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Although the overall listing of China's SAIC Group may become one of the world’s most eye-catching IPOs (IPOs) in the next two years, it is clear that this road to IPO is still very far away – the overall IPO plan is still conceived so far. In the changes, there may be clear answers on the specific issuing locations, listed assets, and the total amount of funds raised, etc., at least 1 year later. "The overall listing of the SAIC Group is indeed in the making." SAIC spokesman Xue Hao said, but he said that there is no clear place to issue and raise the total assets of the statement. In April 2004, Hu Maoyuan, President of SAIC Group, stated at the shareholders meeting that SAIC Motors was considering the overall listing plan and there were three types of plans: First, diversification of equity, introduction of strategic partners, and overseas listing; Hong Kong or New York is listed overseas; the third is listed on domestic A shares. According to the “Financial Timesâ€, after Hu Maoyuan disclosed the overall listing plan in April, SAIC Group has taken the lead from the general manager’s office to coordinate the overall listing of the group. However, it is still in the stage of closed internal audit of assets. Although no fewer than five investment banks, including internationally renowned investment banks such as Citigroup, Credit Suisse First Boston, Goldman Sachs, Morgan Stanley and UBS, Bank of China International Investment Group and China International Capital Corporation, received applications from the SAIC Group for listing advisors. Qualification invitations, but so far, these investment banks have not been allowed to enter SAIC internal asset audit procedures. In 1997, Feng Hanhua, a Shenyin Wanguo analyst who successfully underwritten SAIC's domestic A-share listed company Shanghai Automotive (600104) IPO, said that Shenyin Wanguo also received an invitation from SAIC to apply for listing consultancy qualifications. According to the analysis, it has been several months since SAIC considered going overseas or going public in the country. However, all current assumptions are limited to directional and far from the specific operational level. After completing the current audit of the company’s internal operating assets and non-operating assets, it is also necessary to carry out the transformation of the corporate structure to strip off the operating and non-operating assets; thereafter, it is necessary to cooperate with foreign car dealers, such as the public. , GM, Visteon, Volvo and other communications and negotiations - because it will involve the sensitive issues of future information disclosure of listed companies, SAIC must first notify and obtain their support for their listing. To complete this process, even if it goes very smoothly, it will take at least 1 year. Therefore, the overall listing of SAIC will enter the operational level at least at the end of next year. It is clear that Hong Kong, New York, or the mainland, choose different listing consultants will produce different issuance of the tilt. Feng Haihua of Shenyin Wanguo Guo believes that choosing to go public through the domestic A-share market will best integrate the resources of Shanghai Auto (6000104). Feng believes that although the selection of mainland listings must theoretically require restructuring, restructuring, counseling, and application and issuance, it will be at least three years ahead of the SAIC Group's waiting time limit. However, if the domestic largest car manufacturer, such as SAIC, chooses to go public on the A-share market, it is likely to receive special approval from the government. This is expected to greatly shorten the time to market. In fact, because Shanghai Automotive (600104) has always been a heavyweight company in domestic institutions, a considerable number of domestic institutional investors are reluctant to see the drag on A shares of Shanghai Auto (600104) due to the overseas listing of SAIC, so what they expect This is the so-called cloning "Wu Gang Model". In other words, Shanghai Auto will use the A-shares issuance to increase the assets of major shareholders so as to achieve overall listing of A-shares. However, mergers and acquisitions experts believe that there are technical difficulties in this approach – the difference in asset size between SAIC and Wuhan Steel Group. At present, SAIC has more than 100 billion yuan in total assets, net assets of more than 50 billion yuan, and annual sales revenue of 97.3 billion yuan. The total assets of Wuhan Iron and Steel Group is only about 50 billion yuan, and the net asset value of listed companies is within 10 billion yuan. In addition, the A-share market also has the problem of expansion of the stock market caused by the scale of financing. Similarly, experts believe that choosing an overall listing in New York has both advantages and disadvantages. From a year ago SAIC Motor’s shareholding in Daewoo to Monroe’s hand in hand a few months ago, and a series of recent capital moves such as the acquisition of South Korea’s Ssangyong, its internationalization strategy has become apparent. Listing in New York will not only greatly enhance the company's image, but also provide financial guarantee for SAIC Motor’s further international expansion in the future. However, listing in New York means that it will directly compete with multinational giants such as GM, Ford, and Toyota in the capital market. Although SAIC has just entered the “Fortune†world top 500, but according to its current strength, it is just like in New York’s capital market. A 3-4 year-old child is fighting against GM and other 30-40 year olds. This is not necessarily a good thing for their corporate image. In contrast, Hong Kong seems to be the best choice for SAIC's overall IPO. However, Hong Kong's listing has yet to touch the Chinese government's industrial policy problems. Once SAIC Motor is listed in Hong Kong, which is fully circulated, the Chinese government has painstakingly managed the 50:50 industrial policy of Sino-foreign joint ventures for many years and will no doubt be stifled. Therefore, SAIC's Hong Kong IPO policy approval will become very sensitive. Although in the near future, domestic three major auto groups including SAIC, including Dongfeng and Changan, have proposed plans for Hong Kong IPOs, according to unconfirmed news from government authorities, the government is likely to only approve one in Hong Kong. Listed as a "pilot". Will the government agree to use SAIC Group, which has the best asset quality, to do this "pilot"? This will undoubtedly hinder SAIC's Hong Kong IPO. Which assets are packaged and listed? From the SAIC Group figures, the Group’s current operating assets include 7 automakers (Shanghai Volkswagen, Shanghai GM, Shanghai GM Wuling, SAIC Yizheng, Sunworth Bus, Xingfu Motor, Shanghai Tow) and 61 parts suppliers. (The vast majority are joint ventures), a listed company Shanghai Automotive (6000104); there are also subordinates such as: Shanghai Automotive Sales Corporation, Shanghai Pan Asia Automotive Technology Center, SAIC Engineering Institute, SAIC Import & Export Corporation, SAIC Development Corporation, SAIC Asset companies and other 10 service companies. Shanghai Automotive (600104), which was listed on the Shanghai Stock Exchange in July 1997, was based on the former Shanghai Automobile Co., Ltd. and was restructured through asset stripping and restructuring. Its initial asset was Shanghai Automotive Gear Factory, which was specially designed for the Shanghai Volkswagen Santana. transmission. Later, 20% of Shanghai GM’s shares and 100% of SAIC Yizheng’s shares were acquired by listed companies. In 2003, SAIC's operating income reached RMB 97.3 billion and its profit reached RMB 8 billion. The sales revenue and profit of 7 OEMs, 61 component companies and listed companies accounted for 95% of the total economic output of the group. More than 60 of these profit-making companies are Sino-foreign joint ventures. The partners include more than 30 global automobile companies and parts and components companies such as Volkswagen, General Motors, Volvo, Visteon, and Delphi. The SAIC’s overall listing will eventually take over which of the above assets, how to sort out these complicated Sino-foreign property rights relations, and how to handle the asset relationship with the A-share listed companies will all be detailed and complex issues.
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