My 1999

After finalizing the future development strategy of Hynix and Xu's future layout in South Korea, the two went to Hynix's industrial park together.

They walked around the factory, talked with the company's senior management, and had dinner together.

The next day, he took the company's senior management to do a team building, and Xu Liang's inspection of Hynix ended.

As the helmsman behind the scenes, he only needs to make sure that Hynix's strategy is not problematic, the company's management has no major twists and turns, and there are no loopholes in the financial fundamentals. The rest can be handed over to Sun Mingzhen and Hynix's senior management.

…

"Torch and Wanxiang join hands to create a world-class auto parts giant." - Sina.

"The birth of China's largest auto parts giant." - CCTV Finance.

"Strong alliances create a new legend in China's auto industry." - NetEase.

"A monopoly giant that occupies 45% of China's auto parts industry." - Southern Evening News.

Xu Liang flipped through the online reports.

The negotiations between Torch and Wanxiang have been going on for more than two months since May.

The two sides held different opinions on the acquisition method, payment method, and management, and the debate was very intense.

Lu Guanqiu also called him frequently.

Now the dust has finally settled.

In general, Wanxiang Qianchao's development is still very good.

The mid-year report that was just released shows that.

Wanxiang's total assets are 4.908 billion Chinese yuan.

Shareholders' equity, that is, net assets are close to 1.7 billion Chinese yuan.

The total revenue in the two quarters of 2007 was 3.25 billion Chinese yuan, and the net profit of the main industry was 243 million Chinese yuan.

In contrast, Torch Group's three major businesses, Torch Auto Parts, Torch Power Tools, and Torch Garden Machinery, had a total revenue of 7.97 billion Chinese yuan in the two quarters of 2007.

Because of the acquisition of the American Maury Company, the American garden machinery market alone provided the company with sales of 470 million US dollars.

In terms of auto parts, Torch Auto Parts is undoubtedly the largest auto parts giant in China, and its business scale is even larger than Wanxiang.

The result is that Torch Group's business revenue is almost 2.5 times that of Wanxiang.

In terms of net profit, Torch Group's integration is not satisfactory, slightly weaker than Wanxiang.

But there are also 554 million Chinese yuan.

Both parties are in the machinery industry, and the valuation is relatively good.

The total market value of Wanxiang Qianchao, which was listed in 1994, is 32.7 billion Chinese yuan.

According to the agreement reached by both parties, the assets divested by Torch are valued at 75 billion Chinese yuan.

Wanxiang Qianchao wants to swallow the assets divested by Torch. It is not to say that it is a snake swallowing an elephant, but it is not much different.

It must be difficult to rely on Wanxiang Qianchao alone.

But there is a Wanxiang Group behind Wanxiang Qianchao.

The latter holds 61.5% of the shares of the former.

According to the agreement reached by both parties.

Wanxiang Group acquired 51% of the shares of Torch Machinery Assets at a price of 38.3 billion Chinese yuan.

After the merger of Wanxiang Qianchao and Torch Machinery Assets, Wanxiang Group holds 54.23% of the shares of the new company and is undoubtedly the largest shareholder.

Torch Group holds 34.07% of the shares of the new company and is the second largest shareholder of the company.

The rest is held by investors.

After the merger, the new company was renamed Wanxiang Torch, and its annual sales soared to more than 20 billion Chinese yuan, accounting for nearly 45% of the Chinese auto parts market.

Although it is not as good as the monopoly giants said by those sensational media.

But it has also opened up a qualitative gap with the third place.

After the new company resumed trading, its stock price also rose sharply.

In just a few days, it rose seven times in a row.

The market value of the new company directly exceeded 160 billion Chinese yuan.

Hanhua Securities, as the underwriter of Wanxiang Torch, also made a lot of money.

Moreover, most of the acquisition funds of 38.3 billion Chinese yuan of Wanxiang Group, except for a small part of it, were solved by Hanhua.

Not only did it contact Guangdong Development Bank, Standard Chartered Bank, and ICBC to provide a loan of 20 billion Chinese yuan.

It also helped Wanxiang issue a corporate bond of 12 billion Chinese yuan.

The service fees and consulting fees added up to hundreds of millions of Chinese yuan.

It was a big win.

Xu Liang took out his phone and called Torch CEO Peng Zhiyu.

The call was connected within a few seconds after the ringing.

"Mr. Xu."

"Old Peng, you answered the phone so quickly?"

"Haha, I was just about to call, and you called."

Peng Zhiyu's tone was full of excitement.

The transaction with Wanxiang would definitely not be exciting. After all, what was sold was the industry that he had worked hard to manage.

"Has the negotiation with JAC been successful?"

"The progress is great, and the transaction price has been almost negotiated. Now we are mainly discussing payment methods, JAC's future development, and the placement of management and employees, and future welfare guarantees.

In addition, after we promised not to withdraw JAC's production base from Anhui Province, and would continue to invest in expansion, Anhui Province also supported it."

Hearing his excited tone, Xu Liang smiled faintly.

Anhui Province certainly supports it. It has authorized SMIC to negotiate with Anhui Province. In 2009, it invested 5 billion US dollars in Luzhou to build a 12-inch, 10 wafers/month, 45-nanometer wafer chip foundry.

This is 5 billion US dollars, and the current market value of JAC Motors is just over 40 billion Chinese yuan.

For the government, it not only did not lose JAC's profits and taxes, but also got a 5 billion US dollar technology investment.

Of course, I am willing to do it.

"After the full acquisition of JAC, the truck business will be incorporated into the Torch truck business segment, and the passenger car business will be established as a separate subsidiary.

In the auto parts segment, the core engine and gearbox production and R\u0026D will be retained, and non-core businesses will be sold to Wanxiang Torch."

"Okay."

"Also, Wanxiang Torch's 34.07% stake is too much. You will sell half of it within the next year."

"Mr. Xu, is it too much? Wanxiang Torch is now a monopolistic auto parts giant in China, occupying nearly half of the national auto parts market. Torch also needs to purchase parts from them.

Whether from an investment perspective or to ensure the safety of the company's industrial chain, sufficient shares should be maintained to ensure the existence of Torch in Wanxiang Torch."

"Old Peng, your suggestion is good, but the domestic stock market is already a bit inflated. Temporary withdrawal is a better buy in the future."

Peng Zhiyu suddenly realized and agreed without asking any more questions.

He has always admired the investment ability of the big boss.

"Mr. Xu, when do you think the domestic stock market will pull back?"

"Why, you plan to come in and make some money?" Xu Liang said with a smile.

"Haha, the stock market is too risky, so I'd better forget about my skills. It's mainly about the acquisition of JAC Motors, and I originally planned to acquire it in cash.

If you think the domestic stock market will pull back, I want to issue a corporate bond through Hanhua.

When the stock market pulls back, it will definitely affect the bond market.

The 100 yuan bond will definitely be discounted.

When the time comes, I will buy these bonds back and make some money."

Xu Liang listened to this and looked at this guy with a new eye.

"Sure, Old Peng. You said you don't understand finance and the stock market, but you're really good at buying low and selling high."

"You think too highly of me. If it weren't for your prediction of the future trend of the financial market, I wouldn't dare to do this."

Xu Liang smiled, "Contact Hanhua, and you can decide how much debt to issue. As for the time, three to five years is fine, and the interest rate can be slightly higher than similar bonds in the market, so it will be easier to sell at that time."

"I understand."

After the two chatted for a while, Xu Liang hung up the phone.

The data of JAC Motors was retrieved from Hanhua's database and read again.

JAC Group's predecessor was Luzhou JAC Automobile Manufacturing Plant, which was founded in 1964.

There are some legendary stories in between.

In 1958, in order to build the Chaohu sluice, Anhui Province established the Chaohu Sluice Machinery Repair Factory, which was responsible for repairing and maintaining the sluice machinery.

After successfully completing the task of building the Chaohu sluice, in order to relocate the workers, the relevant parties proposed the idea of ​​upgrading the Chaohu Sluice Machinery Repair Factory to an auto parts factory.

On May 20, 1964, Chaohu Auto Parts Factory was officially established.

At the beginning, Chaohu Auto Parts Factory mainly produced some parts for FAW Jiefang and Nanjing Yuejin, and did not have the ability to build complete vehicles.

In the same year, through the matchmaking of the leaders of China Automotive Corporation, Jinling Automobile Manufacturing Plant transferred the 1-ton off-road vehicle and G492 automobile engine to Chaohu Auto Parts Factory at no cost.

Anhui Province wrote a report to the top: Leader, we also want to build cars.

I saw a correct version in the 16-9 book forum!

The top said: You think too much.

Anhui Province’s face tightened: I want it.

Not only did they say it, but the cousins ​​in Anhui Province also did it.

In 1968, in order to promote the development of the automobile industry, Anhui Province established a provincial automobile group.

It was in this year that Jianghuai people developed and trial-produced two HF270 engines and 2.5-ton HF130 light trucks with equipment pieced together and technicians and workers supported by various parties.

This is the first car manufactured in Anhui Province. Its successful trial production opened the curtain for the development of Anhui Province's automobile industry.

In 1969, Chaohu Auto Parts Factory produced the first batch of 20 cars, which were named "JAC Brand".

Later, Chaohu Auto Parts Factory was renamed JAC Automobile Manufacturing Plant.

JAC Automobile began to emerge in the map of China's automobile industry.

In the 1980s, during the transition from planned economy to market economy, JAC Automobile fell into an unprecedented predicament and was even on the verge of bankruptcy.

In that era, bus chassis were generally modified from truck chassis, which lacked safety and comfort.

Seeing this market pain point, JAC people proposed the strategy of "focusing on the development of bus-specific chassis and developing complete vehicles in a timely manner".

To this end, the factory sold the engine production line in exchange for 3 million yuan in start-up capital.

From then on, JAC Automobile embarked on its second entrepreneurial journey without hesitation.

Through repeated technical explorations and manual work, JAC Motors finally developed the first real bus chassis HFC6700 in China in 1990, filling the market gap of domestic bus chassis, which can be said to be a success.

The whole process is no different from the process of Pakistani friends rubbing guns by hand on the Internet thirty years later.

The tools were simple and the environment was harsh, but it was done.

After that, JAC Motors continued to focus on chassis design, and successively developed new products such as the first rear-engine chassis in China, becoming the king of domestic bus chassis in the field of bus chassis.

In 2003, JAC Motors' bus chassis was rated as one of the 50 most influential products in the 50th anniversary of China's automobile industry.

Of course, JAC Motors has not forgotten its old business - trucks.

In 1996, the JAC light truck "Shuailing" code-named HFC1061 was launched, creating a trend of Chinese light trucks becoming sedans.

In the same year, JAC Motors took over the Luzhou Bus Factory.

Buses and trucks go hand in hand, and JAC Motors is thriving.

In 1996, JAC Motors and Hyundai Motor Group joined hands in the field of passenger and freight vehicles, and further cooperated in the Ruifeng commercial vehicle project in 2001, and launched the heavy truck cooperation project in 2003.

In March 2002, the Ruifeng commercial vehicle officially rolled off the assembly line.

In October 2003, the first heavy truck named Geerfa rolled off the assembly line, marking the formation of JAC Motors' light, medium and heavy commercial vehicle product lines.

To date, JAC's vehicle production capacity has reached 450,000 vehicles.

In 2007, the company produced and sold more than 200,000 vehicles of various types, achieving sales revenue of 14.273 billion Chinese yuan.

The net profit of the main business industry was 380 million Chinese yuan.

The sales volume of special chassis for buses has remained the first in the country for 13 consecutive years.

JAC light trucks rank first in brand loyalty and reputation among similar products, and second in market share. In 2006, 210,000 units were sold, second only to Foton light trucks with 290,000 units.

Geerfa heavy trucks are also very successful. In 2006, production and sales increased by more than 500%, ranking first in the industry.

In April this year, Geerfa made another effort, with production and sales exceeding 1,000 units, an increase of about 400% year-on-year, and the growth rate once again ranked first in the industry.

Although Torch, Huaxia Heavy Duty Truck, and Dongfeng still firmly occupy the top three in the sales list of Huaxia Heavy Duty Truck, their brands have accumulated such sales for many years.

‘Gerfa’ has been officially launched for sale since 2005, and it has only been two years since then.

The progress is too fast.

Of course, everything has a reason.

First, domestic heavy-duty trucks generally use traditional heavy-duty truck technology platforms, while JAC Gelfa heavy-duty trucks use the heavy-duty truck technology platforms of Germany's Dyke and South Korea's Hyundai.

Compared with some heavy-duty truck technologies introduced in the 1980s, its level is far ahead.

Secondly, although it has not been in the heavy-duty truck industry for a long time, JAC has more than 40 years of chassis and light truck manufacturing history.

The three major parts of a car are engine, gearbox, and chassis.

As long as one of the three is occupied, a good car can be made.

Finally, advanced production lines, 6,000-ton hydraulic presses, and fully automatic robot welding lines.

It should be noted that Torch only began to invest heavily in technical transformation of its automobile factories last year after he took over.

Ruifeng commercial vehicles are also a flagship product of JAC.

In the MPV field, in the two quarters of this year, Yangcheng Honda Odyssey ranked first with sales of 22,500.

Modu General Buick GL8 ranked second with sales of 21,200.

JAC Refine ranks third with 20,600 units sold.

It can be said that the sales volume of the three companies is not much different.

With some effort and marketing, Refine commercial vehicle will be the first.

Although the ‘Refine SUV’ launched last year is not as popular as the Refine commercial vehicle, and is not as popular as the top four SUVs such as Haval, Tiggo, CRV and Tucson, it has sold 4,000 units in the first two quarters of this year, and its sales volume ranks ninth in China, not much different from the previous Jiangling Landwind and Nissan Paladin.

He vaguely remembered that when he just graduated and started working in his previous life, the manager in charge of his department drove a Refine.

When the guy who often made dirty jokes evaluated the ‘Refine’, the word he often mentioned was ‘ugly’.

Not only is the appearance ugly, but the interior is even uglier.

In this era in China, let’s put aside those expensive imported cars.

In the same class, JAC cars are good, but the design is too poor.

To be honest, you can't design, and you can't afford top designers, but you can't copy homework?

Look at BYD F3, which has sold more than 3 million units in 15 years.

There are also BAIC and Zotye, which can be called the "king of copycats".

You can't even copy homework, and you haven't made any progress in designing yourself.

If you don't get unlucky, it's unfair.

It's a pity that Ruiying and Ruifeng were both popular for a while, and they laid a good foundation, but they just couldn't do a good job of follow-up.

Keep reading.

"Binyue?!"

According to the information, JAC has developed a medium-sized car and is ready to be launched in November this year. The name is "Binyue".

Xu Liang's heart is mixed.

He worked hard after graduating from college, and the first car he bought after saving enough money was "Binyue".

A new car of nearly 120,000 yuan, of course, can't afford it.

He bought a second-hand car.

The other party drove it for two years, ran less than 50,000 kilometers, and only sold it for 50,000 yuan.

He thought he got a bargain, but he found it was a real rip-off after he got it.

The fuel consumption is too high, 12 liters per 100 kilometers, which makes him feel painful.