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The Chinese auto industry in August was as hot as the weather.
Two major Chinese automobile groups that are implicated in mergers and acquisitions, Changan Automobile and Beijing Automotive Group, have become the focus. The difference is that Chang’an Automobile is savoring the aftereffects of cross-regional merger and reorganization frictions, and BAIC Group has eagerly raised the banner of cross-regional merger and reorganization.
In the story of marriage and divorce, more people are only concerned about the parties. In fact, in the story of mergers and reorganizations in August, the protagonist was not the bride and groom nor the couple who was preparing to divorce, but the “parents†behind them. It was the government departments of Jiangxi Province that came up to solve the disputes between Changhe Automobile and Changan Automobile; it is still the government department of Jiangxi Province to promote the future of Changhe Automobile out of the predicament and seek to walk on two legs. In the story of BAIC Group settled in Zhenjiang, the Zhenjiang government department was even more powerful. If there is no local competent authority to solve the problem of vehicle production qualification, this move of Zhenjiang has little meaning for BAIC Group. Eventually BAIC Group will abstain from falling into Zhenjiang.
From another perspective, local authorities are more concerned with the introduction of large auto groups as partners. With what kind of power is driving, local authorities will be so "labor and labor"? Economic transformation is one of the factors. The original land finance model cannot be sustained, and local governments need to introduce industries with stronger industrial chains. Automobiles are the unwilling choices. Thus, in the industrial vision of Jiangsu and Jiangxi, we have seen the thinking of the automotive industry. Jiangsu Province proposed to continue to expand joint ventures and cooperation, encourage domestic and foreign powerful automobile groups to participate in the merger and reorganization of Zhenjiang automobile manufacturing enterprises, and promote Zhenjiang automobile industry restructuring and transformation and upgrading. Jiangxi Province, which already owns the automotive industry, hopes to introduce a powerful auto group on the one hand, and hopes to integrate provincial resources on the other.
Before the various local governments threw out the olive branch of cooperation, the relevant national policies further promoted the cross-regional merger and reorganization of car companies. Earlier this year, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued the "Guidance Opinions on Accelerating the Promotion of Mergers and Restructuring of Enterprises in Key Industries." Nine industries including automobiles were listed as mergers and acquisitions. It is understood that if the current car companies want to set up factories in different places, they must merge and reorganize the local enterprises with auto manufacturing qualifications; otherwise, the construction of new plants in different places is less likely to be approved. Vehicle companies that are eager to expand can only look for shell resource companies, especially those who have the qualification for vehicle production but who are not well-off.
However, mergers and reorganizations are not always smooth. Changan Automobile and Changhe Motor have become the common victims of unhappy marriages. The onlookers watch lively, and the people who are interested are drawing lessons from it. In the successful cross-regional mergers and acquisitions of BAIC Group, none of them involved the subsidiaries of the Central Enterprise Automobile Group. Its mergers and reorganizations are mostly local auto companies or private auto companies. These companies have obvious common features: they have the qualifications, production bases, and sales channels for the entire vehicle that Beijing Automobile Group needs, but they will not be too tough and cause fierce conflicts. In addition, the government power behind these companies cannot be overlooked. Due to eagerness to expand the automobile industry, local governments often open up attractive conditions for attracting investment.
In previous large-scale cross-regional mergers and acquisitions, cross-regional mergers and acquisitions between central enterprises were often difficult to succeed. The cross-regional cooperation between SAIC and SAIC Group has become a few successful cases. Apart from SAIC Motor’s principle of “win-win†as its cooperation, the support given by the local government after cooperation cannot be ignored.