Is Chang 'an Property Management?

On the last day of 265438+20th century, the fate of DS in China ushered in a new chapter.

On the evening of 20 19, 12 and 3 1, Changan Automobile announced that it had signed the Equity Transfer Agreement with Shenzhen Qianhai Ruizhi Investment Co., Ltd. to transfer all the equity of Changan PSA with the transfer amount of 163 billion yuan. This means that Changan Automobile will no longer hold the equity of Changan PSA. The takeover party is Qianhai Ruizhi Co., Ltd., its controlling shareholder is Baoneng Automobile Co., Ltd., and the actual controller is Yao Zhenhua, the chairman of Baoneng Investment Group.

In addition, according to the announcement previously issued by PSA and the statement made by PSA Asia-Pacific spokesperson in an interview with the media, another 50% equity of Changan PSA will also be taken over by Baoneng, which means that Baoneng will fully take over the production and sales of DS brand in China. However, after Baoneng fully took over, according to the previous statement, DS will not withdraw from the China market, but will be manufactured and sold in China, and the DS brand will formally draw a clear line with PSA Group and fully accept Baoneng's leadership.

Up to now, the Qoros brand that Baoneng took over before has still failed to make waves in the market. Although the sales volume increased in a short time, it declined rapidly in 20 19, and the personnel changed dramatically. The new car is still far away. At this time, can Yao Zhenhua and Baoneng replicate the myth set in the stock market in the automobile industry by acquiring another brand that is at a low ebb?

DS exists in name only.

Last year165438+1October 29th, Changan PSA Co., Ltd. was publicly listed on Chongqing United Assets and Equity Exchange, and it is planned to transfer Changan PSA? 50% equity. Bao Neng, who had been rumored to "take over" before, eventually became a receiver.

According to the announcement issued by Changan Automobile, Shenzhen Qianhai Ruizhi Investment Co., Ltd. submitted the registration materials to Chongqing United Assets and Equity Exchange and paid the first payment of RMB 8,365,438+0.3 million. After the transaction is completed, Changan Automobile no longer holds the equity of Changan PSA. The shareholder of Qianhai Ruizhi is Baoneng Automobile Co., Ltd., with a shareholding ratio of 65,438+000%, and the actual controller is Yao Zhenhua.

Although it has not been officially announced, the other 50% equity of Changan PSA will actually be included in Baoneng. After Changan PSA went public last year, PSA also announced plans to sell its 50% stake in CAPSA (Changan PSA) joint venture company. PSA Asia-Pacific spokesperson revealed in an interview with the media that "PSA has also signed a share transfer agreement with Baoneng, and we will also transfer all the shares in Changan PSA to Baoneng, that is, 50% of the joint venture company Changan PSA".

In short, Changan PSA will be fully taken over by Baoneng Group, and the DS brand of Changan PSA in China market has nothing to do with the parent PSA Group.

The development of DS brand in China has been struggling. Since the launch of the first domestic model of DS brand in 20 13, the sales volume of DS in China has been 2552, 23008, 2445 1,16/kloc-0, 6088, 3355 and 2000(2065 438+. The new flagship model DS9, which was originally planned to be launched in the second half of 20 19, ended in a jump ticket.

The full takeover of Baoneng means that DS has drawn a clear line with PSA Group in China market. Although DS-related executives said before that DS would not withdraw from the China market, the DS after Baoneng took over actually existed in name only.

Save DS, save guanzhi first.

On 20 15, Yao Zhenhua and Wang Shi, the former chairman of Vanke, staged a "Wanbao Debate", which made the little-known Baoneng Department famous, not only bringing Yao Zhenhua to the front desk, but also letting Wang Shi leave in a daze. Moreover, Baoneng branded Gree Electric, which provoked Dong Mingzhu to shout "If capital becomes a destroyer made in China, it is a sinner" to scare Baoneng away. Therefore, Yao Zhenhua has become synonymous with "barbarians".

Although known as a "barbarian", Baoneng has already set foot in the fields of property, finance, real estate, logistics, cultural tourism, finance and e-commerce. In 20 17, Baoneng first registered and established Baoneng Automobile Co., Ltd. with 10 billion yuan, officially entered the automobile industry, and then spent 6.5 billion yuan to accept Qoros Automobile.

However, the development of Guanzhi under Baoneng is still not satisfactory. In addition to the short-term increase in the sales volume of Qoros after taking over, the sales volume of Qoros declined rapidly, ending in an embarrassing 0 units in July this year.

After Bao Neng took over, Guanzhi also changed frequently at the personnel level. The leadership team of BAIC headed by Li Feng made a high-profile appearance and left after 1 year. After taking office, Nissan's top management team, headed by Kazuo Ando, suffered a collective rights protection incident by dealers, which also made Yao Zhenhua's reputation in the automotive field fall to the bottom.

According to relevant sources, Yao Zhenhua doesn't trust high-paid BAIC executives, and Li Feng's work is limited everywhere. Yao Zhenhua has long been interested in Japanese lean manufacturing because he chose the Japanese senior management team to enter Qoros. But today, the new car of Qoros is still tottering. Since the launch of Qoros 5 on 20 16, no new model has been released in the last four years, which has had a very serious impact on Qoros.

So at this time, when choosing to take over DS, what consideration did Baoneng decide to accept this "hot potato"?

The meaning of drunkenness is not wine?

According to public information, changan PSA lost 874 million yuan in 2018, and accumulated losses of 2.233 billion yuan in the first three quarters of 20 19. As of September 30th, 20 19, the net assets of Changan PSA were-5190,000 yuan. For Changan and PSA, today's selling is a timely stop loss. What can Changan PSA bring to Baoneng?

On the positive side, although the development of DS is very poor, we haven't let go of luxury brands before, which is a good thing. From the brand point of view, Baoneng can easily open the market with the dual brands of Qoros and ds. Although the automobile market is still in the cold winter, the share of luxury brands is still growing. If DS can gain a firm foothold in the luxury brand market, Baoneng's car-making industry can achieve "overtaking in corners" in a short time.

After all, Yao Zhenhua has publicly stated that building a car will be Baoneng's core competitiveness. According to the plan, by 2027 at the latest, the income of the automobile sector will account for more than half of the income of Baoneng Group. Even if there is no improvement in the development of DS in the short term, with Baoneng's financial resources and DS's technical reserves in electrification, the long-term development should not be too bad.

But the question is, does Baoneng DS, which has left PSA Group, still have technical reserves?

Everything has two sides, and Baoneng's acceptance may have another purpose.

At present, Chang 'an PSA owns three plots of land, namely vehicle, R&D and logistics, all of which are industrial plots with a total area of about 6,543.8+0.37 million square meters. The land area of the whole vehicle is 996 1 10,000 square meters, the built building area is 558 1 10,000 square meters, and the remaining plot ratio is 736,800 square meters. The land area of R&D Center is 300,000 square meters, the built-up building area is 47,000 square meters, and the remaining floor area ratio is 208,000 square meters. Logistics land covers an area of 700,000 square meters and has not been built.

In addition to two ready-made automakers, an engine factory and a research and development center, Changan PSA left a large area of idle land for Baoneng.

In fact, DS is not the first "tempted" brand after Baoneng took over Guanzhi. As early as the beginning of last year, Baoneng attracted the attention of Baowo in the hands of Beiqi Futian, but was finally invested by Shenzhou with 4 billion yuan to "win its love"; In the mixed reform stage of Chery, Baoneng also intended to invest in Chery, but it failed to take shape.

If we accept DS now and almost took a stake in Chery because we took a fancy to the technical reserve behind the brand, what was the motivation behind the original plan to acquire Baowo?

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.