China National Heavy Duty Truck: Hong Kong listed in October


For some time, China Heavy Duty Truck Group (hereinafter referred to as China National Heavy Duty Truck Group) is on the grounds that the company is in the pre-listed quiet period, up and down the media seal, but the reporter still got news from a reliable channel, China National Heavy Duty Truck Group in Hong Kong-listed "carriers" - China Heavy-Duty Truck Group (Hong Kong) International Capital Co., Ltd. (hereinafter referred to as "Hong Kong Heavy" Hong Kong) has set the timetable for the listing, and the starting date for firing guns will be in October this year.

Two civil strife

The heavyweight Hong Kong sponsors are Morgan Stanley and China International Capital Corporation. At the end of August, Sinotruk Hong Kong has in principle been listed on the Hong Kong Stock Exchange for hearings. Hong Kong will be listed in October. At the same time, an insider of China National Heavy Duty Truck Group also revealed to reporters that the company will be listed in Hong Kong in a red chip model in October after the relevant information is submitted. The estimated financing amount is 5 billion Hong Kong dollars. The initial 3.9 billion Hong Kong dollar is expected to raise more than 1.1 billion yuan. According to the general laws of Hong Kong listing, most of the relevant companies will be listed within two months after the hearing on the Stock Exchange. Therefore, October is crucial for CSHC.

Once CNHTC Hong Kong is successfully listed on the Hong Kong Stock Exchange, the huge financial pressure faced by CNHTC Group will be eased. The company is looking forward to this.

In May 2003, CNHTC Group reorganized Xiaoya Electric Appliances (000951) and reorganized the backing of CNHTC Jinan Truck Co., Ltd. (000951, referred to as China National Heavy Duty Truck). However, due to the small-scale assets of ducklings, the assets of the listed companies through “buying shells” only account for approximately one-third of the total assets of China National Heavy Duty Truck Group.

Therefore, in 2004 China National Heavy Duty Truck Group once again launched the overall Hong Kong listing plan. On June 16, 2004, officially approved by the Ministry of Commerce of the People's Republic of China and the State Council of Hong Kong and Macau, China Heavy-Duty Truck Group Co., Ltd. established the “China Heavy-Duty Truck Group (Hong Kong) International Capital Co., Ltd.” in Hong Kong. In 2005, Ma Chunji, chairman of the ambitious China National Heavy Duty Truck Group, once said: "If there is no 100 million yuan, we will not be the leader." However, when this statement came out, CNHTC suffered two civil unrests and once caused this Home companies are in desperation.

In 2005, Weichai Power, a subsidiary of China National Heavy Duty Truck Group, which had not yet returned to the A-shares and was a Hong Kong-listed company, 2338, HK, acquired the Hunan Torch, which included the Shaanxi Torch Motor and the Fast Gears under the Hunan Torch Group. Subs. As China National Heavy Duty Truck Group and Weichai Power had divergence on the issue of mergers and acquisitions, Sinotruk Group once fought to obstruct mergers and acquisitions, but Weichai Power finally incorporated the Hunan Torch. After the completion of the merger, the contradiction between Weichai Power and the parent company Sinotruk Group has been unable to reconcile. In 2006, the two parties divided their efforts under the coordination of the Shandong State-owned Assets Supervision and Administration Commission.

The loss of Weichai power is a huge blow to China National Heavy Duty Truck Group. According to data provided by Weichai Power, Weichai Power has raised HK$1.4 billion after listing in Hong Kong in 2004, becoming the richest holding subsidiary of CNHTC Group. Weichai Power is also the most profitable company under China National Heavy Duty Truck Group. The subsidiary contributed 60% of the profits for the group that year. The loss of Weichai power is the loss of real money. Not only that, China National Heavy Duty Truck Group also bears a huge amount of capital debt due to the delay in the payment of Weichai Power Engine.

However, one after another, one after another, one after another. In 2006, Sinotruk Group and VOLVO clash in truck strategic planning (since the two types of products are similar, Sinotruk joint venture products have greatly squeezed the market space of VOLVO heavy trucks in overseas markets), CNHTC Group The joint venture with VOLVO also ended in production that year. A member of China National Heavy Duty Truck Group confirmed to reporters that the joint venture has stopped production.

A series of blows made CNHTC through the establishment of Sinotruk Hong Kong, listing financing to solve the bottleneck of capital development is particularly important.

Therefore, in April 2007, the heavy truck Hong Kong once again launched the listing plan. According to the new listing plan, CNHTC Group injected the core assets of Sinotruk Group, including the engine and heavy-duty truck projects, into Hong Kong, which will enable the overall listing of CNHTC Hong Kong.

Heavy Duty Road

According to the “Eleventh Five-Year Plan” drawn up by China National Heavy Duty Truck, by the end of the “Eleventh Five-Year Plan”, the heavy-duty truck production and sales capacity of China National Heavy Duty Truck Group will reach 125,000, and the product’s market share in the domestic market will reach 1/3 of the industry. One-third of the international market.

According to the data provided by the China Association of Automobile Manufacturers, in August 2007, China National Heavy Duty Truck Group relied on the sales of 8,488 vehicles and returned to the top of the industry. Its cumulative sales for the year were 70,169 units, an increase of 71.15% year-on-year. In the same period, the cumulative sales volume of FAW was 68,494 units, ranking second, and the third to sixth places were Dongfeng (584,93 units), Shaanxi Auto (39,394 units), Futian (38,908 units), and SAIC Iveco Hongyan (17,796 units). .

After Hong Kong’s listing, CNHTC will have both A-share and H-share listing status, with A-shares referring to CNHTC Group Jinan Truck Co., Ltd. and H-shares being the overall listing of CNHTC. — China National Heavy Duty Truck (Hong Kong) Co., Ltd. With this two carriages, CNHTC has naturally grown stronger in its development.

Animal ferocity

Although the capital markets have been applauded, from an industrial perspective, the risks of CNHTC Group's development are still high.

Car analyst Jia Xinguang was very calm in the face of heavy truck Hong Kong’s upcoming IPO: “The funds needed for the development of CNHTC Group are very large, and the amount of financing is still far from enough, and it’s not that it is at SINOTRUK Hong Kong. After the listing, China National Heavy Duty Truck Group has a very strong competitiveness." A senior manager of a large domestic heavy truck company in an interview with this reporter for the overall listing of heavy truck Hong Kong expressed disapproval: "Now all heavy truck companies are In the financing channels, China National Heavy Duty Truck is not doing its best in terms of financing."

Liu Keqiang, manager of Shaanxi Heavy Gas Marketing Department, said: "Shaanxi CNOOC has received RMB 1 billion (a total of RMB 2 billion) in funds invested by Yanchang Oilfield and Weichai Power respectively, which will help promote the development of Shaanxi Heavy Industry. Development.” The parent company of Shaanxi Heavy Duty Truck Weichai Power is the only supplier with complete powertrain (“Engine + Transmission + Axle”) in the heavy truck industry and domestic companies, and is the core of the industry’s advantageous resources. Therefore, Shaanxi Heavy Industries Co., Ltd. is a ferocious man.

In June this year, the old rival of China National Heavy Duty Truck Group was finally completed a long marriage journey with SAIC Iveco for three years. SAIC Iveco Hongyan was formally listed, and the RMB3.8 billion SAIC Iveco Hongyan site was built. . In this way, SAIC's financial strength, plus Iveco's heavy-duty truck technology and the operating experience of Chongqing Heavy Duty Truck Market, Chongqing Red Rock can not be overlooked.

Of course, under the influence of national macro-control policies, the heavy-duty truck industry may also experience a slowdown in growth next year. Liu Keqiang said: "The heavy-duty truck industry may enter a period of stable development next year, and the operating situation is not optimistic. Moreover, the focus of competition in the heavy-duty truck industry next year will be focused on the national III heavy truck. For China III heavy-duty trucks, China National Heavy Duty Truck and Shaanxi Heavy Duty Truck The investment is very big, and it will be a new competition situation."


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