The cooperation between Futian and Dai Ke will soon be settled.
Recently, Foton Motor announced that it intends to issue new shares to Beijing Automotive Industry Holding Co., Ltd. and overseas strategic investor Daimler-Chrysler Co., Ltd. (hereinafter referred to as Dai-ke). If the private placement is passed, Dai-ke will hold 24% of Foton Motor's shares and Dai-ke will become the second largest shareholder of Foton.
Zhao Jingguang, deputy secretary of the Party Committee of Beijing Foton Motor Co., Ltd., said in an exclusive interview with Commercial Automotive News that both the board of directors and the board of supervisors have passed this plan, and the rest is waiting for approval from the shareholders meeting, the Ministry of Commerce, and the China Securities Regulatory Commission. .
Dai-ke China also revealed its expectation for cooperation: “We have been discussing with Futian in China on providing medium- and heavy-duty trucks for some time. We hope to reach an agreement soon.â€
"Curve" cooperation
How cooperation between Dai-ke and Fukuda “breaks the ice†has long been speculative in the industry for a long time. Unexpectedly, the “curve†cooperation with targeted replenishment and stock expansion started.
The matter goes back three years. In September 2003, Foton Motor announced the announcement of a strategic cooperation framework agreement between Beiqi Holding and Dai-ke. The announcement stated that it will jointly establish a medium and heavy-duty truck joint venture to discuss the possibility of business cooperation between large and medium-sized passenger vehicles. However, according to industrial policy, in the case that Dai Ke did not withdraw from Yaxing-Benz and the cooperation between Fudan and Fuqi was a foregone conclusion, the cooperation between Futian and Dai-ke was to be approved, and the limitation of the joint venture quota was the primary problem.
Tan Xiuqing, an expert from the China Association of Automobile Manufacturers, told reporters that Futian and Dai Ke talked about commercial vehicle projects for more than three years, but they have not been approved. Now Futian wants to become the second largest shareholder through the issuance of additional shares. The intention is very obvious - bypassing the limitations of industrial policy and achieving cooperation with Dai Ke.
According to the Foreign Investment Corporation Law and the Sino-Foreign Equity Joint Venture Law, foreign investment ratios of less than 25% are not regarded as Sino-foreign joint ventures, and Fukuda’s use of only 24% of Daihke’s additional shares is a clever use of this. Hit the policy of "wiping the ball." In the name of a joint venture, the identity of a foreign-invested company avoids the restriction of two joint ventures, and it has achieved cooperation with Dai-ke in another “routeâ€.
Score twice
Looking back at the development history of Futian, the cooperation with Beiqi Motor Co., Ltd. is a crucial first step in the development of Futian. This time in cooperation with Dai Ke, Fukuda is expected to usher in its “other spring†of development.
It is understood that with this private placement, Foton will raise 117.83 billion yuan, of which Beijing Auto Holding will invest 350.06 billion yuan, Dai-ke will invest 8.1677 trillion yuan, and the funds raised will be used for the technical transformation project of Auman Heavy Truck Body Welding Production Line. Research Institute (Phase II) Construction Project; Upgrade and Replacement of Light Bus; Return of Bank Loans and Supplemental Liquidity of the Company.
Zhao Jingguang said that after the targeted capital increase and expansion of shares, not only can the company's debt ratio drop, but also can get Dai Ke's advanced technology and management experience in the medium and heavy trucks, Dai Ke's export network can also be used Futian. “In addition to cooperation with medium- and heavy-duty trucks, we will also cooperate in other areas. The brand of Futian will certainly remain. Afterwards, it will produce Mercedes-Benz and Futian dual-brand vehicles.â€
Associate Securities analyst Qian Xiaoyu believes that the issuance of this is a good news for Fukuda. In addition to improving the financial situation, enhancing the brand effect and management level, Futian needs urgently to solve the problem of product upgrading and technology upgrading. Cooperation with Dai Ke will undoubtedly help solve the problem of Futian.
A person familiar with the situation lamented that Fukuda's move was the best policy. Fukuda can obtain funding, technology, and brand support. At the same time, Beiqi is still in a controlling position after the new share capital is added. This avoids the occurrence of 50% each of the Chinese and foreign shares of the joint venture company and the dissatisfaction of any one of them.
View related topics: Beiqi Futian, Futian Automobile brand value of 22.157 billion yuan
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