With the enthusiasm of the Hong Kong capital market for mainland consumer companies, the news of the listing of mainland automobile companies has continued to spread.
Yesterday, the Shanghai Securities News learned that Beijing Automotive Industry Holding Co., Ltd. (referred to as BAIC) intends to list in Hong Kong this year, with a total amount of about US$1 billion. Compared with other mainland auto giants, Beijing Automotive Industry Group, which is still in the flood season, has a more urgent need for funds. It is reported that Beijing Auto Holding has hired Deutsche Bank as a sponsor.
In 2004, BAIC began planning overseas listings. However, the main body listed at this time is Beijing Automobile Investment Co., Ltd. (abbreviation: Beiqi Investment). In early November 2004, Beijing Automotive Investment Corporation invited internationally renowned investment banks including Morgan Stanley and Merrill Lynch to participate in listings in order to open up Hong Kong’s funding channels. Although due to various reasons, Beijing Automotive Investment Co., Ltd. failed to make an overseas listing. However, Beiqi Group has benefited from a series of operations of Beiqi Investment.
“In 2006, BAIC Investment Corporation made outstanding contributions to the reform and development of the Beijing automobile industry. First, it ensured that the construction of the Beijing No. 2 Plant started smoothly and the Chinese funds required for construction were completed on time. In fact, the construction progress of the second factory was in progress. It took more than two months ahead of schedule to achieve high quality and fast progress, said Xu Heyi, party secretary and chairman of Beijing Auto Holding Corporation.
In 2006, BAIC Motor produced and sold 685,000 vehicles, with a sales revenue of 58.7 billion yuan, ranking fifth in the national automotive industry. However, this does not obscure the plight of the Beijing Automotive Group. Several major projects urgently need construction funds.
According to the plan, BAIC will create five platforms that integrate "the whole vehicle, parts and components, R&D, service trade, and reform and adjustment."
An Qingheng, former chairman of BAIC Group, once stated that “the more in-depth cooperation with Hyundai and Daimler-Chrysler really increases the demand for funds. Although, Beijing Automotive Group can rely on its own profitability, lending to banks and introducing new shareholders, etc. The way to solve the funding problem, but the capitalization of the market is the final trend. Dongfeng Motor and SAIC Group have been ahead of schedule, and BAIC Group is also actively fighting for it."
The remaining platforms also require funds. BAIC Group is actively introducing external funds. This year, two of Beiqi Group's shortcomings—parts companies and service trading companies—will be introduced to external investors and formally established. At present, several companies are negotiating with Beiqi Group on share participation, joint venture, and cooperation.
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