The detailed plan for the overall listing of SAIC Motor, one of the three largest auto giants in China, was formally announced on the 29th. Vehicle assets worth 19 billion yuan such as Ssangyong, Shanghai GM, Shanghai Volkswagen, SAIC Motor, etc. were all injected into G SAIC (600104), and SAIC achieved overall listing. . This is the second overall listed auto giant following Dongfeng.
According to the disclosure, G. SAIC will issue 3.275 billion additional shares to its parent SAIC, add 15 non-key parts companies and acquire the assets of 16 SAIC’s companies. After the issuance, SAIC shares held by SAIC will increase from 67.66% to 83.83%.
There were a total of 16 assets purchased, including the equity of 11 automobile companies such as Shanghai General Motors, the equity of 3 key parts and components companies including Dongyue, and SAIC Finance and SAIC Building, for a total of 21.203 billion yuan. There are 15 assets, worth about 2.3 billion yuan, which are general parts and components companies.
For the market, it was the ownership of 11 vehicle companies, which were 30% equity of Shanghai GM, 50.098% equity of SAIC-GM-Wuling, 25% equity of Dongyue Automobile, 25% equity of GM Beisheng, and 50% equity of Pan-Asian Technology Center. 50% of Shanghai Volkswagen, 50% of SAIC Volkswagen, 48.917% of Shuanglong Auto, 60% of SAIC Motor, 50% of Shanghai Shenwo and 80% of Pengpu Machinery Plant.
G. SAIC said that after the transaction, G. SAIC will transform from a listed auto parts company to an entire vehicle company. It will have a wide range of products for passenger cars and commercial vehicles and it will be the largest auto market share in the two cities.
Shenyin Wanguo Securities analyst Wang Zhihui believes that more realistic is that G SAIC's performance will increase rapidly. It is predicted that after the completion of the asset integration, this year's G SAIC main operating income will reach 111.124 billion yuan, net profit of 2.523 billion yuan, an increase of 32.6%.
Gu Feng, deputy manager of SAIC Asset Management Department, said that the entire vehicle business is the focus of SAIC Motor’s business. If the transaction can be successfully implemented, SAIC Motor’s entire vehicle business will enter. Gu Feng also said that the injection of the large-scale vehicle business will enable G SAIC to achieve a larger scale.
View related topics: SAIC commercial vehicle expansion
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