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Fuya Group has taken another critical step in the overall control of Golden Dragon Motors. Recently, Jinlong Motors announced that the election of Chairman of the Fuzhou Group Lian Xiaoqiang was the new chairman of the listed company, and Wu Zongming, a member of the Fuqi Group, was elected as a director. This means that Fuqi Group is further strengthening its control over the operation of Jinlong Automobile after it has been controlled by the equity.
On January 30, 2014, Jinlong Motors announced that according to the requirements of the strategic development of the Fujian automobile industry, Xiamen Haiyi Group and Xiamen City’s electronic equipment company held a total of 32.7% of the total shares of Jinlong Auto. Transfer to Fuqi Group in a free transfer manner. After a series of approvals, Fuqi Group directly held 34.22% of the shares of Golden Dragon Motors and became the controlling shareholder of Golden Dragon Motors.
Next, as long as the SFC exempts Fuqi Group from the tender offer obligation, the equity transfer will be completed. At that time, Fuzhou Automobile Group will formally enter into Jinlong Automobile, and the actual controller of the listed company will also be “upgraded†by the Xiamen State-owned Assets Supervision and Administration Commission to the Fujian Provincial SASAC. Although this "upgrade" was completed under the guidance of the Fujian Provincial Government, for Fuzhou Automobile Group, the realization of the control of Jinlong Automobile is an important measure for the re-distribution of its industry.
According to the plan of Fuqi Group, after entering Jinlong Automobile, the production bases of cars and high-end light buses centered on Fujian Mercedes-Benz and Southeast China Automobiles, the production bases of large and medium-sized passenger cars centered on Jinlong Automobile and the new Longma Automobile will be completed. The industrial layout of the three major industrial clusters of the center's micro-customer and heavy-middle light truck production bases.
Most brokerages believe that the addition of Jinlong Auto will improve Fuqi Group's asset quality. Golden Dragon Motors owns a high share of the passenger car market with a net profit of 230 million yuan in 2013, which is a rare asset of Fuzhou Automobile; on the other hand, with the support of the state, Jinlong Automobile also has certain room for growth in the new energy field.
According to a report from Hongyuan Securities, it is expected that the sales volume of Jinlong Automotive New Energy Vehicles in the first half of the year will be 500-600 units, which are mainly plug-in hybrid vehicles, accounting for approximately 12% of the new energy passenger vehicle market. Once the company pays attention and the product line keeps pace, its market share is expected to reach 30%.
Based on the above judgments, the influence of the appointment of Lian Xiaoqiang on Jinlong Motors has been generally assessed by brokerage firms. The research report of Guotai Junan stated that the primary task of Lian Xiaoqiang is to improve the management and control of Jinlong Motor’s subsidiaries. With the integration of Golden Dragon Motors into the grand platform of the Fuqi Group, the integration of technology platforms between the commercial and passenger vehicles, the purchase of the common line, and the integration of Jinlong Automobile and Fujian Mercedes-Benz are all worth looking forward to.
