JAC Released Clarification Announcement "Daan Automobile" Hopelessly Restructured in Three Months

Since the "Auto Industry Adjustment and Revitalization Plan" was announced earlier this year, mergers and reorganizations have become a major trend in the automotive industry, but the process of reorganization between specific companies is often unexpected. Recently, there are more and more rumors about the restructuring of Jianghuai and Chery, and more optimistic news that the two parties will complete the reorganization before the end of the year. In view of this situation, on July 29, Jianghuai Automobile again issued a clarification announcement on the reorganization of Chery.

Restructuring hopeless within three months

Jianghuai Automobile announced that it is expected that within the next three months, there will be no sensitive matters such as asset restructuring, equity transfer, and stock issuance between Jianghuai Automobile and Chery Automobile; as of now, the actual controller of the company has not studied and formulated the market Rumors about the restructuring plan of Jianghuai Automobile and Chery Automobile.

This is another clarification of Jianghuai Automobile's reorganization after it issued a clarification announcement on June 2 this year. In the June 2 announcement, Jianghuai stated that the company has no restructuring plan with Chery Automobile. However, given that the company and its controlling shareholders are all state-owned holding companies, it is not yet possible to predict whether there will be related restructuring activities in the next three months. Obviously, compared with this "clear and unclear" announcement, Jianghuai announced this week that the announcement points more clearly.

Jianghuai Automobile's position at this time made the plan to form Daan Steam in Anhui Province more confusing. Since May of this year, various news about the reorganization of Jianghuai and Chery has become a hot spot in the industry. Jianghuai Automobile clarified this time and began to cool down the “Daan Steam” reorganization event in Anhui Province.

Restructuring is an industry trend

At present, the most cited by all walks of life is the Anhui Provincial Government's "Automobile Industry Adjustment and Revitalization Plan" (hereinafter referred to as the "Planning"), which proposes: to promote the development of the automobile industry in Anhui by vigorously promoting various measures such as the joint reorganization of auto companies. We will intensify reforms and support the joint restructuring of Chery, Jiangjiang, Hualing, Changhe, Yangzi, Quanchai, etc. in accordance with market principles in order to form an auto enterprise group with a capacity of more than one million cars.

The "planning" even formulated a timetable for the implementation of the reorganization of the automobile industry: the Anhui Provincial Economic and Information Commission formulated the plan for reorganization, and the Anhui State-owned Assets Supervision and Administration Commission formulated specific reorganization plans. The implementation time is December this year.

Jianghuai Auto did not evade the "plan" promulgated by Anhui Province, but argued in the announcement: "Planning" did not propose specific joint reorganization of auto companies; Anhui SASAC will actively support and support the requirements of the provincial government. Encourage auto companies in the province to promote joint restructuring in accordance with market principles.

This argument is in line with Jianghuai Automobile's previous statement when interviewed by reporters. On July 19, deputy general manager of the Jianghuai Automobile Dai Maofang said in an interview that reorganization is a major trend in the industry, but it should respect the laws of the market and respect the opinions of two mainframe factories (Jianghuai and Chery).

The joint prospects of the two strong are unknown

It is worth noting that the "planning" and Jianghuai Automobile's announcement have been referring to "joint reorganization" rather than "merger and reorganization", confirming the news that "the reorganization of Chery and JAC does not exist "who eats whom"". Analysts pointed out that in the context of the irreversible trend of restructuring, based on the different demands of the parties on restructuring, the restructuring of Chery and JAC will take longer to complete.

According to sources, currently Jianghuai is in a strategic transition period from commercial vehicles to passenger vehicles, and it is on the road of rapid development. The performance has a large space for growth. Therefore, the company’s top executives do not think it is a suitable time for reorganization. Chery Automobile is also actively implementing the A-share IPO plan, which means that once the listing is successful, Chery’s overall market value will have more room to rise, so Chery may not be too eager to restructure.

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