March 2015, and Bohai Pistons successfully joined the supply chain system of Daimler-Benz. In April of this year, Hainachuan and Johnson Controls jointly established a joint sales company and a joint production company to produce and sell start-stop batteries and traditional flooded batteries. Under the operation of Hainachuan, Bohai Piston eventually became a shareholder of the joint venture and established "Bohai Battery."

   BAIC Capital Bureau launched

   For Bohai Pistons, it is undoubtedly a rebirth. Although Bohai Pistons is the largest piston manufacturer in China, the commercial vehicle market has shrunk in the past two years (Bohai Pistons are mainly used in commercial vehicles and construction machinery applications, and these two revenues accounted for 68% of revenue in 2014). Pistons business growth was hindered, and since 2014, production and sales began to decline to varying degrees. In 2015, Bohai Piston's various financial indicators dropped sharply, with a net profit of only 4.63 million, a year-on-year drop of 87.66%.

   With this acquisition of the Binzhou engine plant, Bohai Pistons will be sitting on Hainachuan’s trump card assets. Among them, Inrigat, Hanon, Tenneco Exhaust, and Tenneco Vibration Reduction have good profitability. According to media statistics, these four companies have been Cumulative cash dividends of RMB 243.7882 million were distributed to Hainachuan. The net profits of the four companies in 2015 were 68.120 million (Invitrogen), 267 million (Hanon), 27,244,100 (Tenneco Exhaust) and 181 million (Tennes). Gram damping). Hainachuan's previous holding of Tai'an Qicheng had a profit of 40,346,800 in 2015, an increase of more than 10 times over 2014.

In addition to improving the business structure and adding new profit points, in the July 2015 fundraising, Bohai Pistons proposed to establish a forward-looking technology research center, which reflects the company's future development direction-aluminum alloy lightweight, new energy vehicle transmission System, intelligent driving assistance system.

   These actions seem to be internal asset adjustments, but in the eyes of industry insiders, this is more like preparing for Hainachuan’s listing plan. "By revitalizing Bohai Pistons, we will build a listing and financing platform to prepare for Hainachuan's backdoor listing."


   BAIC Group has previously determined its plan to spin off and go public. According to the plan, in the future, there will be five major listed companies under the BAIC Group. Among them, the commercial vehicle platform Beiqi Foton and the passenger vehicle platform Beiqi have been listed on A shares and H shares respectively. The remaining parts platform Hainachuan, the sales and service network platform BAIC Penglong, and the new energy vehicle segment BAIC New Energy have all made clear that they will complete the listing in recent years. In view of the delicate relationship between Foton and BAIC, the listing of BAIC only marks the beginning of the spin-off of BAIC.

   For Hainachuan, its listing path has long been clear. Previously, many media quoted sources inside the BAIC Group as saying that "Hainachuan Auto Parts Co., Ltd. will use the backdoor method to complete the listing." According to insiders of BAIC, Xu Heyi, chairman of the group, has also made clear requirements to promote Hainachuan’s listing by the end of this year. However, Xu did not limit the listing path out of cautious considerations. ".

"After Bohai Pistons successfully transfers the ownership of BAIC, they can acquire Hainachuan Inalfa, BAIC Binzhou Parts Base and other high-quality assets of Hainachuan through additional issuance, inject Hainachuan into Bohai Pistons, and finally achieve listing through the way. Analysts pointed out. Although this news has not been officially confirmed, the reporter noticed that Hainachuan’s official website has long been revised and an "Investor Relations" column has been added, but there is no content under this column.

Scan the QR code to read on your phone

更多资讯

Incorporating

Incorporating Bohai Pistons Anniversary BAIC's secret parts listing platform

On June 25, Bohai Pistons (600960.SH) will join the "BAIC Group" for a full year. During this year, BAIC Group has transformed this listed company whose main business is automobile piston manufacturing into something "unrecognizable". The "mysterious" role played by Bohai Pistons in the entire group has gradually become clear.
2016-06-18
Never

Never thought that his pistons are so good

Every year, June 23 is the International Olympic Long-distance Running Day. The purpose of the anniversary is to encourage all people in the world to participate in sports activities and enjoy the health and charm of sports. When it comes to sports, for a car, the first thing that comes to mind is its engine and gearbox. Imagine if a "sports meeting" is held in the subdivision of the autonomous compact 7-seater SUV, then the biggest seed runner to win this long-distance race is undoubtedly the first 7-seat SUV of Dongfeng Fengxing that was unveiled at the Beijing Auto Show not long ago ——SX6 is popular now.
2016-06-23
Johnson

Johnson Controls and Bohai Pistons form a joint venture company

(Original title: Johnson Controls and Bohai Pistons form a joint venture company) Since Johnson Controls signed a memorandum of understanding with BAIC’s subsidiaries last year and planned to jointly establish a joint venture for automobile battery sales and production, this cooperation project has made substantial progress earlier this month. Johnson Controls announced the establishment of a joint venture with Shandong Bohai Piston, a subsidiary of BAIC. Jointly build a car battery manufacturing plant. It is understood that the new plant is located in Binzhou City, Shandong Province, and will serve vehicle manufacturers and aftermarket customers. The new plant has a total investment of 200 million U.S. dollars. After the production capacity is fully released, the number of employees will reach 650. It will mainly produce traditional automotive liquid-rich batteries and adsorption-type glass fiber separator (AGM) batteries. AGM batteries are suitable for car start-stop systems, which can increase fuel efficiency by up to 5%. The new plant is scheduled to start construction in 2017 and will be put into operation two years later. It is expected that the annual production capacity will reach 7.5 million batteries. "China will become the world's largest automotive battery market by 2020. Johnson Controls and Bohai Pistons will further deepen their strategic deployment and jointly open up the Chinese market." said Mr. Joe Welich, President of Johnson Controls Energy Power Business. At the same time, Lin Fenghua, chairman of Bohai Pistons, believes that the joint venture project combines the advanced technology and manufacturing process of Johnson Controls with the huge market demand of BAIC Group's various platforms and aftermarkets. In addition, Binzhou City, Shandong Province provides it with good Investment environment and location advantages.
2016-06-23
Summary

Summary of car announcement value Bohai Pistons may provide Beijing Benz Jinma shares

On the evening of June 20th, the automobile sectors of Shanghai and Shenzhen issued a total of 10 announcements. Travel + selected 9 announcements, and merged the announcements of FAW Xiali (parameters | pictures) and FAW, and Sugon Motors There is no excerpt of the fixed increase information. It is sorted according to the transaction amount, whether the information is first disclosed, the parties involved in the transaction, and the subsequent progress, so that readers can read it easily.
2016-06-21

Guangzhou Eurosun Piston Co., Ltd

Address: Dongfeng Avenue, Auto City, Huadu District, Guangzhou

Fax:020-86709990

COPYRIGHT © 2020 Guangzhou Eurosun Piston Co., Ltd  ALL RIGHTS RESERVED.  粤ICP备13065534号  Powered by 300.cn