129773903215312500_109GAC on March 29, landing a share in GAC puzzle completed
On March 29, the GAC landed a shares, listed in the Shanghai Stock Exchange, stock code is 601,238. Over the weekend, GAC (2,238. HK) through the message of the Exchange Bulletin. GAC also will become the first domestic car industry both in a-share and h-share listed companies as a whole. As a GAC landed a share of shell resources, Guangzhou Chang Feng (600991.SH) on March 20, has been terminated.
Changfeng motor a-share final curtain "Hunan automobile first" refer to GAC Changfeng formerly as "Changfeng motor" in June 2004 a-share listed in Shanghai stock exchange transactions. Nearly 8 years later, on March 16, 2012, Guangzhou Changfeng motor company issuing the stock endNotice of listing, announced delisting.
Announcement, the company received the Shanghai Stock Exchange on the day before the decision on the GAC Changfeng automobile company limited shares terminated (Shanghai public words [2012]13), it was decided since March 20, 2012 termination of company stock transactions. Curtain call comes from the beginning of 2009 a stock transfer. That yearIn April, the GAC to RMB 1 billion acquisition of Changfeng motor 29% stakes, becoming its largest shareholder, Changfeng automobile because the Alliance was renamed as Guangzhou Chang Feng. After the master feng, GAC meetings with Italy car brand Fiat signed a joint venture agreement, agreed by the two sides joint venture production of Fiat cars and engines, GAC and the future independent engine will use FiatTechnologies, with the GAC will have intellectual property rights.
Earlier, Fiat has been interested in cooperation with Changfeng automobile. In March 2011, the GAC and GAC Changfeng signed the Guangzhou Automobile Group and Guangzhou Changfeng automobile company limited-for-stock Merger Agreement. On June 10 of that year, the two sides also signed the Guangzhou automobile group limitedGAC Changfeng automobile company limited and company share exchange Merger Agreement of the supplementary agreement, under the agreement, GAC Merger Guangzhou Chang Feng, and to to GAC for the survival of the merged company inherited all the assets, liabilities, and undertaking the GAC Changfeng business, personnel, and all other rights and obligations of the contract, GAC Changfeng termination of listing and cancellation of legal personality. One year after theThrough various programs, Guangzhou Chang Feng finally bid farewell to the Chinese stock market. Has committed to building a brand of Changfeng motor out.
Under a share swap absorption agreement, not only the financing of listed companies, Changfeng liebao Changsha County xingsha factory will become a GAC Mitsubishi base. Reportedly, fall in Guangzhou Chang Feng city, Guangzhou auto joint venture, Guangzhou and Mitsubishi joint venture with Fiat on issues such asHunan Provincial Government has played an important role in coordination and bonding. At the same time, as a condition of Changfeng motor quit, GAC will focus on the development of vehicle matching the associated spare parts business and GAC sponsors the Fiat spare parts Assembly industrial park has been in the development zone, Changsha and tie in Xiangtan auto industrial park, Chang-Zhu-Tan area car production capacity will further addStrong.
Moreover, Changfeng motor in recent years in the "Cheetah" brand, few new models launched, clear bottlenecks for further development, the transfer of ownership at this time
tera gold, may not be a bad decision. Next, with the prototype of Mitsubishi Pajero SUV Cheetah brand, GAC will be included in its own-brand business, after news that, "Leopard" has been removed from GAC Changfeng splitSet up Cheetah Division, operated by the GAC and Changfeng group. "Cheetah brand, we will retain and increase input in it.
"GAC Chairman, Mr Zhang said.
"GAC" puzzle completed in 2002, GAC announced that preparations for the listing, and established Guangzhou auto group co., Ltd. But the GAC afterListing no substantive progress in 2005, GAC Chairman Zhang Fang have lofty sentiments and aspirations that "achieve IPO goal of the year"
tera power leveling, but just over a year, this is changed to "indefinitely". In 2008, the GAC group listed on the restart with ambitious plans, listing documents submitted to the Commission, the "new accounting standards" GACTurned away. In the case of landing a shares have no, on August 30, 2010, the GAC landing h-shares, but in a few minutes.
GAC 2010 h-share listing and listed on the twists and turns of a share this year, JACK. GAC through a share swap, privatization of its Hong Kong-listed companies--denway motors, to explain how listed listed on the Hong Kong stock exchange.This will be the first Hong Kong Exchange listed company through share swap channels.
Introduction listed, is distinct from the IPO, not related to financing. The a-share market, GAC again hit a "first time". In February of this year, the Commission announced, for the non-listed company listed companies and applications will be listed on the original issuance and listing of departments"Double"--to a sector merger Commission "single instance" to simplify administrative licensing procedures. Prior to that, the Commission approved the Guangzhou Automobile Group share exchange Merger GAC Changfeng automobile company limited's application, this is the first single of China's capital market as a listed company SFC Merger restructuring Committee review and issued an administrative licenseThe non-listed company listed companies and listing applications. Absorption after share exchange merger officially completed, GAC and Mitsubishi will be formally set up a joint venture company 50%:50% holdings this year, settled down in Changsha, Hunan, GAC-Italian joint venture of Fiat is expected to put into production in July. According to the GAC formulated "Twelve-Five" project, this period of GAC's production capacity will reach3 million vehicles, sales income of more than $ 400 billion target, including 200,000 energy-saving and new energy vehicles. In recent years, the GAC GAC General Manager Zeng Qinghong and Chairman Mr Zhang has initiated the "GAC" ideal of architecture, from 2009, the marriage of Changfeng, joint venture between Fiat and landing h, absorbing share exchange merger, this year inThe list, as well as the joint venture after Mitsubishi, "GAC" layouts have been met. GAC General Manager Zeng Qinghong said, "the last two years through mergers, layout complete, real punch will be three years beginning in 2012.
"The next step, Guangzhou auto group is targeted directly at SAIC, Dongfeng, Faw-the big three syndicates. 7 billionYuan a-share listing GAC input beats to be landed in a-shares, becoming the only car to achieve a-share and h-share listed companies at the same time, the "alternative" Department of the same concern.
Different from the other listed companies seeking financing, preparation for the GAC in the listing process, Mr Zhang said listing is not intended to finance more than once. Indeed
tera gold, strong profitability in ChinaBig three group of the GAC is not lack of money, a-shares in the land, GAC or even paid an advance of $ 3.448 billion cost. In accordance with the GAC-for-shares scheme, Changfeng group and Mitsubishi Motors to select the cash option, respectively, and 21.98% held by its GAC Changfeng shares sold to GAC, other minority shareholdersThe reorganization of all participation in the GAC. Changfeng auto select "cash option", then was surprised by GAC. GAC throws share exchange merger by absorption of Guangzhou Chang Feng programme, will absorb a share swap cash option provided by outlining to GAC and GAC group of shareholders. On June 10, 2011, the GAC received all of a sudden from the Changfeng setsNotice--Changfeng Group decided to to GAC Changfeng all 114 million shares held by it equity cash option, and does not participate in the GAC the share swap. Faced with the need to pay $ 1.448 billion Changfeng group, Guangzhou Auto Group had to modify programmes, will absorb a share swap "cash provider" expansion of Guangdong finance holdings, Guangzhou auto group and country groups. GACThe Guangdong finance holding group to do fire fighters, and the GAC are State-owned enterprises in Guangdong Province.
If there is no Guangdong finance holdings, GAC to face this challenge, obviously hard to cope. At the same time, GAC or to pay for the acquisition of Mitsubishi Motors holds 75.9979 million shares of $ 961 million. 2009 GAC again acquired 29% shares in Changfeng automobile paid 1 billionYuan, GAC road listed in a-shares, have put at least as much as 3.4 billion.
After the listing, GAC is likely to face test of as much as $ 2.6 billion. Cash option scheme in accordance with the GAC, in front of the GAC group listed as a whole, the company declared its first cash option of Guangzhou Chang Feng shareholders will be $ 12.65/transfer of shares held by Guangzhou Chang FengShare; but for a share swap of shareholders, if the GAC group a-share listing first day stock price is below $ 9.09/unit price, is held by these shareholders have the right to use it through a share swap GAC transfer of shares by $ 9.09/unit price to cash for the second time to select the right provider. Because the share swap ratio of GAC and GAC Changfeng 1:1.6, In GAC offer price of $ 9.09/terms, accept the cash option of the second Guangzhou Chang Feng share swap price $ 14.55/unit. If the GAC first average price fell below $ 9.09/unit, meant that 286 million shares issued by its a-shares in the shareholders have the right to follow the price to $ 9.09/unit on its cash option, thenSecretary may deliver the highest volume of $ 2.608 billion.
Except for shares in first test, mentioned previously, both in 2010 through privatization denway Motors borrowing landing h-shares, also is the absorbed share swap GAC Changfeng landed a share, GAC has any financing is not obtained from the two listed. On this subject, Mr Zhang has responded that, although the GAC on twoNo access to finance, but with both the Mainland and Hong Kong capital market financing platform, GAC will be more comfortable in the capital.
If the company's funding needs, can also use all possible means of financing in the capital market. On GAC's recent financing plans, GAC Executive Director and Secretary of the Board of SA Lu had previously said that during theHas just completed a return to a share of the first few months, price considerations for stability, GAC does not have a lot of capital operation for the time being.
Since then, GAC could start refinancing. In addition, in 2011, the GAC because Japan earthquakes and the effects of the decline in overall domestic auto market, could not complete the expected profit target; coupled with investors on the GAC of relatively high stock valuations and earningsTalk about sound, are required to present this endless scenery of automobile business in the future to prove.
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