For the Torch, this summer is very difficult. The hot weather has been unbearable; the shadow of the first major shareholder Delong International Capital Chain has lingered on the company, and at this time, the Chongqing Municipal Government has again forced it to "force the palace." Behind the "forcing the palace," there is still a battle for the reorganization power of Chongqing Heavy Duty Truck. Torch Encounters Extortion Although the Hunan Torch (000549) has been actively planning to leave the Delong system, the Chongqing government of its holding subsidiary, Hongyan Heavy-Duty, apparently has no patience to continue waiting. On August 12, Liu Youheng, deputy director of the Chongqing State-owned Assets Supervision and Administration Commission and deputy secretary of the Party Committee, said that in order to reduce the impact of the Delong Incident, the Chongqing State-owned Assets Supervision and Administration Commission decided to repurchase the Chongqing Heavy-duty Truck Group Co., Ltd. held by the Hunan Torch. Hereinafter referred to Chongqing Chongqing Auto Co., Ltd. Chongqing Hongyan Automobile Co., Ltd. (hereinafter referred to as Chongqing Hongyan) and other four companies, and plans to reorganize Chongqing Heavy Duty Truck. This time, the list of enterprises that Chongqing SASAC intends to repurchase, in addition to Chongqing Hongyan, also includes Chongqing Kafu Automotive Brake Steering System Co., Ltd. (hereinafter referred to as Chongqing Kafu), Chongqing Qijiang Gear Transmission Co., Ltd., and Minjiang River. Tooth Forging Co., Ltd. The Hunan Torch holds 51% of the shares in these four companies. An analyst of a securities company believes that the controlling power of the Hunan Torch is still in Delong's hands. According to Delong’s current situation, the interests of local governments will be lost if they are frozen or resold by the court for debt repayment. For the consideration of protecting state-owned assets, it is only natural that the Chongqing Municipal Government will spare no effort to promote this plan. According to a person familiar with the matter, because the Hunan Torch is not willing to withdraw from Hongyan in Chongqing, the negotiations between the two sides are still in a stalemate. Some industry analysts believe that the reason why the Hunan Torch is reluctant to transfer stakes in four companies such as Chongqing Hongyan is not only because these four companies are high-quality assets and have strong profitability, of which Chongqing Hongyan achieved a profit of 5,252 last year. Million yuan, Qijiang gear transmission company for 74.03 million yuan; but also lies in, if Hunan Torch withdraws from Chongqing Hongyan and other four companies, its heavy-duty truck strategy for many years will soon come to an end. As early as 2002, the Hunan Torch was deployed in the heavy-duty vehicle market. In August 2002, the Hunan Torch signed an agreement with the Shaanxi Automobile Group. The two sides jointly established Shaanxi Heavy-duty Truck Co., Ltd. with a registered capital of 490 million yuan. The Hunan Torch Capital contributed in cash. 250 million yuan, accounting for 51% of registered capital. In December 2002, the Hunan Torch and Chongqing Zhongqi set up a joint venture in Hongyan, Chongqing, and the Hunan Torch also holds 51%. After the “Deron Incident,” the Hunan Torch repurchased 4% of Delong’s share in Chongqing’s Hongyan, and thus the Hunan Torch holds a 55% stake in Chongqing Hongyan. The Torch successfully incorporated two of the oldest Chinese heavy-duty vehicles. If the Hunan Torch exits Hongyan, Chongqing, it will not only be “fat”, but it will also have momentum for future development. On August 13, our reporter interviewed a woman in the office of Xiang Huo’s Office of Director of the Board of Directors by telephone. She answered “I don’t know what the Chongqing municipal government bought back equity” as a reporter’s question. An insider of the Hunan Torch believes that matters involving the transfer of shares in a controlling subsidiary need to be discussed and approved by the shareholders' meeting before it can take effect. The wishes of the Chongqing government cannot play a decisive role. Informed sources said that the current negotiations between the Chongqing Municipal Government and the Hunan Torch have reached an impasse. After the Delong incident, the Chongqing Municipal Government opened an emergency meeting in hopes of buying back the shares of the Hunan Torch. However, three or four months have passed and there is no final result. Regardless of the reluctance of the Hunan Torch, the determination of the Chongqing Municipal Government to buy back shares was very firm. Liu Youheng said that because the Hunan Torch was unable to pay off 50 million yuan in Chongqing Hongyan, Chongqing Hongyan has filed a lawsuit with the Chongqing Higher Court and converted the money into an equity for the Hunan Torch. According to the RMB 250 million of Hunan Torch Investment, 50 million yuan is equivalent to 10% of the equity. In this way, in Chongqing Hongyan, Chongqing Zhongqi owned 55% of the equity, exceeding the Hunan Torch. The reporter learned from the relevant channels that the person responsible for the equity repurchase negotiations was the staff of the Chongqing Financial Office. On August 12, the reporter asked Cui Jian, director of the Chongqing Municipal Finance Office, to listen to the progress of equity repurchases. He replied with "It's still not easy to say," and he called himself "Changsha now." Some analysts believe that the second largest shareholder of the Hunan Torch is the State Bureau of State Bureau of Zhuzhou City. Whether or not the repurchase plan of Chongqing SASAC can be achieved also depends on consultations between the Chongqing and Zhuzhou governments and the Hunan provincial government. Cui Jian’s trip is likely to be in consultation with the relevant officials of the Zhuzhou City Government. Chongqing Chunghwa married to whom? After the Chongqing SASAC repurchased the equity of Chongqing Hongyan, who will reorganize Chongqing Zhongqi? On August 17th, Chongqing Dongqi Jun, Minister of Propaganda Department of Chongqing Heavy Industry Automobile Co., Ltd. said in an interview with this reporter that in 1999, Sichuan Heavy Duty Truck Co., Ltd., a subsidiary of China National Heavy Duty Truck, was the parent company and Chongqing Heavy Duty Truck was established and was transferred to Chongqing. management. After the company was established, its annual production and sales volume increased by more than 50%. In 2003, Chongqing Heavy Duty Truck sold 16,500 heavy-duty vehicles with sales of more than 5 billion yuan and profits of more than 300 million yuan. The good momentum of development of Chongqing Zhongqi attracted many investors. On January 28, 2003, the Hunan Torch invested 255 million yuan and was formally established with Chongqing Hongyan, which was established by Chongqing Zhongqi. In Xiangjiang Gear Transmission Co., Ltd., Chongqing Kafu. Qijiang Gear Forging Co., Ltd., Hunan Torch invested 70 million yuan, 40 million yuan and 10 million yuan respectively. As for the price of the repurchase, it is still unknown. However, according to informed sources, the Chongqing government does not need to pay too much cash once it is implemented. Because, Chongqing Hongyan and other four companies are controlled by Hunan Torch, Hunan Torch has a backlog of sales of more than 300 million yuan in four subsidiaries of Chongqing Heavy Duty Truck. The Chongqing government can use these payments to offset the stock of the torch. According to the reporter’s understanding, the Chongqing Municipal Government is entrusting the Finance Office to operate this matter and to offset the money that has been short of payment, the Government will give advances first, but it is certain that the relevant companies must “accept the market”. Moreover, it is reported that the Chongqing Municipal Government had previously conducted exchanges with some related companies. Previously, outsiders agreed that the best company to reorganize Chongqing Chongqing Automobile was Chongqing Changan Automobile Group. Interested in Hongyan has also included Italian Iveco. Chongqing State-owned Assets Supervision and Administration Commission fulfilled the repurchase fund, and the problem should be small. Then, Chang An Group and Italy Iveco, who is the final winner? On August 13, the reporter telephoned Yin Jiaxu, president of Chang'an Group. He said that it has not yet been time to reorganize Chongqing Heavy Industry. Only after investigating the assets of the four companies including Chongqing Hongyan can Chang'an Group make a decision. From his discourse, he disclosed his caution about the restructuring of Chongqing Heavy Duty Truck. As for Iveco’s ironclad decision to enter the Chongqing ChongQing Group, Yin Jiaxu stated that Italy Iveco had signed an intentional agreement with the Hunan Torch. It is still a little bit early to say "definitely". It seems that Yin Jiaxu did a good job of knowing himself in the struggle for reorganization. It is reported that on December 5 last year, the Hunan Torch Relay and the world-famous Italian company Iveco signed an agreement of intent to cooperate. Iveco and Chongqing Hongyan jointly develop and produce high-end and mid-range heavy-duty vehicles. The goal is to produce and sell 40,000 heavy-duty vehicles by 2008. The project has a total investment of 1 billion yuan, of which 50 million US dollars are used for foreign investment. However, in the first half of this year, the cooperation got into trouble because of the break in the capital chain of the largest shareholder of the Hunan Torch. After the Chongqing State-owned Assets Supervision and Administration Commission repurchased equity, can Iveco renew its old border? According to a local media in Chongqing, “Shouqiao Chongqing, a leader of the Shuangqiao District Government, inadvertently revealed that Italy’s Iveco has stationed and reorganized Chongqing Zhongqi. It is expected that the cooperation between the two parties will enter into substantive at the end of this year. According to the original plan, Italy Iveco will invest 1 billion yuan in the first phase after its entry, and bring in powerful technology to upgrade the technology of Chongqing Heavy Duty Truck. Last year, the total output of Hongyan was around 16,000 units. It is not easy to realize the production and sales of 40,000 units in 2008. Judging from this timetable, it is reasonable for the two companies to actively promote joint ventures. Moreover, the current situation has also been very urgent. Among the three brothers of Sinotruk, Jinan CNHTC and Volvo have entered into a joint venture. Shaanqi and Mann's technology introduction is also similar. Dongfeng successfully merged with Nissan, and FAW has also been active and external. Party contacts, Beiqi Foton and Mercedes-Benz's cooperation projects have already got some looks. Among the top six companies in the current heavy truck industry in China, only Hongyan has been on the way to foreign joint ventures and cooperation. This news seems to us to see that the formal cooperation between the two is not far off. However, many reporters in our newspaper understand that things are not so simple. The reporter learned of this matter from the Shuangqiao District government. Several people in the Shuangqiao District government stated that “Chongqing Zhongqi is a municipal enterprise and Shuangqiao District has no right to decide who will reorganize it”. An insider of Chongqing Heavy Duty Truck Co., Ltd. responded to the reporter: “This issue is very sensitive. We are disciplined and we are not allowed to disclose it.” Some market analysts believe that if Iveco wanted to establish a joint venture with Hongyan, it would have to face the new automobile industry. The red light restriction of the policy. In 1996, Nanjing Iveco was formally established; in 2000, Changzhou Iveco was born. The two joint ventures have already used Iveco's two entry tickets to enter China. They want to join a joint venture with Chongqing Hongyan, which is not simply a matter of funding and technology for Iveco. Perhaps for Iveco, it may choose to merge and restructure the two joint ventures in China to release a joint venture target, but this is easier said than done; or Iveco wants to restructure Chongqing Sinotruck with a domestic joint venture, but in this case, In the future, something similar to the “Deron Incident” will not appear. The Chongqing Municipal Government and Chongqing Heavy Duty Truck Co., Ltd. will certainly not be willing. From the perspective of the wishes of the Chongqing Municipal Government, Changan Group may be more inclined to take over. Earlier, executive vice mayor of Chongqing Huang Qifan proposed in an open meeting that he hopes to build 10 "aircraft carrier" class large enterprises in Chongqing, including the reorganization of Changan Group and Chongqing Zhongqi. Some industry insiders believe that at present, the car has become the largest pillar industry in Chongqing. The Changan Group is the engine of the Chongqing automobile industry. Driven by the rapid growth in production and sales of the Chang’an Group, the Chongqing automobile industry has grown faster than the national average. From January to June this year, the production and sales volume exceeded the national 1.65 and 5.43, respectively. Percentage. At present, the Chang'an Group is eager to attack the first camp as soon as possible to gain more autonomy for its development. The Chongqing Municipal Government also hopes to restructure and enlarge the Chongqing automobile industry. At this time, the Chongqing Municipal Government will inevitably tilt to Chang'an Group in some policies. If this is really the case, the Chongqing Municipal Government may give priority to the Changan Group to restructure CNHTC. However, the relevant personages of Chongqing Heavy Duty Truck said when talking about the reorganization with Changan Group, it was only rumor. From his tone, the reporter found out that Chongqing Sinotruk hopes to establish a joint venture with domestic and foreign companies that have capital and technical strength. Informed sources said that after the Chongqing municipal government repurchased the stake in Chongqing Heavy Duty Truck, except for some well-known domestic and foreign companies other than Changan Group and Iveco, they hoped to reorganize Chongqing Zhongqi. It is reported that several CEOs of Chongqing Heavy Duty Truck and the leaders of the Chongqing Municipal Government and the State-owned Assets Supervision and Administration Commission have met with the guests of some companies in recent days. They are talking about joint ventures and cooperation in the future. In this battle concerning the restructuring rights of Chongqing Heavy Duty Truck, it will be too early to discuss whether it will be the winner of the ever-changing Iveco and Chang'an Group, which has a favorable position. In December 2002, the Hunan Torch, Delong International, and CNHTC formed Hongyan in Chongqing, with 51% of Hunan Torch, 4% of Delong International, and 45% of Chongqing Heavy Gas. After the 2004 Deron incident, the Hunan Torch repurchased 4% of Delong International’s shares and owned 55% of the shares. At the end of July, Chongqing Hongyan recovered the arrears of the Hunan Torch of RMB 50 million through judicial arbitration and converted nearly 10% of the equity. Chongqing Heavy Duty Auto has nearly 55% of the equity in Chongqing Hongyan. In Qijiang Gear Transmission Co., Ltd., Qijiang Gear Forging Co., Ltd. and Chongqing Kafu, Hunan Torch and Chongqing Heavy Duty Trucks respectively accounted for 51% and 49% of the stock. Chongqing SASAC decided to repurchase shares held by Chongqing Hongyan, Qijiang Gear Transmission Co., Ltd., Qijiang Gear Forging Co., Ltd., Chongqing Kafuzhong and Hunan Torch, and will offset it with the backlog of purchase price. (The story is in progress) Reporter Tao Chunyu reports from Chongqing
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