Delphi's technological advantage is much better than that of China, so it is favored by many parts and components companies in Beijing.
Since filing for bankruptcy protection in 2005, rumours about Chinese companies acquiring Delphi's part of their business have continued. The most recent “sex scandal†focused on Beijing. Two weeks ago there were rumors that Tianbao Group successfully introduced important strategic investors such as Shougang to acquire Delphi brakes and suspensions; there was news last week that Beijing Automotive Industry Holdings The limited liability company and Beijing Hainachuan Automotive Parts Co., Ltd. jointly included Tianbao Group and other privately-owned parts and components companies located in Beijing and hoped to take over the acquisition of Delphi under the leadership of the Beijing Municipal Government. The industry believes that if the rumors are true, once the acquisition is successful, besides being able to expand and strengthen Beijing's spare parts industry, it will also enable private companies such as the Tianbao Group to take the opportunity to enter the procurement system of the world's auto factories.
Beiqi Holding Big Olive Branch?
The reporters exchanged these rumors with several securities analysts and Wu Gang, deputy secretary-general of the Beijing Auto Circulation Association, and others. None of the above persons could confirm the authenticity of the news. A staff member working on product development at Delphi China said that there have been a lot of rumors of the recent acquisition of Delphi. However, there is currently no news on Delphi's internal discussion.
However, Delphi is currently looking for buyers of non-core businesses such as brakes, suspensions, chassis, and steering systems. At the same time, Beijing has established measures to accelerate the development of the auto industry. In the future, Beijing will build a high-end parts park. A person familiar with Beijing’s auto development program said that “any piece of Delphi’s assets is useful to us and its technological advantage is 15 years ahead of ours.†As the world's leading supplier of automotive and automotive electronic components and systems technology It is not surprising that Delphi is favored by BAIC and other companies.
Tianbao Shougang Union acquisition?
The first version of the rumors claimed that the Tianbao Group had already thrown an olive branch to Delphi and was ready to negotiate with Delphi on the brake, suspension and other businesses, and did not rule out the possibility of an overall acquisition. The group has already introduced important strategic investors such as Shougang and established a new company that is connected with the acquisition. This rumor may be the beginning of the story and does not include the ending of the story. Actually, Beitai Group, a subsidiary of Tianbao Group listed in Hong Kong, has a mature marketing network and service system for the development and manufacture of automotive chassis systems and components. Therefore, there is a certain degree of integration in the business of Delphi brakes and suspensions integrated in rumored acquisitions. The advantages.
However, this company ranked 27th among the top 100 auto parts manufacturers in China in 2007 has always been committed to expanding overseas markets, and suffered heavy losses in the financial crisis, due to a loss of 24 million US dollars in foreign exchange contracts and partners 326.6 million yuan. The debt recourse has been applied for provisional liquidation in Hong Kong some time ago. Even if Shougang is to be able to provide capital and raw materials to its partners, in the current downturn in Europe and the United States, Tianbao must actively look for business opportunities in the domestic market and rely on large automakers to “cool offâ€.
After the private-owned enterprises join hands to make a dip at the bottom, they will be divided into pieces.
The second version of the rumors mentioned that BAIC and Hainachuan’s joint ventures, including the Tianbao Group and other private parts and components companies, hoped that the city’s government would take the lead in the overall acquisition of Delphi, and then the companies purchased brakes, suspensions, etc. Assets were transferred to Beijing for production.
In fact, after the country's "Auto Industry Adjustment and Revitalization Plan" was issued, the person in charge of the Automotive Industry Division of the Beijing Municipal Bureau of Industry Promotion also stated that Beijing will build high-end parts parks, high-end automotive electronics parks and other industrial parks.
Beijing's parts and components industry is developing slowly. FAW, SAIC, and Dongfeng all have their own main parts and components systems. However, Beijing Automotive, Beijing Hyundai, and Beiqi Foton, many of which are owned by Beiqi, cannot find suppliers in Beijing. Although Beiqi Holding and Beijing Industrial Investment Co. have jointly invested in the establishment of Beijing Hainachuan Auto Parts Co., Ltd., but under the existing circumstances, there is not much platform, resources and strength for BAIC to develop high-end auto parts industry. The combination of powerful private parts companies is a good way.
Motivation analysis
Private enterprises want to step into the vehicle procurement system
According to Lin Jianzhong, chairman of the Guangdong Association of Auto Accessories Industry, this kind of cross-border M&A is a shortcut for Tianbao Group and other private enterprises to enter the parts procurement network of the global auto parts factory. On the other hand, it can also enable domestic parts and components companies to change their products. The reality of low profits. As the largest North American component supplier, Delphi has always been profitable by OEM. Many products are actually OEM-made in China, and they have undergone certain technical improvements abroad and even directly supplied to the top three US car manufacturers. There is a large profit gap between the sale price and the selling price.
For Beijing's parts and components companies, this acquisition has another meaning. According to relevant measures for the development of the automobile industry in Beijing, in 2012, Beijing will achieve 1.5 million cars for production and sales, which is more than doubled from 2008, and the output value of the auto industry will also increase from 102.4 billion yuan in 2008 to 240 billion yuan. From last year's 16.1 billion yuan to 37 billion yuan. However, at present, the auto parts industry in Beijing has a weak foundation, and most of them are low-tech products, and even it is difficult to enter the supporting links for Beijing auto manufacturers. Take this opportunity to take Delphi's advanced technology as its own, and transplant it to Beijing to produce, so as to provide accessory products for the developing Beijing Auto Group's auto factory, and also for private companies to defuse the financial crisis and implement export to domestic sales. A historical opportunity.
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