Daimler Capitalizes 50 Million Beiqi to Break through Listed Bottleneck

It was learned from Mercedes-Benz China that the company’s second and third largest shareholders, Daimler and Daimler Northeast Asia, will increase their capital by 57.6 million yuan to increase their shareholding ratio from 51% to 75%, while the largest shareholder, Lixing The shares of the bank will be diluted from 49% to 25%. Due to the fact that Lixingxing was a domestic Mercedes-Benz and imported car dealer, and also taking into account the majority shareholder of Mercedes-Benz China, its special status and interests have made it a key factor that hinders the integration of Mercedes-Benz's channels in China, which in turn has affected the integration of Beiqi's assets in Beijing. The process of listing.

The person in charge of Mercedes-Benz China stated that this is the most crucial step for Mercedes-Benz's channel integration in China, and it will then complete the task of establishing a unified sales company with Beiben.

In this regard, some experts pointed out that this is the most substantive progress made after the compromise of multiple interests. This will include the integration of Mercedes-Benz channels in China, the merger of Beiqi Assets, and the realization of the series of targets for listing in 2013.

The channel integration of Daimler's replenishment of Mercedes-Benz in advance originated from the dual-track system of its sales system in China. That is, domestic and imported products were separately managed by two sets of management teams, but they were the same network at the sales end, which caused the domestic Mercedes-Benz to suffer.

A Mercedes-Benz dealer who declined to be named indicated that in the same network, dealers are more willing to sell imported Mercedes-Benz cars with higher profits. When Mercedes-Benz cuts prices, domestic Mercedes-Benz, which originally had low sales profits, had to cut prices. Affected economic efficiency.

More importantly, this dual-track system has influenced Daimler CEO Zeche's 2015 plan for China. The plan shows that by 2015, Daimler will invest approximately 27 billion yuan (about 3 billion euros) in China to increase production capacity, expand dealer networks and launch new products, and bring it to China in 2014. Total sales reached 300,000.

Among them, 200,000 joint ventures from China, when the ratio of domestic and imported sales will reach 7:3, the current value is 3:7.

The above-mentioned experts stated that the implementation of the 2015 plan will require channel integration, and the integration channels will need to be driven by the interests of the Mercedes-Benz major shareholder Li Xingxing.

It is understood that Li Xingxing occupied 49% of the equity of Mercedes-Benz China prior to the reform of the equity ratio. In addition, its legal representative Yan Jiansheng, Chairman of the Board Liu Yanze, and Director Shen Xiuming entered the board of directors of Mercedes-Benz China. Chairman position. The status of the shares and the board of directors allows Lixing to benefit greatly from the distribution network.

In the past two years, with the development of the “Lee Star Star” dealers, Li Xingxing’s share has dropped to 25% at the end of last year. "This is a signal that Mercedes-Benz is diluting Li Xingxing's share at the channel level, but the equity dilution is the most fundamental." The above experts stressed.

As a result, at the end of July, at the Daimler headquarters announced the second quarter of this year's financial report, Cai Che announced the equity adjustment agreement that has been reached with China's joint venture partner Li Xingxing. Since then, Mercedes-Benz China's total share capital will have increased to 117.6 million yuan, of which Daimler shares and Daimler Northeast Asia's total investment will reach 88.2 million yuan.

However, in order to balance Li Xingxing, Daimler will still ensure that Li Xingxing’s interests in East China and South China regions. However, according to informed sources, in fact, in terms of stock-adjusted ratios, the negotiations of the three-way shareholders of Mercedes-Benz China have been very difficult, and the adjustment of Daimler shares has been more advanced than originally planned due to Mercedes-Benz’s performance in China this year. In the first half of this year, Mercedes-Benz sold only 105,200 vehicles in China, an increase of 11% over the same period of last year. Audi's and BMW's growth rates exceeded 40% during the same period.

BAIC merged with Beibei immediately because of the implementation of a double-limit policy that allowed Li Xingxing to be “injured.” His resignation allowed Lixing Xingxing to make concessions on equity, and more importantly, Li Xingxing did not make any progress in the forthcoming unified sales company. Will directly hold shares.

Earlier it was reported that in the new sales company led by Mercedes-Benz China, Li Xingxing will directly occupy 10% of the shares, but Li Xingxing does not buy it, and the new sales company is therefore in a difficult-to-produce state.

It is understood that currently Mercedes-Benz products sold in China, Qicheng products and Jiucheng profits from Mercedes-Benz imported cars, and as Mercedes-Benz China's largest shareholder, Li Xingxing holds 49% of its shares. Analysts pointed out that once the sales profit is owned by the new sales company, and there is no equity matching with Mercedes-Benz China, Lixingxing will naturally not agree.

After the adjustment of the stocks ratio, Li Xingxing issued a statement, re-emphasizing its own dealership status and weakening its status as a shareholder of Mercedes-Benz China.

Clearly, Li Xingxing has been removed from the direct shareholders of the new sales company. However, according to the reporter, the new sales company to be established in the future will be jointly funded by Mercedes-Benz China and Beijing Benz. Since Lixingxing still holds 25% of the equity of Benz China, it indirectly holds the equity of the new sales company.

However, the proportion of shares in the new sales company is still a mystery. A few days ago, Beijing Automobile Group insiders revealed that after Li Xing's stock-to-equity ratio was diluted, Mercedes-Benz China and Beijing Benz will accelerate the pace of the establishment of new sales companies, as this will directly affect the Beijing Benz Chinese assets completed during the year into the BAIC shares In order to guarantee the 2013 Beihang Electric IPO's time planning.

BAIC is more willing to refer to the model of cooperation between GM and SAIC, that is, in Beijing Benz, a vehicle joint venture company, BAIC will increase its shareholding to 51%, thereby merging the performance of Beijing Benz into BAIC shares and entering pre-listing preparation procedures; As a condition of exchange, Daimler holds more than half of the new joint venture sales companies planned to be established by both parties.

It is reported that in September 2010, the Beijing Auto Group was established. At present, only Chinese assets of Beijing Hyundai JV have been injected. Only a one-year preparation period is due to be listed next year. Beijing’s Chinese assets have not yet been injected.

However, in terms of profits, the joint venture brand is a big contribution to Beiqi. "Injecting joint venture assets with better profitability can attract more capital for Beiqi's IPO. However, combing through the Beibei channel will not affect the future ability to attract gold," analysts said.

According to informed sources, Daimler adjusted its stocks earlier than planned because Mercedes-Benz sales in China grew by only 11% in the first half of the year, far below the 40% increase for Audi and BMW.