"When the CVT of Zhonghua Group lands, it is the time to close the contract with ZF!"

Han Hao, whose face was full of spring breeze, said such a thing.

During this time, the love scene and the shopping mall were both proud, which made him feel good and spoke a little more heroic.

Some time ago, the negotiations with ZF have been basically finalized, but the other party has been procrastinating and unwilling to make up their minds to close.

The sale is definitely want to sell, and it wants to sell the chicken-like CVT business unit in their hands, but ZF executives still hope to get as much premium as possible.

Although Chunghwa Group has built its own CVT, the question of when it will be mass-produced. Moreover, there are still some gaps between the two sides in the valuation of fixed assets, especially when the CVT production line has just been moved to China, and there are differences in the quotation of this part of the assets and personnel.

In addition, they have also received prompts from the German government, either explicitly or implicitly, to ensure that core sensitive technologies are not easily lost to China.

The criterion for this evaluation is whether the Chinese have thoroughly mastered CVT technology, and if it is not confirmed that China has it, the German government will veto the deal in the name of national economic security.

In the face of the menacing offensive of the Chinese, the German government must ensure the leading edge of its pillar industries, and it is also an unwritten tacit agreement of developed countries not to teach China the core technology of automobiles.

All in all, the key to the success of the deal lies in the reliability of Chunghwa Group's CVT technology, which is enough to prove that ZF's CVT transfer is not a blessing in disguise, but just the icing on the cake.

When the first batch of production SUVs "Song" was publicly launched, ZF obtained two new vehicles through channels. In secrecy, it was tested privately, with a particular focus on CVT analysis.

"There are no problems with the logic of shifting, there are no failures in non-stop use, and the drive to the engine is sufficient for everyday situations. However, its performance is as flat as a glass of boiled water, and you won't feel any driving passion, but it will just make your car move.

Compared to our CVT products, their stuff only just crossed the passing line, which is a real entry. Now there is no doubt that the Chinese have truly mastered the technology of CVT!"

As the head of the assessment team, a senior expert who came from the German headquarters specially commented.

The report was fed back to Germany without delay, and the senior management, who had originally wanted to sell at a price only, finally made up their minds to transfer the CVT business unit to Chunghwa Group as soon as possible, while their technology was still valuable.

ZF is already planning to enter the new field of 6AT, and the CVT division is only equivalent to or even lagging behind the 4AT level of technology no longer has a future, and it is the most reasonable way to sell it at a high price.

Although there were other sellers asking for the price, Chung Wah Group was the most involved and made the highest bid. As the world's hottest emerging auto market, there should still be many potential sellers in China, but after Zhonghua Group won the support of the Chinese government to become the sole bidder, other Chinese sellers retreated.

"We have to abide by the rules of the game set by the Chinese government, and this deal can no longer be involved. ”

An unnamed representative of a Chinese automaker responded.

When SAIC and Nanqi competed for Rover Auto assets, they fought and lost so that the scene of picking up cheap abroad will not appear again, and it is enough for Chinese to pay tuition once, and the state is not allowed to come a second time.

The $520 million package of all ZF CVT business unit assets, including technology, personnel and plant equipment, will be owned by Chunghwa Group 100% of the intellectual property rights and processing rights in the future.

In addition, Chunghwa Group CVT is obliged to provide after-sales and warranty for ZF's previously sold CVT products at market prices, and to provide parts supply services for 10 years.

The transaction was strongly supported by the Chinese government, and the $520 million in foreign exchange was soon ready to facilitate the transaction between Zhonghua Group and ZF.

Although the deal is still subject to the approval of the German government, in the face of detailed evidence, the sale of the CVT is not a "direct" aid to China, endangering the German economic security, and it is estimated that the government will approve it.

After all, German brand sedans are killing all sides in China, and if the German government intends to set a threshold, then it cannot be ruled out that the Chinese government will make a reciprocal response to this.

As a case of large-scale acquisition by Chinese enterprises in recent years, Zhonghua Group has set a record of reverse acquisitions this time, and completed the strategic layout of China's automatic transmissions with weak and strong.

"The Chinese government encourages domestic companies to participate in global competition, and at the same time encourages them to go abroad and make rational use of global resources to develop and grow. We have always strongly supported mergers and acquisitions of physical assets and technologies that can enhance the competitiveness of Chinese products. ”

A spokesperson for the Ministry of Commerce replied to a reporter's question about what he thought of the CVT acquisition.

In 2004 alone, according to customs statistics, China imported $1.4 billion worth of automatic transmissions, a figure that tripled from 2003. According to the development trend of automobiles, China's foreign exchange for automatic transmissions will continue to grow rapidly in the next few years, and will become the largest import foreign exchange expenditure in the automotive industry, along with imported engines.

At present, Zhonghua Group spent 520 million US dollars to acquire ZF's CVT technology, which can force the price of imported automatic transmissions to reduce prices in the future, and can also make up for the lack of domestic equivalent fields to form substitutes, and reduce imports to cope with foreign exchange losses. If it goes well, it can also earn foreign exchange through exports, which is a great thing for the country's economic security.

Enterprises may lose money if they calculate a single account, but if they count the general ledger, it is a sure business for the country.

If you don't have the technology, you have to endure the exploitation of high-priced imports. With this technology, it will be able to balance foreign import prices and reduce costs for the entire industry.

520 million US dollars, a total of 4 billion yuan, is not a small amount. Even if the Zhonghua Group is rich, it is still very difficult to come up with 4 billion funds at once.

Under the allocation of financial officer Yin Qingxun, the funds were financed through bank loans, and the Zhonghua Group actually only needed to come up with 35% of the amount, and the bank would help solve the rest.

In a word, even if Zhonghua Group took advantage of loans from domestic banks to acquire core technologies abroad.

"Cars are a big capital-intensive industry, and every penny has to be saved. If you can get a cheap long-term loan from a bank, you should definitely not miss it. It is the smartest way to use the bank's money to work for us, use tomorrow's money to earn today's money, and then leverage the money earned, and capitalize and roll development. ”

Yin Qingxun concluded that the skyrocketing of Han Hao's net worth has a lot to do with his operation.

During this time, Han Hao went out to acquire many corporate assets, and if it weren't for Yin Qingxun to deploy funds behind the scenes, it is estimated that he would have been unable to make ends meet.

As a high-quality credit enterprise, Zhonghua Group also received support from the state for this merger, so the bank is not worried that the loan will be wasted.

Banks are also one of the beneficiaries of providing financing services, which can charge more fees and increase loan interest rates.

With the approach of the Year of the Rooster in the 2005 lunar calendar, the report cards of major domestic automobile companies in 2004 have been released.

Despite the cold winter of the auto market, China's auto market still grows, with annual car sales reaching the 5.47 million mark, of which sedans account for more than 45%. Judging from the data, it has not been able to continue the high growth posture of the automotive industry, and the growth rate has declined significantly.

Historically, the time it takes for China's auto industry to reach one million vehicles has varied. It took 36 years for the first million, and 8 years for the second million, that is, the annual sales of 2 million. Then the rapid development process began, the third million, that is, the annual sales exceeded 3 million, it only took 2 years, and the fourth and fifth million were faster, and it only took 1 year.

From the perspective of time, the take-off point of the rapid development of China's auto industry is that after China joined the TO, major international auto brands have entered China.

If it weren't for the cold winter of the auto market, the fifth million units would have been reached in only half a year.

However, the target of 5.47 million units was only reached in 2004, indicating that the consumption of the Chinese people has been suppressed and the demand has not been released.

By the end of 2003, there were 24 cities with a per capita GDP of more than US$3,000 in Chinese, including 21 in the Yangtze River Delta, Pearl River Delta and Bohai Rim, covering a population of 300 million. They are converted into 75 million households, and the life of the car is calculated according to 12 years, and if this part of the people buy a car normally, they will sell at least 6 million vehicles a year.

In other words, the demand for automobiles in China's three most developed regions alone should exceed 6 million units, and once the rest of the country is added, 8 million units per year is a normal figure.

Fortunately, before the end of the year, the macro control was relaxed, and the automotive industry returned in the fourth quarter, making up for the deficit in the first three quarters.

As we all know, the output of automobiles requires a certain investment period, and it will take two to three years for today's planned production capacity to be released.

As a result, foreign brands have adjusted their sales targets in China, setting their car sales in China at 9 million units in 2008, of which sedans account for more than 55%.

2008 was the year when China hosted the Olympic Games, and the major joint venture brands took it as a watershed. There is a consensus in the economics community that on the occasion of the Olympic Games, it is the upsurge of carnival consumption in the host country, which will drive the rapid development of the local economy.

As the big brother of the Chinese market, Volkswagen is ready to invest an additional 20 billion yuan in China, and the production capacity of North and South Volkswagen will reach 1.6 million vehicles. And another menacing giant, General Motors, is also ready to invest another 15 billion to achieve the production capacity target of 1.3 million vehicles.

As for Toyota, which is one step ahead, it is more realistic, setting a target of 500,000-600,000 units in 2008, and they hope to occupy 10% of the sedan market.

Other latecomers such as Honda, Hyundai, Ford, Nissan, Peugeot Citroen, etc., have set a 10% target.

Judging from the share determined by their forecasts, the Chinese car market has basically been squeezed out, leaving no share for domestic independent brands.

With an estimated production of more than 5 million cars, Volkswagen and GM alone stand at 50%, plus other joint venture brands, leaving almost zero share of domestic cars.

It is foreseeable that the fierce competition is about to erupt, and there is not much time left for independent brands.

Regardless of the future, at least in 2004, Chung Hwa Group was the brightest star in the market, with both sales and profits hitting a record high.