At the beginning of the Year of the Dragon, in the bustling and modern Hualin Road of Fuzhou, the No. 212 Fujian Auto Group (hereinafter referred to as “Fuzhou Group”) complex, which has been quiet for three years, has been bustling again. A group of guests from Beijing have re-emerged three years later. Visited this compound. Three years later, although it has been refurbished, the courtyard is still the same courtyard as before. The world outside the yard has undergone earth-shaking changes. This yard has once again become a place where investors are chasing.

It seems that the first time Longyear entered the yard was BAIC Group. According to informed sources, “Beijing Auto Group executives did have some contact with Fuzhou Group and Fuqi Group, and the Fuqi Group's attitude suddenly took the initiative to change the 'cold face' of the past, but it has not yet been 'contacted' The results of the negotiations."

For Beiqi, after a three-year re-acquisition of the Fuqi Group's contacts, an insider close to Beijing Auto's senior management told the reporter: “Actually, these three years, we have never given up on the acquisition of Fuqi, and we have been waiting for an opportunity. "But at the end of the year, there was news that Guangzhou Gas and Dongfeng had contact with Fuqi outside Beijing Auto. Fuqi has once again become the fragrance of the three major auto companies.

Dust for three years

As early as three years ago, Beijing Automotive Group and Fuqi Group had in-depth negotiations and signed a preliminary agreement. In July 2009, the two parties had even initialed a cooperation agreement. Fuqi Group transferred 40% of Fujian Daimler’s shares to Beiqi, and Fujian Daimler’s shares ratio was therefore changed to 40% by BAIC and 10% by Fudan, Daimler. Light Automotive (Hong Kong) Co., Ltd. holds 50% of the shares.

According to the sources who had contacted the negotiation in the past, it was originally Daimler who was seeking to achieve a unified purpose of North-South Mercedes-Benz (Southern Fujian Daimler, North Beijing Benz). During the negotiations with Fuqi Group, This led to the intention of a full-scale acquisition. At the time, Fuqi Group also accepted this idea in principle. Afterwards, Double Easy began to study the new overall reorganization agreement, and the agreement for the transfer of Fujian Daimler's shares was no longer able to meet the need for full cooperation between the parties, and thus it was over.

The reason why the outside world reported that the acquisition failed was that the intervention of GAC Group caused a significant increase in the price tag, which caused Beiqi's original RMB 500 million purchase price code to no longer satisfy the appetite of Fuqi Group. However, the reporter found behind the story that traced the dust for three years and found that behind the suspension of Beiqi's acquisition of Fuqi Group's project may no longer be the view that the level of price tag is not uniform. But what is behind the dusty story?

Perhaps the next story is only a coincidence. In December, the news that BAIC reorganized the Fuqi Group suddenly disappeared. Sun Chunlan, secretary of the Fujian Provincial Party Committee, who just arrived on the fourth day of the tour, visited the Minhou Qingkou Automobile Industrial Park and inspected the southeast cross-strait cooperation and international cooperation. The automobile, Fujian Daimler, Sun Chunlan seems to be using his own actions to suggest that Fujian Province can develop its own automobile industry.
On November 30, Sun Chunlan was formally appointed as Secretary of the Fujian Provincial Committee of the Communist Party of China. Prior to this, Sun Chunlan was the vice chairman of the All-China Federation of Trade Unions, the first secretary of the Secretariat, and the party secretary. According to a person familiar with the restructuring of Fuqi Group, Sun Chunlan had already begun to care about the automobile industry in Fujian Province and had a deeper understanding of the situation of Fuqi Group. Therefore, the Fuzhou Automobile Group was suspended after the reorganization. Then Sun Chunlan will immediately visit the company's two major joint ventures, Dongfang Automobile and Fujian Daimler, for four days. At that time, if BAIC wanted to reorganize its blessing for Fuzhou to gain local government support, it might have hoped that the acquisition would only be suspended, and the already-convened Fujian Daimler share transfer agreement would also be followed.

It is understood that at that time, Fuqi Group had no suspense in its national fate to accelerate the reorganization of the auto industry, and the reorganization of the dominant companies had reached a consensus at the decision-making level, and most media outlets at that time were such an attitude. In early 2009, Chairman Lim Xiaoqiang of Fuqi Group also mentioned the reorganization issues at the meeting several times after he took office. The new owner is one of the second among GAC and BAIC.

However, on October 30, 2009, at the time when Sun Chunlan was about to take office, Fujian Province promulgated the Implementation Plan for the Adjustment and Revitalization of the Fujian Automobile Industry, which defined the importance of cooperation between Fujian and Taiwan (Fujian and Taiwan). Fujian and Taiwan will jointly build an automotive vehicle and parts industrial base. It can be seen that the Fujian government began to abandon the idea of ​​restructuring and instead supported the independent development of Fuqi Group.

At this time, the best time for BAIC to acquire the Fuqi Group has been fleeting. The restructuring case that was already nearing the end of the report has come to an abrupt end. The miscellaneous reasons for this are difficult to fully restore.

The opportunity reappears

No wind, no waves, and perhaps new acquisition opportunities have emerged. 2011 was the year of adjustment of the Chinese auto industry. The overall auto market fell. Sales of the Daimler Group and Southeast Auto Group of Fuzhou Automobile Group were weak and the pressure was relatively high. Under the general trend of reorganization of the country's industries, it was reorganized and placed in front of Fuqi Group again. From the perspective of Fuqi Group's proactive attitude toward Beiqi, the Fuqi Group seems to have begun to loosen up on its stand of independent development.

"Although Beijing Automotive's acquisition of Fuqi Group has now officially entered everyone's horizons, the real stirring of this game is the rumors of Dongfeng's acquisition of Fuqi Group six months ago." A few days ago, some media sources said.

Because of Dongfeng Yulon’s relationship, media at the time said that Dongfeng may take advantage of “political incumbency” to reorganize South East Motor Co., Ltd., which is a joint venture sample of cross-strait joint ventures (China Map Co., Ltd.). It is understood that Taiwan Yulon has a cooperative relationship with Dongfeng and Fuqi Group. Yulon Motors, a joint venture with Dongfeng Motor, and China Motors, a joint venture with Fuzhou Automobile Group to establish Southeast Automotive, are all subsidiaries of Taiwan Yulon Group. At that time, it was reported by the media that Dongfeng’s appetite was not only Southeastern Automobiles, but intended to take over Fuqi Group in its entirety.

Obviously, similar to Guangzhou Automobile and Beijing Automotive, Dongfeng's participation in the Fuqi Group is also a bridge joint venture partner. However, afterwards, Dongfeng Group Chairman Xu Ping denounced the contact with Southeast Motor.

“Daimler is a cooperative partner of BAIC and Fuqi Group. Daimler hopes to realize resource integration in the Chinese market. Mitsubishi is a cooperation partner of GAC Group and Fuqi Group. We hope Mitsubishi brand will have a good presence in the Chinese market. Development.” The aforementioned observers, when recalling the story of the year, believe that Daimler and Mitsubishi also played a role as matchmakers in this “do not do a good job”. It is similar to Beiqi's acquisition of Fuqi Group through Fujian Daimler, and Guangzhou Automobile is taking the opportunity of Southeast Motor. The two companies originally hoped to integrate their joint ventures and merge their joint venture partners into one (Beijing Benz and Fujian Daimler, Guangzhou Automobile Changfeng and Southeast Automotive), and finally they all came together to compete for the entire bus. The Group’s acquisitions came from the beginning of 2009 to the end of 2009. After two months of infighting in Fuzhou, they both failed to return.

However, the situation has changed and the situation has shifted. Fuqi Group has also been reluctant to open its doors. The Beiqi Group, which faced stringent funding, has grown rapidly in three years and achieved an upward trend in 2011. In 2011, BAIC Group sold a total of 1.541 million vehicles and achieved operating revenue of RMB 200.97 billion. The timing seems to be turning again to Beijing Automotive Group and turning to Xu Heyi.

According to the plan, by 2015, the production and sales volume of BAIC Automobile will reach 3.5 million, and the main business income will reach 400 billion yuan. “The large scale of mergers and reorganizations is a more convenient way for Beiqi to achieve the 'Twelfth Five-Year' target. Rebuilding the layout of the Fuqi acquisition project three years ago in the southeast is undoubtedly a big move.” A person who has observed the development history of Beiqi for many years This analysis.

Although reporters did not get a clear answer when calling Beiqi executives, all signs show that Beijing Auto seems to be taking the initiative in this round of reorganization of Fuqi Group. However, the reporter was informed that in the past six months, GAC Group’s responsible person responsible for major investment projects and its subordinates have frequently appeared in Fuzhou City (where Fuqi Group is located). The actions of high-level GAC executives are confusing: GAC has never given up its acquisition. Fuqi Group has been working hard.

The re-emergence of Guangzhou Automobile has added more unknown variables to the acquisition of Fuqi Group by BAIC. Next, the Fuhua Group's story of who will be played will continue to be interpreted.

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