Under the planning of Yin Qingxun, the process of Zhonghua Motor's listing in Hong Kong began to enter the sprint stage, as the leader of independent automobile brands, Zhonghua "Qin" and "Tang" both occupy the top three in their respective segments, and the joint venture brand has been back and forth.

Today, a delegation of institutional investors officially came to Jiangzhou, where they will visit China Motor and have a face-to-face friendly exchange with Han Hao to decide whether to subscribe for China Motor's shares.

It is expected that CAIC will issue 210 million new shares in the Hong Kong Stock Exchange, of which 90%, or 189 million shares, will be offered in the form of an international placement, and the remaining 10%, or 21 million shares, will be offered to the public in Hong Kong, representing approximately 30% public float.

The issuance of new shares at HK$15.05 to HK$18.5 per share, with a fully diluted forward price-to-earnings ratio of 9.88 to 13.76 times at the offer price, and a total proceeds of HK$3,160.5 million to HK$3,885 million, will be mainly used to develop new models, establish new production lines, and upgrade and expand existing production facilities and factories for engines, transmissions, parts and accessories.

The fund managers came to visit the hot production line of China Motor, especially many people went to the factory parking lot to check, and found that it was almost empty, and every batch of new cars off the assembly line was transported away by board trucks and sent to all parts of the country, and the valuation of China Automobile was inevitably a few points higher.

It seems that the popularity of "Qin" and "Tang" is not a lie, and the parking lot of the factory is the most reflective of the existence of the market, and these experienced fund managers know how to check the authenticity.

At the Automotive Research Institute, they saw the development progress of the third-generation Zhonghua "Qin", as well as the CVT transmission and the second-generation Pangu engine, which were hailed as killers, all of which showed that Zhonghua Automobile is fully prepared to deal with the fierce competition both now and in the future.

"I would like to ask, when will Zhonghua's CVT transmission be mass-produced and commercialized?"

During the panel discussion with institutional investors, a fund manager asked.

As the first automatic transmission of China's own brand, the CVT project will bring immeasurable benefits to Zhonghua Automobile once it is successfully developed and mass-produced.

"The most optimistic estimate is that it should be possible to produce small quantities in 18 months, and CVT transmissions require long-term tuning, so there is no urgency to do so. According to the current progress, it is almost a foregone conclusion that we will become the first independent brand in China to have its own transmission. ”

Han Hao answered the other party's questions very frankly, and in the future, these major matters of the company's listing will be disclosed to the public.

"In the future, how will Zhonghua Automobile stagger the competition with Huaxia Automobile, and what direction will the new model development focus on after 'Qin' and 'Tang'?"

Another fund manager asked the question everyone wanted to know.

"From our current product distribution, it can be seen that the Huaxia brand will focus on the low-end market, with micro faces, pickups, light buses and other tool vehicles as the development field. The Chinese brand will face the mid-to-high-end market, with sedans, SUVs, and MPVs as the three major directions of future development.

In the next development of new models, we will focus on the research and development of small, medium and high-end sedans, a small SUV, and will also establish a project for the Zhonghua MPV project.

These will be the focus of research and development in the next five years, and we will strive to launch a new model every year. ”

As an independent listed company, China Motor will have its own development plan in the future, and strive to cover various fields.

"I would also like to add that China Motor will also start developing an electric car that can be mass-produced, ready for trial launch at the 2008 Olympic Games. ”

With the accumulation of electric motorcycles, Zhonghua Group began to incorporate electric cars into the formal planning, and strive to create electric cars in line with national conditions.

"Will the suing of Huaxia Automobile for infringement affect the listing of Zhonghua Motor, and how to prevent similar incidents from happening to Zhonghua Automobile again in the future?"

The quiet period of listing is often the period when companies face an outbreak of lawsuits, and the appearance of China Motor's "Qin" resembles a corolla, which makes fund managers a little worried.

"Our case with Suzuki has already been heard twice in the capital court, and judging from the course of the trial, we have very little chance of losing the case. It may be that after the year, the court will officially announce the verdict.

Before Qin's listing, we hired the top domestic intellectual property experts to circumvent its patents, and it can be said that it did not infringe Toyota's intellectual property rights.

Just now, you have also seen the research and development process of new models in our research institute, and in the future, China Automobile will create its own independent design and development of models, just like 'Tang', which is unique in the world.

In the future, there will be fewer and fewer infringement lawsuits, and if there are, we will sue others!"

The trial did tilt in favor of the Chinese side, which made Han Hao breathe a sigh of relief. Suzuki could not produce sufficient legal evidence to prove Huaxia Automobile's plagiarism, because all of Huaxia Automobile's R&D materials have original sources, which can prove that they are the results of China's own research and development.

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The fund managers' questions were very professional and targeted, and Han Hao answered them one by one to dispel their doubts.

After the exchange, Han Hao showed the demeanor of an outstanding leader, which gave institutional investors great confidence. In a highly competitive field like automotive, a strong leader can win more points for the business.

Once China Motor is successfully listed, it will obtain new financing channels, which will provide ammunition for R&D investment in new models.

At the time of leaving Jiangzhou, at least 60% of the institutional investors who came to inspect the inspection made up their minds to subscribe to the shares of China Motor, while the rest also maintained a positive attitude. As long as China Motor maintains its current development speed, the stock will definitely continue to rise, and it is one of the blue chips that can be invested in for a long time.

After bidding farewell to this group of institutional investors, Han Hao deliberately asked Yin Qingxun to stay. These days, Yin Qingxun has worked hard and made great contributions to the listing process of China Motor.

"ZF's CVT business may be sold, and we have to prepare in advance. You are an expert in this area, and you will need to be involved in financing and negotiation in the future. You can first find a foreign bank with M&A business to conduct preliminary research and see how feasible it is."

Although the company reached a CVT supply agreement with ZF, Han Hao began to acquire the other party.

"Didn't we just come to an agreement? Are they really willing to sell the CVT business?"

Yoon Kyung-hoon has been busy with the listing and doesn't care much about it.

"Except for us, they can't find big customers for their CVT business. Once the Chinese market doesn't go well, that's when they sell.

In the future, we will draw salaries from the bottom of the kettle and cut off their procurement sources, and the initiative will be in our hands. Especially after our CVT went public, we had enough leverage to negotiate with them. ”

At a time when Mitsubishi Engine is forced to tie in their 4AT, domestic domestic brands that need to purchase engines will give priority to Mitsubishi at a low price, and will not consider ZF too much. Because the independent purchase of CVT needs to consider the problem of engine matching, the general manufacturer does not have this technical strength.

If Chunghwa Group does not purchase CVTs, ZF will be in a difficult situation in terms of sales, and it will be much less difficult to acquire them.

"The Germans thought they were a savior, but they didn't expect it to be an open trap, and they couldn't help but get in. ”

After thinking about it, he understood Han Hao's intentions, and Yin Qingxun said with a smile.

"In fact, the Germans are also betting that they can find a CVT market in the fast-growing Chinese market in the next three years. Once we find a big customer other than us, we can save the CVT business.

If it fails, then sell the CVT, and they will be marginalized in the first place. ”

ZF is a last resort and hopes to find a new space for CVT development in China. Once the CVT develops smoothly, it can be sold at a good price in the future.

"Oh, many investors in its 4S stores and dealerships also want to buy shares of China Motor, what do you think?"

Han Hao asked his financial expert about this.

"It's a good thing to tie everyone's interests together to form a community. We eat meat, and they can also drink a bowl of soup. However, if you let them join, the stock quota is not enough, and you may have to sell some more shares. ”

Yoon Kyung-hoon replied.

China Motor now has 438 4S stores, and they have become a strong ally of Han Hao in China.

Honda's introduction of China's 4S store model is really convenient for OEMs, not only passing on costs but also greatly reducing channel investment.

Like Zhonghua Automobile, as long as the car is sold to the 4S store, the capital will be withdrawn and all the pressure will be transferred to the 4S store. Especially when the sales are not good, you can press the vehicle to the 4S store and dump the inventory to them.

It turns out that China's automobile sales channels are all automobile trade markets, and OEMs are unable to control the entire market, which is prone to the phenomenon of cross-shipments. Now they are all directly operated 4S stores, and the price system is firmly controlled by the main engine factory, and string goods rarely appear, and they will be punished once found.

A 4S store needs to invest at least 5 million, and the total investment of 438 stores of China Automobile is as high as more than 2 billion. If it is built by an OEM, it will not only progress slowly but also costly. Now these funds and risks are undertaken by the investment franchisees of 4S stores, who help OEMs establish sales channels covering the whole country for free, and at the same time have to endure the exploitation of OEMs.

It's best to do business with other people's money, and especially to transfer the risk to others.

This also explains why all domestic auto brands are now vigorously developing 4S stores, because this is beneficial to OEMs.

Of course, the investors of 4S stores are not fools, and now they are joining the 4S store business of well-known brands, and they are basically making steady profits. For example, the 4S store of GAC Accord claims to return to its original cost in one year, make a profit in the second year, and make a net profit in the future.

Zhonghua Motor's "Qin" and "Tang" have been selling well all the way, and occasionally they can be sold at a higher price, and the 4S store has also made money by selling cars. It's not comparable to Guangqi Honda, but at least it's first-class for domestic brands.

Whether China Auto is good or not, the owners of 4S stores have the most right to speak. The car is not popular with customers, and the after-sales quality is all in the 4S store.

Therefore, now that China Motor is preparing to go public, they know the inside story and naturally hope to subscribe for some stock investment.

After Yin Qingxun's calculation, it was set that each 4S family was allowed to subscribe for a maximum of 1 million shares, and the collective would account for Han Hao's 3% reduction in share.

Of course, the group's employees can also subscribe for the shares of China Motor, and they also occupy a 5% stake.

The veteran employees who have grown up with the Chunghwa Group are eligible to subscribe for shares, with the amount ranging from 100,000 to 400,000 yuan according to their level, which is a reward for their hard work for many years.

In this way, the number of public floats will exceed 35%, and the funds raised from the listing will also be further increased.

Once China Automobile is successfully listed, Han Hao's net worth will increase by tens of billions of assets out of thin air, and the position of the richest man in Chinese mainland will be further consolidated.

The city of Guangfu, located in southern Guangdong Province, has once again become the focus of national attention.

In order to retaliate against the joint venture between Shouqi and Mercedes-Benz, Hyundai Motor decided to establish a commercial vehicle joint venture with GAC in the south.

According to China's automotive industry policy, foreign brands can have two major partners in the field of passenger cars and commercial vehicles.

Hyundai-Kia is considered a single company after the merger, and with the two major partners of Shouqi and Yueda, Hyundai has run out of places in the passenger car field.

However, there is a blank in terms of commercial vehicles, and people thought that Hyundai and JAC would first establish a joint venture for commercial vehicles, after all, the two sides have in-depth cooperation in JAC Ruifeng. Unexpectedly, GAC took the lead in announcing a joint venture with Hyundai to establish GAC Hyundai Commercial Vehicle Company.

Why didn't JAC make a joint venture with Hyundai?

This is because Hyundai Motor saw that JAC was weak and asked JAC to give up its own commercial vehicle brand before agreeing to the joint venture, clearly wanting to bully JAC.

Such a request was rejected by JAC, and once agreed, it would completely become a Hyundai OEM, and the loss of autonomy was not a good thing.

As for GAC, Hyundai was anxious to show Mercedes-Benz a face, and hastily reached a joint venture agreement without asking too much.

Foreign brands are invincible in China's passenger car sector, but they have a poor record in commercial vehicles, and Mercedes-Benz's joint ventures with Yaxing and Southeast Automobile are half-dead.

In the field of trucks, FAW and Dongfeng are still in the world, and in the field of buses, they are also dominated by Jinlong and Yutong young buses.

This is because trucks and buses belong to the middle school student stage, and compared with the college student stage of cars, the technical gap between us and foreign countries is not very large. In particular, commercial vehicles are used as tools, and domestic consumers pay more attention to cost performance and are not sensitive to technology premium.

Guangfu City, Nanyue Province, has become the base camp for Japanese automobiles to enter China, and the joint venture factories of Honda and Nissan have landed here, and have driven a large number of Japanese auto parts companies to station.

With the merger of FAW with the two major joint venture partners, Toyota now once again holds a joint venture quota in its hands.

Akio Toyoda quietly came to Guangfu City, hoping to land the second chess piece here.

Nanyue Province is the base of Japanese car sales, where Japanese cars are highly sought after by consumers, and an industrial cluster has been formed in Guangfu City, so Toyota is the right choice to land here.

GAC Group and Honda Motor Co., Ltd. have a very happy cooperation, but they also want to find another joint venture partner to expand the scale of development, and the emergence of Toyota at this time is a match made in heaven for both parties.

The mid-to-high-end sedan Camry that FAW has always wanted before was a gift from Akio Toyoda to GAC. Toyota's successor has been preparing for a joint venture with GAC for a long time, and now it is the final stage of his China strategy.

Despite FAW's opposition, Toyota chose to establish a joint venture with GAC, and the two sides will start production of Camry cars in China, and other foreign models will be introduced in the future.

At this time, FAW boss Zhu Tianfeng knew that he was placed by Toyota, and unknowingly became a knife in the hands of the other party, paving the way for him to cut and pave the way for a joint venture with GAC.