It is reported that SAIC Motor Corporation is currently preparing a series of necessary procedures for overseas listing of relevant laws, accounting, and asset assessments, and has been in active contact with the four major investment banks, and has made intensive arrangements for overseas IPO underwriting. The rumors of the general listing plan of SAIC Group once fell into silence after being heated up. Hu Maoyuan, president of SAIC Motor Corporation, was only silent after revealing "three options" at the beginning of the year and refused to reveal any insider information to the media. When, where, and in what way the SAIC Group, one of the three giants of the domestic auto industry, will be listed, it has always been the focus of attention. According to a person familiar with the frequent listing of SAIC, the SAIC Group’s overall listing project has entered a critical stage. Although some important details are still in the process of changes, the general plan has been set: SAIC Group has already planned for the next year. In July, Hong Kong and New York both started IPOs at the same time. They plan to raise funds of 50 billion yuan, about 6 billion US dollars, of which 2 billion will be raised in Hong Kong. In addition, the IPO underwriter selection has settled, BOC International, Deutsche Bank, Merrill Lynch, and Morgan Stanley will be responsible for their global IPO underwriting. To this end, the reporter called Xue Hao, a spokesperson for SAIC, and Xue Hao was unwilling to answer these key questions and responded with "not clear." The hunger and thirst of SAIC Capital also goes back to April this year. In April, SAIC President Hu Maoyuan revealed for the first time at the 2003 Shanghai Automotive Shareholders' General Meeting that SAIC Group considers an overall listing within two years. There are three options for overall listing: First, introduce strategic investors at the group level, and then seek overall listing after equity diversification; Second, the group is directly listed overseas; Third, use existing A-share listed companies to restructure assets. Realize the overall listing of the group. However, Hu Maoyuan did not confirm the specific way of listing. A stone provokes a thousand waves. Since then, despite the fact that the group has been deeply entrenched in the overall listing, various stages of decision-making are still going in the media and the market. Hu Maoyuan chose the second model, and the preparations for the overseas listing of SAIC Group were also in full swing. The market rumored that the amount of raised capital also rose from 1 billion US dollars to 2 billion. “The group’s recent funding is quite stressful, and all investment demand is expected to reach RMB 50 billion,†informed sources told reporters. The SAIC Group, which has just entered the top 500 of the world, has undergone a series of drastic purchases and investments this year. Its speech is low-key but its momentum of expansion has attracted the attention of all parties. Not long ago, two major cooperative partners of SAIC, U.S. General Motors and German VW, successively announced that they would invest in China. In order to maintain the Chinese joint venture’s controlling share of not less than 50%, SAIC had to spend billions of U.S. dollars for the same amount. investment. In addition, SAIC Motor’s acquisition of a 10% stake in the original Korea Daewoo Auto and the integration of the subsidiary of Japan’s Isuzu Motors in China in GM’s hand, and the continued loss of the Golden Cup Universal Blood Transfusion will all require substantial financial support. The most "burning money," but the significance of SAIC's own brand building is the acquisition of South Korea's Ssangyong Motor and the cooperation with the British Rover. Xue Hao, a spokesperson for SAIC, said that the group will sign a formal acquisition agreement with South Korea’s Shuanglong in late September and early October. This is also the first overseas acquisition by the Chinese Automobile Corps. According to South Korea’s “Korean Daily†report, SAIC Motor’s bid for Ssangyong Motors’s bid could reach 500 million U.S. dollars. In addition, the huge sums of money paid by Ssangyong's creditors' bank will be used to expand Ssangyong's production capacity to 400,000 units after three years, all of which require SAIC's high investment. In order to further acquire vehicle production technology, cooperation with British Rover and even its acquisition gave Hu Maoyuan a great imagination for the automobile empire. It is imperative for SAIC to create an overseas financing platform. The listing of the listed assets, "Shangqi Group's overseas listing is a matter of fact, has long been before the regulatory authorities, including the Shanghai municipal government's strong support." Informed sources disclosed to reporters, "even if the raise less than 50 billion, SAIC may also be able to get a country Some policy subsidy funds.†Then, SAIC Group will select which of the Group’s internal assets, the Chinese company’s shares in the joint venture will be included, and become the topic of most concern to investors. It is reported that the current operating assets of SAIC Group include seven automakers – Shanghai Volkswagen, Shanghai GM, Shanghai GM Wuling, SAIC Yizheng, Sunworth Bus, Xingfu Motorcycle, Shanghai Tow, 61 suppliers of parts and components, and one listed. The company Shanghai Automotive (600104.SH); in addition there are more than 10 service companies; more than 300 subsidiaries, Sun companies, forming a complex corporate structure. In 2003, SAIC achieved a sales income of RMB 186.2 billion (a combined RMB 97.2 billion) and a profit of RMB 8 billion. Among the companies that create profits, more than 60 are Sino-foreign joint ventures. At the same time, in the world, SAIC has a total of more than 30 vehicle and component production partners including Volkswagen, General Motors, Volvo, Visteon and Delphi. In contrast, Shanghai GM and Shanghai Volkswagen will be the two biggest assets that SAIC Motor will attract foreign investors. Informed sources told reporters, "From the current development point of view, SAIC and the U.S. GM have worked closely together and encountered considerable resistance in the German public." "The overall listing of the group will undoubtedly expose many conflicts of interest and conflicts. The German public may not wish to put Shanghai Volkswagen's Chinese shares into listed companies. This will involve public profits, debt, and future disclosure of listed companies' overseas information. And other sensitive issues," analysts pointed out, "the results of discussions with the public may directly affect the Group's overseas listing progress and the next valuation valuation strategy." The contact with the vehicle manufacturer U.S. General Motors and other foreign partners for parts and components will be much smoother. It seems that there is no major problem in integrating these joint venture Chinese shares into the overall listed assets of the group. It is reported that SAIC Motor Corporation is currently preparing a series of necessary procedures for overseas listing of relevant laws, accounting, and asset assessments, and has been in active contact with the four major investment banks, and has made intensive arrangements for overseas IPO underwriting. Fund: How to face Shanghai Auto? The overseas listing of SAIC Group next year will surely become a dazzling case for the global capital market. However, this news is difficult to understand as positive for the domestic A-share market stock, Shanghai Auto (600104). Market participants speculated that the stock's low share price and declining prices have been associated with the rumors of its holding company’s overseas listing by SAIC. The overseas listing of the group is like a "remote bomb" and may be detonated at any time. So, what will be the actual power of "explosion"? Associate Securities Auto analyst Qian Xiaoyu told the reporter that the overall overseas listing of the group may have little impact on Shanghai Automotive's current performance in the A-share market, but it will have a longer-term impact. Once high-quality assets such as Shanghai GM’s Chinese equity are injected into the group's overseas listed companies, the imagination of being injected into Shanghai Automotive (600104) will become smaller or even be lost. The entry space for high-quality assets has become smaller, and SAIC Motor's performance growth space has been relatively stable, and its price-to-earnings ratio has also declined accordingly. The market's valuation space for Shanghai Automotive also needs to be adjusted accordingly. From the perspective of Hu Maoyuan’s series of strategic reorganizations and overseas acquisitions, the Group is striving to integrate the production, sales, and service of complete vehicles and components, with the intention of building a complete vehicle production kingdom with its own brand and contending in the international automotive market. Have a place. Under such a strategic goal, whether or not Shanghai Automotive, which focuses on parts and components production, will be able to obtain a proportion of the Group’s internal funds and resources will be an intriguing issue. However, if Shanghai Automotive's shares are not consolidated into the group's overall listed assets, the situation will be much worse. "If the assets are merged, at least its performance will become part of the performance of the group's overseas listed companies, and profits will not be weighed down or damaged by the parent company," Qian Xiaoyu analyzed. "Shanghai Automotive will develop well in the next year or two. The real changes and impacts will not be reflected until two years later.†As one of the largest and most popular blue chip stocks, Shanghai Auto, one of the leading auto sector stocks, has always been held by the fund, regardless of whether it is good or bad. According to statistics, in the first quarter of this year, the fund held a total of 27.55% of Shanghai Auto's outstanding share capital, and in the second quarter, the market dropped sharply, this figure rose to 31.62%. In addition, from the fund-related data of 127 semi-annual reports, it can be seen that there were 45 funds that bought Shanghai Auto in the first half of this year, and there were 60 funds that sold Shanghai Auto. After the first half of the car price war and the resulting decline in share prices, the Fund’s perception of Shanghai Autos was severely divergent. In 2003 almost all funds were optimistic that almost all auto stocks could only become history. Some fund auto industry researchers believe that auto companies have become completely competitive markets and cannot escape the fate of falling average profit levels. Shanghai autos are also hard to keep up with; while others believe that macro regulation and control raises the threshold for industry entry and is conducive to leading the auto industry. With the development of the company, the short-term impact will not change the long-term investment value of Shanghai Automotive. Having experienced this round of macro-control baptism, the fundamental changes in listed companies have also become very tight with stock prices. Once the impact of the overseas listing of the Group begins to appear, the funds with severely divided views will surely have more or less adjustments to the industry configuration and investment strategy of SAIC Motor. When reporters called the fund manager, many fund managers of Shigekura Shanghai Automotive stated that they were in a big way. They were also the first time that they heard of the latest progress in the overseas listing of SAIC. If the situation really develops as informed sources reveal, the fund does have a good research on the fundamentals and investment strategies of Shanghai Automotive. After all, each fund has its own long-term consideration for the valuation of auto stocks, and it is precisely because of the differences of views that this market will attract people. Trainee Reporter Li Jia Shenzhen Report
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