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After more than three years of integration, the story of China Chang'an restructuring of Hafei and Changhe is far from over.
Recently, the data released by Changan Automobile, a listed company of China Changan, showed that in 2012, Hafei Motor had a huge loss of 760 million yuan. According to the reporter’s understanding, huge losses have already caused Hafei Motors to sit in the hands of high-level leaders of Heilongjiang Province. Recently, he is in constant contact with high-level Chinese Chang’an and hopes that Chang’an China will take action to save Hafei Motors.
In response to the help from Hafei Motors, on April 2nd, Changan Automobile announced a related-party transaction announcement, saying that the company had convened the 9th meeting of the 6th Board of Directors on March 29, 2013. The meeting reviewed and approved the “Release Technology License for Hafei Automobile. The motion of the Production Collaboration Framework Agreement, which clearly stated that Changan Automobile provided some models to Hafei Motors.
At the same time as Hafei Motors' huge loss of service, Changhe Auto’s “autonomous†appeals have become increasingly strong, and China’s Chang’an strategic vision for the integration of Hafei and Changhe seems to be gradually falling into a mystery.
Hafei "hard to fly"
The total loss of Hafei Motor in 2012 amounted to 760 million yuan, which caused the relevant parties to begin to ask for assistance from China Chang'an.
"Hafei has been very miserable!" On April 9, an insider of Hafei Motors told reporters: "Changan has also made efforts, but the current situation is really embarrassing."
Since Hafei Motors is not a listed company, its performance has not been known to the public since its acquisition by China Changan in November 2009. On April 2, the announcement of Changan Automobile unveiled the answer. According to the announcement, as of the end of 2012, Hafei Automobile had total assets of 3.023 billion yuan and net assets of -46.11 billion yuan; in 2012, Hafei Automobile achieved sales revenue of 2.68 billion yuan and net profit of -7.6 billion yuan.
In the face of such dilemma, local officials in Heilongjiang Province, where Hafei Motors is located, have long been unable to hold back. According to reports, from the end of 2012 to March of this year, relevant leaders of Heilongjiang Province and Harbin City went to Hafei Motors to investigate and discuss with senior Chinese leaders on how to reverse Hafei's predicament.
On March 10, the Governor of Heilongjiang Province, Wang Xiankui, also made a special trip to the China Corps of Military Equipment (China Chang'an Parent Company), and met with Tang Dengjie, chairman and general manager of China Corps. Wang Xiankui said: “I hope the Hafei Motor Group will reform and reorganize as soon as possible to get rid of the predicament of production and operation, improve its core competitiveness, and occupy the domestic and even Northeast Asian markets.†He emphasized that in the process of reform and development, we must not sacrifice the interests of employees, and we must treat our contributions and make contributions. The industrial workers continuously enhance the strength and vitality of the company.
In response to the requirements of Heilongjiang Province, Tang Dengjie also responded with a very positive attitude: “Hafei Motors is in a difficult position. It is of great political significance and responsibility to solve the problem of poverty alleviation and reform and development of enterprises. It is urgent to define the company’s development strategy and products as soon as possible. Positioning, the introduction of best-selling new models, promote product upgrading, and accumulate stamina for the long-term development of the company."
After this matchmaking, China Changan has finally drafted a new round of rescue plan. According to the agreement signed by Changan Automobile and Hafei Automobile, Changan Automobile will license the technology of some of its automotive products to be used by Hafei Automobile. Hafei Motors is responsible for self-declaration of product announcements and organization of production activities. Hafei Automobile, which only launched two new models in three years, may be expected to resolve the lack of products.
Changhe "autonomy"
Compared to Hafei, Changhe's development is slightly better. After experiencing conflicts with China Chang'an, it is now more likely to develop according to its own intentions.
While Hafei Motors hopes that China Chang'an will increase its rescue efforts, Changhe Motors, which is also a company owned by China Changan, appears to be somewhat different.
In January 2012, Changhe Automobile was still in a “semi-autonomous†state after the auto qualification issue and China’s Chang’an “scarredâ€. At that time, China’s Chang’an was preparing to transfer Chang’an Suzuki’s production qualifications to Chang’an Mazda’s use of Chang’an Suzuki and Changhe Suzuki on the basis of its integration. This was met with resistance from Changhe Motors and caused a “shutdown†event, which eventually ended. The. At the asset level, Changhe Automotive belongs to China Chang'an and is a subsidiary of China Chang'an. However, at the management level, the management of China Chang'an dispatched to Changhe Automobile has been completely ousted by Changhe after the “suspension†incident last year.
In January of this year, the question concerning the qualification of Changhe River in Hefei has begun to rise again. At that time, it was reported that China Chang'an is preparing to adjust Changhe Automobile and plans to use the Hefei Changhe production base (one of Changhe Automotive's two vehicle production qualifications) as the production base of China Chang'an in Hefei. After the news came out, it caused dissatisfaction with Changhe. Up to now, relevant plans have not been disclosed to the outside world. China Changan and Changhe Auto Group are unwilling to further respond to this.
In fact, compared to Hafei Motors, Changhe Automobile's development is slightly better. After experiencing conflicts with China Chang'an, it hopes to develop according to its own intentions. In 2009, Changhe Automobile sold 158,000 vehicles, a loss of 738 million yuan, but by 2011, Changhe Automobile had realized a profit of 1.18 million yuan and reversed the loss situation. In 2012, Changhe sold 83,300 cars, a year-on-year increase of 4.25%.
At present, Changhe Automotive has formulated an independent product upgrade plan. Tong Zhenrong, general manager of Changhe Automobile, stated: "In the future, while continuing to introduce new products to create the brand of Changhe Suzuki, we will also introduce joint-venture brands that are close to the market under the understanding and support of Suzuki."
Chang'an's sleepy
After the three-year integration road has passed, not only has the integration demand not been realized, but also the development of China Chang'an’s Chang’an Auto has been affected.
In fact, in accordance with the plans for the acquisition of Hafei and Changhe at the time, China Changan hopes to use its efforts to integrate the two companies and strive to rush into the top three in the overall scale of production and sales from the original fourth place. The data shows that in the sales ranking of China National Automobile Group, China Changan sales in 2009 were only 35,000 less than the third-placed Dongfeng Motor; by 2012, the gap between China Changan and the top three is increasing, The third FAW Group had nearly 700,000 vehicles.
It now appears that not only has the integration appeal not been realized, but also the development of Changan Automobile, which is owned by China Changan, has also been affected. It is understood that after China Chang'an acquired Hafei and Changhe in 2009, it quickly assisted related companies from the fund and product level. China’s top Changan executives disclosed to reporters after the “suspension†incident that China’s Chang’an has provided 2 billion yuan in direct loans and 4.4 billion yuan in loan guarantees to Hafei Automobile and Changhe Automobile. In addition, from the Changan Automobile announcement, it can be seen that of the funds raised by Changan Automobile in 2011, there were 750 million yuan for Hafei Automobile and Changhe Automobile.
Chang'an Automobile has complained about the current situation. On April 2nd, when Changan Automobile's new car Olivier went public, a high-level person from Changan Automobile also retorted: “Now it seems that the products of Changan Automobile alone are injected into Hafei Motors and Changhe Automobiles, but they are not necessarily effective because they are The development of the vehicle model is tailor-made for Changan Automobile. The marketing team is involved in this. Once it is difficult to achieve the desired results once it is incorporated into Hafei Motors and Changhe Auto, Hafei Motors and Changhe Motors will in turn blame Changan Automobile's products. Well, after the products are imported into Hafei Automobile and Changhe Automobile, it will also affect the development of Changan Automobile itself."
Despite the difficulties, China Changan still hopes to integrate the process. It is reported that in 2010, China Chang'an issued a letter of commitment and promised to inject the assets of the two companies into Changan Automobile listed companies under the condition that Changhe Automotive and Hafei Motors are profitable for two consecutive years, have continuous development capabilities, and have significantly improved their management levels. Changan Automobile also made an announcement regarding this matter. “We have not changed our previous commitments.†On April 9th, Changan, China’s relevant sources said: “We will continue to promote this plan in the future, but the prerequisite is to achieve profitability.â€
Not long ago, at a dealer conference, Xu Liuping, Chairman of China Changan, who was caught in the aftermath of the biggest reorganization event in China's auto industry, said deeply that China’s Chang’an should “be rational and develop scientifically†in the future. However, it is clear that the challenges that are currently facing the leader are far from over.