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Mustang Auto 1.2 billion "selling body" to survive the total debt of more than 3.8 billion Sichuan old car companies why fall

January 11, 2019 08:27
Author: Ouyang West
source: Time finance

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In the cold winter, another edge car company sold shares.

Recently, a news report from the Beijing Equity Exchange triggered market concern. An anonymous auto company intends to transfer 990 million 990 million shares (82.5% stake). According to information such as the establishment time of the company and the registration cost, the car company should be Sichuan Mustang Motor Co., Ltd. (hereinafter referred to as "Wild Horse Car").

Formerly known as Sichuan Automobile Group, Mustang Motor was established in the late 1980s. It is the earliest car manufacturer in China and the only vehicle manufacturer in Sichuan Province with complete production qualifications such as new energy and traditional energy passenger cars and buses. When it comes to Mustang, there are two things that are familiar to the outside world: the lawsuit with Ford Mustang and the sale of the car at the 2017 Chengdu Motor Show.

  announcementIt shows that the Mustang car is in great condition. In 2017, the company achieved revenue of 2.04 billion yuan.Net profitThe loss was 385 million yuan. As of October 31, 2018, behind the company's revenue of 662 million yuan, the net profit loss of 363 million yuan is still glaring. In addition, Mustang also bears huge debts, with a cumulative total of 3.834 billion yuan and a debt ratio of 84.3%.

At present, only four models of the Mustang are on sale, and the cumulative sales from January to November 2018 are only 31,900. Whether it is from the profit level or the sales level, Mustang has become a marginal enterprise.

Mustang Motors sells equity? Can it find "Picture Man"? People close to Mustang Motors said that this was mainly due to the sharp decline in sales in recent years. "On the one hand, due to the influence of the industry environment, many car companies such as BAIC Yinxiang are also in trouble; on the other hand, they themselves have problems."

  Automobile industryInsideAnalystLei Lin (a pseudonym) believes thatThe wild horse is entitled to sell for 1.2 billion yuan, and the actual loss is much higher than the above amount. Many of the old factories in Mustang Chengdu were machines and equipment in the 1950s. Coupled with the negative impact of long-term losses on employees, the qualifications are indeed difficult to say.

  边缘 is the edge of the car

It is understood that Mustang Motors is the largestshareholderIt is Sichuan Fulin Industrial Group Co., Ltd. (hereinafter referred to as “Fu Lin Group”), with a shareholding ratio of 82.5%. This listing is to transfer its shares in Mustang Motor.

In 2002, when Anzhi Fu, the chairman of Fulin Group, bought the Mustang car, he was also full of ambitions. It is said that he was over half a hundred years old and often lived in the factory. In 2016, Fulin Group decided to implement a share reform for Mustang Motor. Anzhifu promised that he would not retire if he did not list the Mustang.

During the period, the Mustang car also had a brief view. In 2012, Mustang Motors obtained the national new energy vehicle passenger car production qualification. In 2015, the cumulative sales volume was 40,800 units, a year-on-year increase of 230.9%, a rapid increase.

However, the Mustang Auto failed to stand out in the fierce competition, but it dragged down the Fulin Group. People close to Mustang Motors have said that the difficulties of the Fulin Group are mainly the difficulties of the Mustang Motor. The Group has invested more than one billion yuan a year. They are afraid that they will not be able to continue and affect the development of the entire group. With painstaking thoughts, Fulin Group decided to sell the Mustang car.

In order to solve the financial dilemma, in June 2018, Fulin Group willFu Lin Yunye29.9% of the shares, the price of 1.58 billion yuan was transferred to the Shandong rich businessman Liu Feng's company.

The most important reason for the "falling" of Mustang Auto, Raylin believes that there are still problems in its own development, product update iteration is slow, unable to meet the changes in market and consumer demand. The external environment is also not optimistic. The Chinese auto market is entering a cold winter, and relatively weak enterprises will inevitably fall into a development dilemma. In addition, there are problems with the embarrassment and backwardness of the management level. Many factors are constantly accumulating, and the Mustang Auto has gradually become a marginal car company.

Although Fu Lin Group decided to sell the Mustang, it did not intend to withdraw from the automotive industry. According to insiders of Mustang Motors, they already have two new automobile manufacturing bases in Hubei and Shandong, all of which are joint ventures with local governments. At present, the project of Xianning, Hubei has started.

Fulin Group official website shows that in April 2018, Fulin Group and Xianning Municipal Government signed the "Framework Agreement on Project Cooperation." According to the agreement, Fulin Group will build a new vehicle plant with an annual production capacity of 100,000 units in Xianning.

  Trading is difficult

Before Mustang Motor and Chongqing Lifan, many car companies sold equity and qualifications. In September 2018, Changhe Automobile was listed on the transfer of 70% equity of Jiangxi Zhizhi Automobile (formerly Changhe Suzuki), a wholly-owned subsidiary, with a reserve price of 1.05 billion yuan. In November of the same year, Hafei Automobile transferred its 38% stake at a price of 1 yuan. It is understood that the debt behind Hafei Automobile has reached 7.7 billion yuan, while the assets are only 95.35 million yuan. But twiceEquity transferThe transferee did not appear after several months of listing.

The new car forces are hoping to obtain qualifications through acquisitions. In 2017, Weimar Automobile acquired RMB 100.10 billion to acquire 100% equity of Dalian Huanghai, which has the qualification for passenger car production. In July 2018, the electric coffee car purchased Huzhou Xihu Automobile and obtained SUV production qualification; at the end of September 2018, Tengqi has obtained production qualifications from FAW Group at a cost of 850 million yuan.

However, the new policy has brought some variables. In December 2018, the National Development and Reform Commission officially issued the "Regulations on Investment Management of the Automobile Industry", delegating the authority for investment management of the automobile industry to the local government, and adjusting it to the record management by the approval management, which was implemented on January 10, 2019.

Xinte Automobile CEO first said that the new regulations set a threshold of 30,000 vehicles / 3 billion yuan in sales, is encouraging the foundry model, testing the strength of new car companies, if the target area is released. The existence of the foundry model will degrade the existing production qualifications for cars for sale.

However, Kaichao CEO Wang Chao does not recognize this point of view. He believes that after the decentralization of the approval authority, investment in the construction of a new electric passenger car project still needs to meet a series of standards and regulations, does not meet the standard, and the local government will not go through the trial. Therefore, the existing production qualification can eliminate the time for application and speed up the listing of products, so the new regulations will not necessarily reduce the existing production qualifications.

Specific to the transfer of the equity of the Mustang Motor, some people in the industry said that Changhe Automobile has high-quality chassis and engine technology, and employees are also trained by Japanese enterprises. The price is 1.05 billion yuan, but no one cares about it. On the other hand, the old horse equipment in Chengdu is backward. Old, employees have poor professional skills, and it is very difficult to imagine the shot.

It is worth noting that according to the listing announcement, 82.5% of the shares of Mustang Automobile held by Fulin Group are allPledgeTo a financial institution. For the sale of assets involved in pledge, it is necessary to coordinate the pledgee's consent to the letter within the specified time to transfer the shares held.

However, insiders of Mustang Motor revealed that there are already many interested parties interested in participating in the bidding. "Some have been talking for a year."

(Article source: Time Finance)

                (Editor: DF386)

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