Xinhua News Agency, Beijing, December 11 (Reporter Kong Weichun) In the second half of this year, the news about SAIC Group was quite intensive: reorganization of assets related to the automotive industry initiated the establishment of SAIC Motor Group shares, signing an agreement to acquire South Korea's Ssangyong Motors, and British MG Rover The cooperation of the automobile has been approved...... In the process of the overall listing of the parent company and overseas acquisitions, Shanghai Automotive (600104) will play a role, what changes have taken place, has become an important weight to measure its investment value. The birth of “F1” affects the fate of “F4.” Shanghai Automotive announced recently that SAIC Motor intends to reorganize its assets related to the automotive industry and initiated the establishment of a “sale of SAIC Motor”. It is said that in the internal data, the shares of SAIC set up through joint-stock reform were called “F1”, and the companies of SAIC Group not included in the joint-stock company were collectively called “F0”, while the stock code of listed company 600104 was dubbed “F4” by insiders. . The market has identified “F1” as the main body of the overall listing, and its listing process is affecting the fate of “F4”. The SAIC Group's overall listing, which has been getting hotter this year, has been confirmed by Hu Maoyuan, president of SAIC Motor Corporation, at the shareholders meeting of Shanghai Automotive in April. At the time, Hu Maoyuan stated that SAIC Group considered the overall listing within two years. There are three options for overall listing: First, introduce strategic investors, diversify the equity, and then seek overall listing; second, the group is directly listed overseas; and third, use existing ones. A-share listed companies realize the overall listing of the company through asset reorganization. He did not confirm which method was specifically adopted at the time. Afterwards, as the staged financial advisors of the Group’s joint-stock reform process were held by Deutsche Bank and BOC International, there were rumors such as New York, Hong Kong’s simultaneous listing, first H after A, and no A share listing. The amount of money also has 6 billion, 2 billion, 1 billion US dollars and other different arguments, while SAIC Group's attitude has been "the group financing program is not determined." According to sources familiar with the "F1" listing process, market rumors are confined to guessing. According to his knowledge, the SAIC Group is responsible for related work is the "reform working group" rather than the "listing working group", which shows that the listing is not imminent; The formulation of the plan is very prudent and strictly confidential. The current rumors and the final results may be very far away. However, he analyzed that the restructuring of the Group's shares was originally scheduled to be completed early this year and early next year. From the current progress, it is already ahead of expectations, and it is estimated that the process of listing will also accelerate. Xue Hao, a spokesperson for SAIC, said that the group is still in the restructuring stage. As for the listing, it should be “early”. Regarding the place of listing, some analysts believe that “F1” has no obstacles to the issuance of any markets mentioned in the rumor, including of course the A-share market. If the issuance of A shares, under the current restrictions on refinancing ratio regulations and classification voting system, it is not possible to achieve the overall listing of “F1” through the “F4” refinancing of the acquisition of parent company assets, but draw on the “TCL model” and “F1 It is not infeasible to absorb and merge "F4" with the listing. The latter will be good for "F4". Overseas rumors have caused the market to doubt the potential value of “F4”, and people familiar with the matter said that perhaps it does not need to be so pessimistic. The acquisitions frequently triggered the suspense of Lenovo’s overall listing, and the impact of SAIC’s acquisition on Shanghai Auto could not be ignored. Domestically, after the acquisition of Jiangsu Yizheng and Shanghai General Motors, they reorganized Liuzhou Wuling, Dongtai, and Jinbei GM. Recently, there are rumors that SAIC and Chongqing Heavy Truck Group have signed an initial purchase agreement to establish a company to produce heavy trucks. Overseas, at the end of October this year, SAIC and South Korea's Ssangyong signed a formal agreement to acquire Ssangyong’s 48.9% stake and become the largest shareholder. In November, Rover in the UK reported another news that it is planning to cooperate with SAIC. It still has to wait for approval from the Chinese government and it is expected that the approval date will be next year. According to Southwest Securities researcher Tung Chee-hwa, behind the series of actions of SAIC, there is a clear strategy through the rapid expansion of acquisitions. Reorganization of Jiangsu Yizheng, Liuzhou Wuling, Yantai Dongyue, Jinbei General Motors and Chongqing Zhongqi is a perfect product line and production layout. The acquisitions of Rover and Shuanglong are mainly to enhance their independent research and development capabilities. The development of Shanghai Automotive depends to a large extent on the positioning of SAIC Motor. The main business of Shanghai Automotive has two sides. From the perspective of sales revenue, it is an auto parts company. From the perspective of net profit, it is an entire vehicle company. According to Shanghai Automotive's own business plan, the entire vehicle is undoubtedly the most important among the three major segments of vehicle, parts and diversified investment. The investment income generated by injecting 20% ​​of Shanghai GM equity in that year has become the source of 70% net profit of Shanghai Automotive. The company also acquired Yizheng Automobile Company as the production base for the entire vehicle project. Inside the SAIC Group, Shanghai Automotive also undertakes the task of building its own brand. Then, will the Korean Shuanglong project and the British Rover project, which have the greatest significance for the construction of the vehicle's own brand, be associated with Shanghai Auto? According to statistics, Ssangyong Motor is the fourth-largest automobile company in South Korea and produces mid- to high-end off-road vehicles and RVs. Last year, the sales volume of cars was 146,600. South Korea reported that SAIC intends to expand Ssangyong’s production capacity to 400,000 units after three years. The 100-year-old Rover Group was the last independent automobile manufacturer in the UK. A spokesman for Rover said that the transaction with SAIC covers manufacturing, the joint development of products, and the production of automobiles in the Chinese and British markets. Although the cooperation between SAIC and Rover has yet to be approved by the Chinese government, according to the British “Financial Times” report, John Tols, one of Rover’s four owners, stated that the progress of cooperation has reached a very late stage, otherwise Will not talk about it. According to the same report, SAIC Group will take a majority stake in the new joint venture with Rover as its return for the development of Rover's new car. The new joint venture will own Rover’s engineering and design assets and have the right to develop Rover brand cars. It is reported that there are such considerations in the planning of SAIC, that is, to promote the formation of a joint venture between the foreign party and Shanghai Automotive. It is said that since the acquired South Korean Ssangyong vehicle production entity is in South Korea, although there have been plans, the statement that a joint venture with Shanghai Automotive has been rarely mentioned recently, and the parts and components business that the acquisition may bring is still valued. ; And the British Rover is likely to build factories in China, and its cooperation with Shanghai Automotive is even more worth the wait. It is also learned that some preparatory work for the current Ssangyong project team and the Rover project team is being supported by Shanghai Automotive. Although this does not mean that SAIC Motor will become the Chinese funder for future joint ventures, it also gives some imagination. space. (Finish)
View related topics: SAIC commercial vehicle expansion


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