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Shaanxi state-owned assets: the old game rules continue
The fate of Shaanxi Heavy Duty Truck and Fast is always easy to touch the eye of the parties. One is because this is the greatest legacy left by the all-powerful Delong system, and the second is because of the Weichai Power of the picker. [59.42 3.27 [] And the second shareholder Shaanxi Provincial SASAC staged confrontation and reconciliation over the years.
At the Eastern and Western Cooperation and Investment Trade Fair in April this year, the Weichai Power Company's position on investing RMB 5 billion in the enterprises in the Shaanxi region was once again understood by the outside world that Weichai Power will gradually take back these The company’s control rights, and subsequent news disclosures, stated that the Shaanxi Provincial Government has agreed in principle to transfer the entire equity interest of Shaanxi Heavy Gas to Weichai Power.
On May 20, an authoritative official of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission told this newspaper that the turmoil was caused by misunderstandings by the outside world. “We will still cooperate according to the previous ratio and framework.â€
Storm
The engine industry leader, Weichai Power, completed its coveted heavy truck industry "golden industrial chain" integration capability through the acquisition of the Hunan Torch in 2005 - Shaanxi Heavy Duty Auto's vehicle manufacturing, Fast's gearbox, The Hand Truck axle's heavy truck bridge. At that time, the Huarong Asset Management Company, which hosted the Hunan Torch, sought to auction the assets of the Hunan Torch, and Weichai broke through the Torch at a price of 1.02 billion yuan.
Today, Fast and Hande Axle have become the largest supplier of heavy-duty trucks and heavy trucks in China. Shaanxi Heavy has also entered the top three of the entire vehicle industry. In 2009, the total vehicle sales exceeded 70,000 units. It has exported more than 15,000 vehicles and announced that it will exceed 100,000 units in total vehicle sales this year.
Shaanxi Automobile Group and Fast Group respectively hold 49% of Shaanxi Zhongqi and Fast Gear, behind which is Shaanxi Provincial SASAC. Weichai Power's shareholding ratio of 51% is the major shareholder of the two companies.
In the long term, Weichai Power actually only assumed the status of equity investors and Shaanxi Heavy-Duty Engine suppliers. The executives of both companies were appointed by Shaanxi Provincial SASAC, and their business activities were also arranged by the local authorities.
A controversy spread rapidly in the local area - there is news that the Shaanxi Provincial Government has agreed in principle to transfer all shares in Shaanxi Heavy Gas to Weichai Power. "We have all heard of this news and feel very sudden, although we feel that the possibility is very high. Xiao Bing, a middle-level cadre of Shaanxi Zhongqi, said that he fears that if the news is true, it means that Weichai Power will completely take over the control of this company, and a series of personnel changes will follow. Shaanxi Automobile Group executives said it was inconvenient to talk about the matter.
This incident was not without cause. During the Western Conference and Fair in April this year, Shaanxi Provincial Governor Yuan Chunqing met with Weichai Power Chairman Tan Xuguang. Shaanqi Group and the head of the Fast Group also accompanied them. Yuan Chunqing was at the time. "I hope that while expanding the scale of production of Shaanxi Zhongqi Auto and Fast, we will strengthen local capacity for supporting parts and components, accelerate the formation of industrial clusters, and make full use of Shaanxi's strong scientific and technological forces to actively carry out technical cooperation and establish in Shaanxi. R & D institution."
On the same day of April 7, Weichai Power held a conference for the development of the Shaanxi plate development strategy in Xi'an. Tan Xuguang stated that it is determined that in the next 3-5 years, Weichai Power will inject RMB 5 billion into the reinvestment of its subsidiaries in Shaanxi Province to support the establishment of a heavy-duty truck manufacturing base with Shaanxi Truck Heavy Duty Truck as the faucet and a transmission in Shaanxi Province. As the leading automobile key parts manufacturing base.
This also easily reminded the outside world of an “undercover battle†in 2006: At that time, under the leadership of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, Yanchang Petroleum, the country’s fourth largest oil extraction and refining company, took a share in Shaanxi Automobile Group and invested in Shaanxi Automobile Group. 1 billion yuan. Shaanxi Automobile Group, in its capacity as the second largest shareholder of Shaanxi Heavy Duty Truck, transferred this capital to Shaanxi Heavy Gas, which also means that if Weichai Power does not follow up, it will lose its controlling stake in Shaanxi Zhongqi. In June of the following year, Weichai Power issued a notice to the board of directors stating that it will invest 416.33 million yuan with its own funds, Shaanxi Automobile Group will invest 400 million yuan in cash, and increase capital for Shaanxi Zhongqi. After the completion of the capital increase, the proportion of both parties will remain unchanged.
Cooperation
On May 19th, Wang Chunling, director of the Propaganda Office of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, expressed disagreement with the transfer of shares. He said: "I haven't heard anything about this."
On the 20th, an authoritative official of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission affirmed to this newspaper that the cooperation with Weichai Power will still cooperate in accordance with the established framework, and it is impossible to completely transfer equity.
Shaanxi Province has been hoping to make the automobile segment bigger and stronger. Even in recent years, sales of Shaanxi Heavy Duty Truck have been growing rapidly. The locals still hope that they can further expand their capital investment and production scale - in terms of capital investment, It is not difficult for the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to extend oil, Shaanxi Coal Chemicals, and Shaanxi Nonferrous Metals through holding three major resource companies.
However, this requires the cooperation of the major shareholder Weichai Power. “In fact, the position of Weichai Power’s investment of RMB 5 billion shows that both parties have reached a consensus on further cooperation,†the official said.
Prior to the intervention of Weichai Power in Shaanxi Heavy Industries, Shaanxi had had the intention to independently produce heavy-duty engines and planned for many years. In 2005, Shaanxi Automobile Group and Cummins formed an engine joint venture company, each holding 50% shares, and according to In terms of steam, Xi'an Cummins will provide engines for the next generation of models for Shaanxi Heavy Duty Truck.
After many years, the main models of Shaanxi Heavy Duty Truck still purchased Steyr heavy-duty truck engines from Weichai Power. A Cummins source said: “Now many people believe that the engine of Weichai Power is relatively mature and stable in terms of overload technology. It is more appropriate for China’s national conditions. This is not the case. Our engine can also do this, but the purchase volume in Shaanxi is very limited.†This may indicate that even though there have been some conflicts on the countertops, the cooperation between the two sides at the interest level still remains. Very stable.
Another reason for equity disputes is that Shaanxi has always wanted to promote the overall listing of Fast Group and Shaanxi Automobile Group, and most of the revenues of these two companies come from Fast Gear and Shaun Heavy, with a 49% holding. The proportion of lack of convincing.
Now, the two companies are working hard to expand other businesses to get rid of the situation of over-reliance on joint-stock companies. Allegedly, other business income of the Fast Group has already achieved a scale of annual revenue of more than 1 billion yuan, and Shaanqi Group also recently. Publicly displayed its mini vehicle products.
In fact, Shaanxi valued the large-scale investment brought by the heavy truck industry group to the local market. Weichai Power stated that it “will take advantage of the industrial chain, develop collaborative engineering capabilities, and make every effort to promote domestic and foreign suppliers to settle around these projects. Shaanxi invests in factories and builds advanced manufacturing clusters."
A major Shaanxi provincial official said at the Weichai Power Development Strategy Conference on April 7th: “History proves that our strategic cooperation with Weichai Power is correct, and we fully affirm it. At the same time, let us Shaanxi Provincial Party Committee. The provincial government has seen Tan Xuguang as a good entrepreneur. He can lead our Shaanxi enterprises to success."
View related topics: Fast: Heavy-duty transmission production and sales in the world