· Reflection after the rupture: Dongfeng reorganized Fuqi to terminate the big bottom

Abstract: The reorganization of Dongfeng Fuqi has been widely concerned recently. Recently, China Economic Network called Dongfeng and Fuqi, and both of them have not responded to the default. The news is gradually confirmed that the reasons behind it are complicated.

The Dongfeng reorganization of Fujian Automobile Group (hereinafter referred to as Fuqi) has been stranded for a long time, and the Fuhua reorganization case that has been entangled for many years has been shelved again. As soon as this news came out, China Economic Net reporters called Dongfeng and Fuqi for the first time. Both of them have not responded to the default. The reasons behind this are complicated.

Transfer a Golden Dragon car or fuse

“Jinlong Automobile allocated Fusuo or Dongfeng Fuqi’s reorganization and fire.” Cao He, chief auto industry analyst of China National Securities, told reporters during an exclusive interview with China Economic Net.

On February 13, Jinlong Automobile announced that Jinlong Automobile’s existing controlling shareholder, Xiamen Haiyi Group Co., Ltd. and its wholly-owned enterprises, intend to transfer the 20.7% equity of Jinlong Automobile held by them to the company without charge. Fuqi Group.

Cao He believes that although Jinlong's allocation of Fuqi has no direct relationship with the reorganization, it has undoubtedly accelerated the breakdown of negotiations between Dongfeng and Fuqi.

Jinlong Automobile agreed to allocate Fuqi, and the big reason is that Jinlong wants to qualify for the development of passenger cars. Jinlong Automobile wants to develop passenger cars for a long time. Even if Dongfeng reorganizes Fuqi, Jinlong Automobile hopes that Dongfeng can support Jinlong to develop passenger cars. In the reorganization of Dongfeng Fuqi, Fuqi mainly wants to develop its own southeast brand in this part of the passenger car, Cao He said.

This caused Jinlong and Fuqi to reorganize Dongfeng. The opinions differed. The two sides played a game for their own interests and hindered the progress of the restructuring process.

Dongfeng restructuring Fuqi attitude is not positive?

Many analysts believe that Fuqi and BAIC have cooperated with the Daimler project in Fujian. The development of Fuqi's own passenger car in the southeast is not good. Dongfeng's enthusiasm for reorganizing Fuqi itself is insufficient.

However, in terms of the performance of Dongfeng in the past two years, Dongfeng is obviously very keen on mergers and acquisitions. In recent years, major automobile groups are expanding, and Dongfeng’s competitors Chang’an and Beiqi have all made great moves. In particular, Changan took Hafei from Dongfeng, and Dongfeng was very uncomfortable.

In the past two years, Dongfeng has had no action in the domestic restructuring, but it is not a small move in foreign countries. It is a joint venture with foreign-funded parts and modified companies. It can be seen that Dongfeng has an ambition to expand. Cao He said that reorganizing Fuqi is a good opportunity for Dongfeng, and Taiwan Yulong and Southeast Auto cooperate. If Dongfeng reorganizes Fuqi, it will also benefit the development of cross-strait relations, because after all, Dongfeng has a deep friendship with Taiwanese cars, Hangzhou The Dongfeng Yulong is the crystallization of cross-strait cooperation.

Fuqi price is high, want to develop independently

After regaining the Golden Dragon, the strength of Fuqi has been expanded. Therefore, Fuqi has no enthusiasm for restructuring, and there is also a desire to develop independently.

And in the past two years, Lingyue's sales are good, it can be said that at the crucial moment to save the dying Fuqi. Although the prospective joint venture with Mitsubishi is hopeless, Ling Yue, a subsidiary of the independent brand in the southeast, is very competitive. As time goes by, Fuqi has slowly slowed down the most difficult period that Dongfeng just wanted to reorganize.

Fuhua, who has regained the grip of Jinlong, has a sigh of relief. At this time, the reorganization negotiations of Dongfeng are more dominant, and naturally they are eager to get more favorable conditions. This is obviously beyond the expectations of the East Wind, weighing all aspects of interests, and stopping negotiations is obviously a last resort.

Fuqi must be reorganized. Dongfeng may not be a good target. Caohe finally made three predictions for Fuqi's future: First, according to the current situation, Fuqi will definitely be the object of restructuring in the future; Second: Fuqi is too expensive. If the reorganization must recognize its actual situation; third: Fuqi does not reorganize and develop itself, it is difficult to receive good results.

The restructuring history of Fuqi can be traced back a long time ago. GAC and BAIC have expressed their willingness. In particular, the cooperation between Beiqi and Daimler projects is enough to see how hot the two restructurings were. Moreover, for Beiqi, the need to reorganize Fuqi to promote the development of cross-strait relations is stronger. Dongfeng has Dongfeng Yulong Nazhijie, and Beiqi reorganizes Fuqi, and naturally it can take up the line with Yulong.

Beiqi is a target that many people are optimistic about. In the end, it is still a failure. It is known that the reorganization of Fuqi, Dongfeng and Beiqi are not suitable.

China Economic Net Comments: The reasons for the reorganization of Dongfeng Fuqi are various. Although the government's support is very strong and it is intended to promote the marriage of the two, as far as the current situation is concerned, the restructuring is hopeless. The reorganization of Dongfeng Fuqi may be a good thing for 1+1>2 in the outside world. However, if people drink water and know themselves, the parties concerned are obviously not enough sincerely want to reorganize. The road to reorganization of Fuqi is still very long. Who is the right person on this road? Let us wait and see.

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