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The wishful thinking of "Pickup Man" BAIC
On June 1 day, CAR Inc announced that UCAR had reached a non-legally binding strategic cooperation agreement with BAIC on May 3 1 day. According to this agreement, BAIC will acquire all its shares in CAR Inc. from UCAR, which is equivalent to about 265,438+0.26% of CAR Inc.' s total issued share capital. ..

In other words, if this transaction is completed, it will become the largest shareholder of the automobile company, and Hehe will completely withdraw from the automobile company ... After the news was announced, the market feedback was that CAR Inc' s share price rose by 23.3% and its market value increased by 800 million yuan. Prior to this, on April 3, CAR Inc' s share price fell by 54% after the thunderstorm, and its market value halved.

Since then, as a troublemaker behind the car company, it has been seeking to cut with the car company .. On April 16, the first receiver surfaced, and Amber Gem under Huaping Capital is also one of CAR Inc's shareholders .. CAR Inc. said in the announcement that Amber GEM has signed an equity acquisition agreement with UCAR.

According to the agreement signed by both parties, Amber Gem Holdings Co., Ltd. will acquire 98.6 million shares of CAR Inc. at a price of HK$ 2.3 per share, accounting for 4.65% of CAR Inc.' s total share capital ... In the second batch of share acquisitions, Amber GEM conditionally acquired 264 million shares of UCAR's wholly-owned subsidiary at a US stock price of HK$ 3.4, accounting for 654.38+02.46%.

Once the transaction is completed, Huaping's shareholding in CAR Inc will increase from the original 10. 1 1% to 27.22%, thus becoming the largest shareholder with the controlling stake. At that time, the final transaction was not yet completed, and the second batch of equity transactions in the two batches of acquisitions was a conditional acquisition, and the transaction was still in progress. However, the variable is here, and the second batch of acquisitions is terminated.

Previously, the Automobile Commune analyzed that Lu was not a good person. He relied on a set of omnipotent capital operation formula "land-style capital technique"-have it both ways, set up a company, raised huge financing, burned money to expand, quickly sought IPO, completely discredited himself by his own strength, and disrupted the capital market environment.

Regarding its operation in CAR Inc., CAR Inc.' s share price has been hovering at the issue price during the six-month restricted listing period. However, with the arrival of the lifting of the ban, CAR Inc' s share price doubled in three months, from 1 1 HK$ to HK$ 22, the highest in history, and in the process, Lu and his investors accumulated1600 million US dollars.

Lu's assets have become a very sensitive hot potato. Yesterday, after the rumors of Ctrip and Geely failed, the second receiver, BAIC, unveiled the veil.

As we all know, BAIC Group and automobile companies have already had an intersection. 20 18 12, UCAR officially acquired 67% of the shares of Baowo at a price of 3.973 billion, becoming the major shareholder with absolute control over Baowo. Baowo Automobile was previously controlled by Foton Motor, a subsidiary of BAIC. While transferring Baowo, Foton Motor and Shenzhou reached a comprehensive strategic cooperative relationship, which opened up a new retail model for automobiles.

At the beginning of last month, the announcement of debt restructuring of the holding subsidiary disclosed by UCAR showed that as of February 29, 2020, Baowo Automobile had paid the loan principal of 4.67 billion yuan to its minority shareholder Beiqi Foton. After negotiation, Baowo Automobile paid off its debts with fixed assets worth about 4 billion yuan. Although, the debt is not due yet. Lu played Baowo once and returned it.

At the level of BAIC, the acquisition of CAR Inc shares at a lower share price is related to BAIC's intention to improve the travel layout. According to the data, in 20 17, BAIC Group proposed to transform from a traditional manufacturing enterprise to a manufacturing service-oriented innovative enterprise, and unveiled Huaxia Travel, positioning itself as a comprehensive travel service provider and building a full travel industry chain.

By the beginning of 20 19, Huaxia Travel has been deployed in 22 cities across the country, with 22,000 vehicles operating. Among them, Mo Fan Travel is the timeshare brand of Huaxia Travel, and it is also the business that BAIC spends the most energy on. The joining of automobile companies will bring about the reorganization of BAIC tourism.

According to the data released by roland berger, by 2025, about 35% of new car sales in China market will be used for new travel services. This means that becoming a travel service provider is the only way for automobile enterprises to transform. If automobile companies miss the transition to the travel industry, it means giving up a large part of the market.

However, is CAR Inc a good choice? According to the latest performance, the total revenue of CAR Inc in Q 1 in 2020 was1300 million yuan, down 28% compared with the same period of last year. In terms of net profit, it decreased by nearly 600 million yuan compared with the same period of 20 19. From a profit of 390 million yuan to a loss of 65.438+88 million yuan.

The most daily expense of a car company is financial expenses. Because of the increase of interest cost, it increased by more than 8% in the first quarter of 2020, reaching 220 million, which directly led to the loss this quarter. This is also a test of the company's business operation ability in the car rental industry. You know, in the past May, it directly led to the bankruptcy of the global car rental giant Hertz.

BAIC took over this sector and is the first camp enterprise in the domestic car rental industry. Although it looks "fragrant", how to operate profitably in CAR Inc does give them a big problem. As the new protagonist of this script, it is obvious that apart from the capital problem, BAIC Group and automobile companies still have many challenges to face.

Text/Zheng Wen

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This article comes from car home, the author of the car manufacturer, and does not represent car home's position.