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On October 17, Zeng Qinghong, general manager of GAC Group, reorganized my first response and the first one I took in 2013 at the Global Automobile Forum, and once again pushed the reform of the automobile industry policy to the cusp of public opinion.
With the current “Development Policy for the Automotive Industry†(2004 revision, amended in 2009) is about to usher in the tenth year of implementation, many new problems encountered in the automotive industry are difficult to find in the policy, and we look forward to the new automobile industry. The voice of the policy is also growing.
There is no suitable policy for the dream or opportunity of a strong automobile country
At the main forum of the 2013 Global Automotive Forum held on October 17th, Zhu Fushou, general manager of Dongfeng Motor, and Zeng Qinghong, general manager of Guangzhou Automobile Group, mentioned in unison that in the new market environment, the automobile industry should introduce new industrial policies as soon as possible.
Zhu Fushou believes that at the stage when the Chinese auto industry enters a strategic opportunity, it is not always an opportunity for the auto industry, auto companies, and auto brands. “Choice is the opportunity, and choosing the wrong is the elimination.†He pointed out that From a policy point of view, without a targeted development policy, the dream of building a strong automobile country will lose opportunities in this cycle.
Having experienced the “tough pains†in the acquisition of Changfeng Automobile, Zeng Qinghong bluntly stated, “I hope the new industrial policy will come out as soon as possibleâ€.
“Regroup my first response. I was the first one to be taken. Why? GAC acquired 29% equity of Changfeng and said that it does not affect the listing of GAC A-shares. As a result, I collected 29%. After finishing the collection, I submitted the information to the SFC. The China Securities Regulatory Commission said no, you compete with the industry, and it is not okay to go public. How to do it? Continue to collect, plus 600 billion yuan, I spent a lot of money to collect. What kind of policy? How to do after the end of the assets? What tax? It's a big problem."
In an interview with Tencent Auto, he said that there should be an overall policy introduced, rather than a separate fiscal policy, fiscal and taxation policies, or else the policy could not be implemented. "We cannot meet the same kind of problems when individual policies are implemented. For example, we must encourage the reorganization to have corresponding policies to keep up." Zeng Qinghong told Tencent Automobile.
Zeng Qinghong disclosed that “it is now heard that the new automobile industry policy is still in the ministries and commissions, and is still in the State Council.†This year marks the 30th anniversary of the automobile joint venture, and the joint venture auto companies are facing a new topic of 30-year joint venture expiration and reorganization. When industrial policy can be introduced into the industry has become a new focus of attention of the industry.
The issue of “opening of joint venture shares†should be mentioned on the agenda
"50:50 Joint Stock Ratio" is a unique policy for China's auto industry policy. It has been used for the protection of domestic auto companies since the initial stage of China's auto industry development.
In recent years, discussions about whether to liberalize the joint venture ratio have been heard in industry forums. At the China Automotive Industry Development Forum held in Tianjin last month, Zhang Xiaozheng, vice president of the China Federation of Machinery Industry, told Tencent that the 50:50 stock ratio requirement was also stipulated under certain conditions. “Under the new conditions, especially the opening up of our capital market, you are listed in Hong Kong. What do you say? The definition of the so-called domestic funds and offshore funds should also have new defining methods.â€
At this session of the Global Automotive Forum, Chen Lin, Commercial Counselor of the Department of Foreign Investment and Economic Cooperation of the Ministry of Commerce, clearly stated at the on-site discussion session that "this issue should be mentioned on the agenda."
He believes that Chinese auto companies have begun to go out. More and more Chinese auto companies invest overseas to build factories and acquire companies. There is no equity limit outside of China. In China, due to the national policy, this restriction will exist. Policy imbalance.
"So I think from the perspective of the enterprise, we must also consider whether there will be room for development of our company once the stock ratio is opened in the future. Can we go on? From the government's point of view, I also propose from a personal point of view. Should study this policy, including if this policy is to be established, how much influence will it have on our domestic companies, including our automotive industry organization, should do a profound study of this issue, so that we will not end up Once liberalized, government management, business survival will cause a series of problems." Chen Lin said.
In an interview with Tencent Auto, Mr. Wang Dalong, chairman of Chunhui Capital, said that the current goal is to completely liberalize the equity ratio. "Fully open, not necessarily beneficial to the characteristics of the development of domestic large companies." He told Tencent Automobile.
Qi Xuezhong, general manager of GAC Gonow, said that if China liberalizes its equity ratio, it will be detrimental to state-owned enterprises and it will be 100% powerful for private enterprises.
In the opinion of Yan Xuezhong, if all shares are opened, foreign models will have more new models and more talents will come to China. With private companies having a flexible system, they will be able to find such resources that can be used by private enterprises and accelerate the pace of development of private enterprises.
If after the 50:50 joint stocks ratio is released, whether the joint venture parties can stop the renewal of the contract after the expiration of the cooperation, Chen Lin believes that this is an independent decision by the companies of both parties, and the government will not impose any rigid rules. “Individuals believe that the government will not stipulate that companies cannot continue their work after 20 years. Are they continuing to form a joint venture? It is up to the companies to make their own decisions.â€
Mergers and Acquisitions Are Being Spurred by Industry's New Industry Policy