“50% equity transfer of Shanghai Automotive Industry Hudong Sales Co., Ltd.â€, “overall transfer of four automobile repair service storesâ€, and “transfer of production items for Quanjiao automobile transmissionsâ€... on the electronic bulletin board of Shanghai United Assets and Equity Exchange The red transfer information quietly scrolls on the screen and the word “car†appears in it from time to time.
Luo Xinyu, spokesperson and member general manager of the Shanghai United Assets and Equity Exchange, told the reporter: “The property rights transaction method has gradually become one of the important ways for many companies to achieve financing and strategic transformation. The scale of property rights transactions in the auto parts industry has developed rapidly, especially Vehicle property rights are the most frequently traded property rights for the maintenance and sale of corporate property rights."
â– Trade occurs when industry differentiation involves multiple ownership
Luo Xinyu enumerated a series of data to reporters and showed that since 2004, the Shanghai United Assets and Equity Exchange has dealt with property transactions in the auto parts industry. From January 2004 to September this year, there were 394 transactions in property transactions in the auto parts industry involving 5.858 billion assets. Among them, 2004 was the year of the auto parts industry's property rights transaction, involving 127 transaction cases with a transaction value of 1.807 billion yuan. Since 2005, the number of property rights transactions in the auto parts industry has basically stabilized at around 70 cases per year, but the scale of assets involved has gradually increased from 379 million yuan in 2005 to 2.441 billion yuan in 2007.
In the case of property rights trading in the auto parts industry over the years, there is a large division between different sub-sectors. Judging from the number of transactions, the service industry segments in the auto parts industry have become popular in property rights transactions. In 2004, a total of 301 transactions were completed, accounting for 76% of the total transaction volume, which is much higher than the 34% of the manufacturing industry. In the service auto parts industry, the maintenance industry and the sales industry took the lead, with 106 and 130 transactions concluded respectively. Judging from the transaction value, the service auto parts industry and the manufacturing auto parts industry are basically in balance. The auto parts service industry, parts manufacturing industry and parts manufacturing industry account for the top three with the transaction value of 1.87 billion yuan, 1.515 billion yuan and 1.534 billion yuan respectively.
According to the staff of the Shanghai United Assets and Equity Exchange, among the assets of the auto parts industry that have completed transactions, private assets are the main assets, and the transfer of some state-owned and collective assets is also involved. The scale of public assets involved in the transaction is relatively large, and transaction procedures are also more complicated and complex.
Luo Xinyu told reporters that the transferors and transferees involved in property rights transactions in the auto parts industry also include enterprises of different ownership systems, including joint ventures. He specifically cited the case in which Shanghai Automotive Co., Ltd. agreed to acquire the Japanese-owned parts and components manufacturing company, Shangshi Automobile Development Co., Ltd., in property rights in the Shanghai United Assets and Equity Exchange in June 2007.
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â– Trading is affected by many factors
“Deterioration of the living environment is the main reason for the emergence of property rights transfer in the auto parts industry.†An industry expert commented that “not only the auto parts industry itself is facing huge cost pressures, but also due to the shrinking market due to the needs of the upstream supporting companies, many Auto parts manufacturers encountered internal and diplomatic difficulties, and some companies were unable to continue and had to transfer property rights to exit the market,†said Wang Shaohua, sales manager of Sichuan Ningjiang Precision Industry Co., Ltd., which confirmed this view. He told reporters: "Some automotive companies have already considered adjusting production plans. This has a huge impact on the entire parts and components industry."
Yuan Chunhui, an analyst at Inner Mongolia Securities, believes that property rights transfer is an important way for companies to solve financing problems. Frequent property rights transactions are a reflection of financing difficulties faced by the auto parts industry. He said: "Financing difficulties and slow withdrawal of goods are common problems faced by many parts and components companies, especially the pressure on SMEs' capital chain. "According to Yuan Chunhui, property rights transfer may be a business for auto parts companies. The helplessness of the bail-out may also be an initiative to expand the financing channels.
In addition, property rights trading is a new way for both parties to transfer and transfer, and to seek industrial restructuring and asset restructuring. Luo Xinyu told reporters: “Some of the transferors introduce new shareholders through the transfer of property rights, which is conducive to perfecting the property rights structure. Some transferors divorce their non-core businesses or non-core businesses by transferring certain business modules to achieve asset optimization and concentrate their efforts on For the transferee, the property rights trading market is a quick platform for expanding production capacity and optimizing the layout. For example, some vehicle companies have improved their own supporting systems by taking over auto parts companies' property rights.â€
"In addition, some of the powerful companies have also entered the auto parts industry through property rights acquisition," Luo Xinyu added. His words are reminiscent of Xugong, Midea and other construction machinery and home appliance companies through the property rights trading, to enter the field of commercial vehicle initiatives. Since 2003, the "blowout" development of the Chinese auto market has made auto-related industries a hot spot for investment. Despite the changes in the situation, many capitals are still full of expectations.
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â– Property rights trading promotes auto parts industry to increase concentration
"The auto parts industry is fiercely competitive. Property rights trading continues to promote the auto parts industry to develop to a higher degree of concentration, which is conducive to the optimal allocation of resources and the overall level of the industry." Luo Xinyu said. He also introduced that in the transfer of property rights in the auto parts industry, the method of agreement transfer is relatively common, because the auto parts industry itself has a relatively high technical content, and the overall turnover of the industry is dominated by the majority.
Luo Xinyu said: “According to the property nature of the subject matter, the gradual reduction in the proportion of state ownership and the diversification of ownership is a clear trend. Of course, this trend also occurs in industries other than the auto parts industry. This is in other property rights exchanges across the country. In the changes that have occurred."
“The increase in the number of property rights transactions in recent years reflects the gradual recognition and recognition of property rights trading methods by companies. Property rights exchanges provide a good platform for information disclosure and value discovery for both parties to the transaction. At the same time, as a third party, they can make transactions safe, Standardized and orderly progress," Luo Xinyu told reporters.
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