Wanliyang pledge equity up to 99% of the purchase of chery transmission contribution to profit
Then, on November 25, wanliyang did the same. While removing the 60 million shares pledged in China merchants bank, wanliyang pledged 26 million outstanding shares to China merchants bank. The pledge amounted to 135 million shares, accounting for 79.56% of the company's total shares and 26.47% of the company's total shares.
Frequently pledge the process of equity is also accompanied by wanliyang mergers and acquisitions. On November 25, the same day wanliyang pledged its shares, the company announced that it plans to issue shares and pay cash to acquire the assets related to auto parts owned by chery automobile co., LTD.
In addition, on March 4, 2015, wanliyang proposed to acquire the production lines and related assets of passenger vehicle transmission (5MT, 6MT) owned by geely automobile. On August 19, wanliyang signed the investment cooperation framework agreement on the purchase of 70% shares of jinxing automobile interior decoration co., LTD. In addition to the acquisition of chery automobile gearbox technology and production equipment, wanliyang in the nine months in the automotive parts business "siege strategy". What followed was the ups and downs of stock prices.
One securities analyst, who did not want to be named, said that such crazy pledge has long been seen as a threat to listed companies, many of which fell under the dominoes in the capital markets.
Main business profitability continues to shrink wanli Yang through a series of mergers and acquisitions to regain the momentum? Feng chong, a research fellow at huatai securities research institute, automotive and parts industry, believes that wanliyang purchases both manual and automatic transmissions to further strengthen ties with the main engine factory and establish a binding mechanism. But wang liusheng, chief auto analyst at China merchants securities, said: "it will be a bumpy and long matching process."
At the same time, Wan Liyang face comes from love, he can, bonzi encirclement and suppression of driving and automatic transmission foreign enterprises, professor of Beijing university of aeronautics and astronautics, national passenger car automatic transmission engineering technology research center deputy main Ren Xu xiangyang concerns: "the market situation in the future also depends on many factors, including the core technology of master degree, product technical performance, compatibility, etc., in short there is still a long way to go."
Multiple pledge equity financing expansion was close to 100%
Securities daily reporter noted that the decline in the production and sales of traditional commercial vehicles and passenger vehicles caused a decline in wanliyang's parts and accessories business. According to the 2014 annual report of wanliyang, the company realized revenue of 1.38 billion yuan, down 3.04% year on year. Even so still can not stop the expansion of wanli Yang speed. Since March 2015, the company has successively acquired the passenger vehicle transmission (5MT, 6MT) production lines owned by geely and relevant assets and technical data, 70% of jinxing stock, and the transmission technology and production equipment of chery automobile.
On the one hand is the industry depression revenue decline, on the other hand is intense acquisition business, so wanliyang's capital from where?
Wanliyang group pledged 26 million shares (5.10% of the company's total shares) of unlimited tradable shares of the listed company to jinhua jiangbei sub-branch of China merchants bank for financing, wanliyang said in a statement released on November 25. The above registration procedures of pledge of shares have been completed in the shenzhen branch of China securities registration and clearing co., ltd. on November 25, 2015. The period of pledge shall start from November 25, 2015 until the pledgee applies to the shenzhen branch of China securities registration and clearing co., ltd. to remove the pledge registration.
As of the day of announcement, wanliyang group, the largest shareholder of wanliyang, holds 170 million shares of unlimited conditional tradable shares of the listed company, accounting for 33.27% of the total number of shares of the company.
In fact, this is not the first time that wanliyang group has pledged shares to raise funds. Wan Liyang notes in a notice on November 17, infinite Wan Liyang group will its holdings of company shares outstanding sale conditions of 40 million shares of the total number of shares (7.84%) pledged to the bank of China co., LTD. Jinhua branch, its holdings of 36 million shares of the company unlimited sale conditions non-tradable shares (7.06%) of the total number of shares pledge to China merchants bank co., LTD. Jinhua jiangbei sub-branch. As of the day of announcement, wanliyang group holds 170 million shares of the company's unlimited tradable shares, accounting for 33.27% of the total number of the company's shares, and has pledged 169 million shares of the company's shares, accounting for 99.6% of the total number of the company's shares, and 33.14% of the total number of the company's shares, leaving 682,500 shares unpledged.
The pledge announcement on November 17th meant that wanliyang had at one point pledged almost all of its shares in listed companies.
In November 2004, the central bank, China banking regulatory commission and China securities regulatory commission issued the measures for the administration of loans for stock pledge of securities companies, which explicitly mentioned that "the stocks of a listed company that are pledged shall not be higher than 20% of all the outstanding stocks of the listed company". The statement that the shares of a listed company accepted by a commercial bank and its branches for use as collateral shall not exceed 10% of all the shares in circulation of the listed company was also broken by a thousand li. On October 8, 2014, wanliyang announced that "wanliyang group pledged its 40 million shares (11.76% of the total shares) of the company to jinhua jiangbei branch of China merchants bank co., LTD.".
In fact, since May 2013, when the Shanghai and shenzhen stock exchanges issued the "measures on stock pledge repo trading and registration and settlement business (trial)", many listed companies have stepped over the minefield and violated or violated the "measures on the management of stock pledge loans of securities companies".
The personage inside course of study thinks, such a large proportion of the equity pledge has long been considered a hidden trouble of listed companies, capital market, many listed companies are under the equity pledge the dominoes, a lot of the major shareholders of listed companies wishing to more than ninety percent of the equity of "when" out for a long time, the finance risk have to concern.
Buying passenger car gearboxes is hard to gain in the short term
Feng chong, a researcher at huatai securities research institute and the automotive and parts industry, told the securities daily that initially the gearbox and engine, as the core components of the main engine plant, were not purchased from outside. However, due to the development of technology, manual transmission is no longer the trend of transmission development, so that it is gradually separated from the internal supporting system of the main engine plant, to the third party to support the production. That is why wanli Yang was able to acquire many transmission businesses, including jilicchery.
Before this, the gearbox business of geely automobile trades price is 300 million yuan only, also explained from another flank manual gearbox business already is not high grade property. In recent years, geely has been launching high-end models, in fact, the need for mobile gearboxes is getting smaller. In terms of the industry, although manual transmission currently accounts for about 55% of the total passenger vehicle transmission market, in the long run, the proportion of manual transmission will gradually decrease.
Then why should wanliyang take the initiative to acquire geely enterprises manual transmission business?
First of all, manual transmission because of its transmission efficiency, low maintenance costs, low manufacturing costs, there is still a lot of demand. In 2014, for example, sales of passenger vehicles with manual transmission rose 3 per cent to 10.92m.
More importantly, feng chong thinks that in order to further strengthen the connection with the main engine factory, enter the main engine factory to form a complete set, the establishment of binding mechanism, whether manual transmission or CVT automatic transmission, wanliyang will continue to buy.
According to the data, in 2014, geely sold 425,000 cars, including about 400,000 manual transmissions. According to the transmission 1500 yuan/set, 10% net interest rate to convert, this business will contribute at least 600 million yuan operating income and 60 million yuan net profit.
It is understood that after the acquisition of manual transmission by wanliyang, geely automobile will include wanliyang as the core supplier of geely automobile, and will give priority to recommending wanliyang as the supplier of its affiliated automobile companies. At the same time, in the development of new models, wanliyang has the priority to develop new transmission products of new models.
In the Chinese automobile market, the sales proportion of manual transmission is getting lower and lower. After the acquisition of manual transmission business of geely, wanliyang could not drive the substantial market growth in addition to the business of geely automobile. Therefore, wanliyang also acquired the transmission business of chery to make up the shortage of transmission business.
And for this acquisition of chery's transmission business, wan li Yang to face the problem seems to be no less than the former. "It will be a bumpy and long matching process," said wang liusheng, chief auto analyst at China merchants securities.
Xu xiangyang, a well-known domestic expert on automatic transmission, told the securities daily that CVT is a product with high input and high output. Although the gearbox business has been spun off by chery this time, other oems can theoretically be potential customers for wanliyang and chery, there is still a long way to go before potential customers can develop into established customers.
Xu xiangyang pointed out: "the future market situation also depends on many factors. Secondly, it depends on the technical performance, price and quality of the product. Finally, we need to see whether the product can meet the needs of the oems, such as the strategy and the planning of the oems, the matching degree and so on."
It's worth noting that even if a new user is found, it would take about a year and a half for the transmission to match the standard, during which it would not generate revenue.
Transmission revenues for passenger cars have risen eerily in the past six months
The reporter found in the column "I ask secretary to the President" of wanliyang stock bar that some investors questioned the huge gap between wanliyang's revenue in the first half of 2014 and the second half of 2014. According to the financial statement, the operating revenue of the speed change unit for passenger vehicles was 6.12 million yuan in the first half of 2014, but it soared to 68.05 million yuan for the whole year of 2014. That represents a nearly tenfold jump in business revenue in the second half of 2014 compared with the first half.
According to feng chong, the analyst, it may be related to the mismatch between the company's delivery cycle and the period of financial certification. The special settlement mode makes the cooperative company only use the bank acceptance bill of 6 months after the payment for goods is due in 3 months, so the capital withdrawal cycle is greatly prolonged.
The reporter also looked up the relevant information to understand, from the second half of 2014 to the first quarter of 2015, wanliyang's transmission in dongfeng shares of the market share increased sharply. Ren hualin, director of wanliyang, once said that from 2013 to 2014, there were six transmission companies supplying dongfeng. At the beginning, wanliyang's transmission only accounted for about 10% of its share. With the integration of dongfeng's procurement system, wanliyang's market share rose from 10% to 80%.
At this point, the reporter wanted to call wan liyang dong secretary or securities affairs department for further verification, but the company's phone has been no answer.