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On September 16th, the two brands Citroen and Peugeot of Dongfeng Dragon Co., Ltd. were following the national media in Wuhan and Beijing respectively. On the same day, Dongfeng Citroen and Dongfeng Peugeot had a totally different mood from the media. The former introduced Citroën to the media to improve its performance, while Peugeot celebrated the launch of the brand's first product Peugeot 307 in Beijing under the strong French sentiment. Citroen was completely rectified, and the start of Peugeot China was merely the appearance of Shenlong. With the beginning of the rectification of Dongfeng Citroen, Dongfeng and PSA Group began to solve the problem of distressed Shenlong's ownership structure for many years. It was revealed that Shenlong Motors had completed the first equity change in early September, the National Development Bank sold 16.7% of its shares, and the second phase of the equity change plan will be submitted to the relevant national authorities in October. It is expected that by the end of this year, China and France will The shares of Shenlong held by the bank will be acquired by Dongfeng Motor and PSA Peugeot Citroën Group. In the final, this complex equity joint venture automobile company will form a 50%:50% equity relationship between Dongfeng and PSA Group. Liu Weidong, general manager of Shenlong, introduced the media, saying, “The entire acquisition will take a 1:1 valuation approach to the registered capital and it will cost 2.3 billion yuan.†With the entry of the Peugeot brand, the PSA Group’s strategic layout in the Chinese market Has been completed. How Shenlong Motors has revived has become the top priority for the two major automotive companies. Self-salvage began in May this year, the decline in sales in the domestic auto market, brought huge operational pressure to Shenlong, which led to the outbreak of long-standing conflict. In July of this year, Shenlong held a board meeting in France. At the meeting, the PSA Group has reached a consensus and continues to maintain a certain influence in the Chinese auto market. At the same time, PSA Group stipulated that the loss of Shenlong this year could not exceed 300 million yuan. According to the plan, after the conclusion of this meeting, the head of China of the PSA Group and the head of Citroen will assist Shenlong in formulating a detailed plan, which includes company strategy and design of specific products. It is planned to begin in August after the Shenlong company’s high-temperature holiday. In order to increase both parties' enthusiasm for investing in Shenlong, Dongfeng and PSA Group also proposed that the issue of Shenlong's property rights be too dispersed and the investment ratio between China and France be asymmetric. Citroen related people believe that "the Peugeot's new car has just been made in China, the market outlook is difficult to predict. To achieve the set goals, we must address the deeper issues of property rights, increase PSA Group's enthusiasm for investment." Completed in September this year, the first phase Prior to the equity change, Dongfeng Motor Corporation accounted for 31.9%, PSA Group 25.6%, Citroen 3.2%, Peugeot 3.2%, BNP Paribas 0.5%, and Societe Generale 2.1%. China Development Bank accounted for 16.7%, and Oriental Asset Management Corporation accounted for 16.7%. In Shenlong Company, the shares of Dongfeng and China Bank accounted for 70%, which is in an absolutely dominant position. The technology, management, and brand of Shenlong Motor are all from PSA Group. However, PSA Group owns only 30% of shares in Shenlong, and the equity structure is not. The rationality has greatly affected the enthusiasm of the PSA Group in the Chinese market in the earlier period. Due to the slow replacement of products and the aging of the model, in 2004, Shenlong fell out of the top three in the passenger car market. According to statistics from the National Passenger Car Association, in the first seven months of this year, Citroen sold a total of 52,064 vehicles in the Chinese market, including the Beverly series, Elysee, Saina, and Picasso, with a market share of 3.7%. In the same period last year, the sales volume was 61,655 units and the market share reached 5.4%. According to the analysis of PSA Beijing office, after the launch of Picasso 1.6L, the market reaction was very unsatisfactory. A common view was that the engine's displacement had the feeling of "little horse-drawn carts." Consumers hope that Citroen can increase the engine row. the amount. However, Dongfeng Citroen did not move. Until a year later, Picasso 2.0L was available. Picasso was overwhelmed when major manufacturers rushed to launch new products. The PSA person said: "The growth of Picasso is too slow." The product is the lifeblood of the company. The unequal Sino-French shareholding has caused the disagreement between the two products to continue; and in order to firmly grasp the management rights, Citroën's France The management approach cannot provide a viable solution to these differences. According to statistics from the China Automobile Industry Association (hereinafter referred to as China Automobile Association) Express, the sales volume of Shenlong in the first half of this year was 46,000 units, a decrease of 10% compared with the same period of last year, which is still a certain distance from the sales target proposed at the beginning of the year. . It is time for the dragon to be saved. The repurchase of shares by Shenlong should be self-help. First, it must fundamentally solve the problem of unreasonable stock rights. In fact, Dongfeng and PSA Group have been seeking to change their shareholding ratio in recent years in order to increase the enthusiasm of both parties. The share ratio of PSA is also gradually increasing. From November 25, 1999 to September 25, 2000, with only 10 months, Shenlong completed the debt-to-equity swap and achieved the goal of increasing capital and expanding shares. Through the implementation of debt-for-equity swaps, the number of shareholders of Shenlong increased from 4 to 6 and the two additional shareholders were China Development Bank and China Oriental Asset Management Corporation; the registered capital increased from the original 2.589 billion yuan to 6 billion yuan. , increased 3.415 billion yuan; to achieve the second introduction; foreign funds 969 million francs, equivalent to 1.023 billion yuan; the year debt ratio dropped from 87% to 69%, reducing the Shenlong company's debt burden. Subsequently, the joint venture gradually adjusted the ratio of shares of the parties. According to the plan, Dongfeng and PSA originally wanted to completely acquire the shares of the foreign and domestic creditor banks by the end of 2003, which will eventually allow each party to account for 50% of the share capital of the new company. It is understood that due to asset valuation and repurchase pricing issues, the timetable for equity repurchases has not been finalized. In Dongfeng's equity repurchases, Dongfeng has been facing tremendous financial pressure. Shenlong’s car construction projects mainly rely on bank loans, and the debt ratio is as high as 87%. The registered capital is only 2.57997 billion yuan, which is only 25% of the total investment. Production and operations rely almost entirely on loan maintenance. In order to solve the problem of excessive corporate debt ratios, the state has implemented a debt-to-equity swap policy for Shenlong. China Development Bank and Oriental Management Co., Ltd. each took over 16.7% of Shenlong's equity. If you want to repurchase this 33.4% stake, Dongfeng must take out billions of funds. In early 2004, Miao Miao, General Manager of Dongfeng Motor Corporation, and Felz, President of PSA Peugeot Citroen, signed a memorandum. The two sides clearly stipulated that they will repurchase the shares of Shenlong Company owned by China-France Banking and Assets Corporation in two steps. In September 2004, the relevant state authorities approved the first equity change plan, in which Dongfeng Company and PSA Peugeot Citroen Group purchased all the shares of Shenlong Company owned by the China Development Bank and some of the shares of Shenlong Company owned by Oriental Assets Corporation. The entire equity acquisition will be valued and acquired 1:1 against the registered capital, with a total cost of up to RMB 2.3 billion. As Dongfeng and PSA repurchase their equity, they will each contribute half of their capital. It is understood that the 1.15 billion yuan required by the Dongfeng will come out of its own profit in previous years. It is understood that the current equity structure of Shenlong is 40.9732% of Dongfeng Motor Company, 9.0628% of Orient Assets, 40.9322% of PSA Peugeot Citroen Group, 3.1946% of Citroen, 3.1946% of Peugeot, 2.142% of Societe Generale, France BNP Paribas 0.5357%. This means that the China Development Bank completely withdrew from the company and Eastern Assets also sold about 7.7% of its shares. At the same time, the company will submit a second-stage share purchase plan to relevant state agencies in October and is expected to obtain approval from the end of November to December. At that time, Dongfeng Company and PSA Peugeot Citroen Group will purchase all shares of Shenlong Company owned by Societe Generale, BNP Paribas and China Eastern Assets Corporation. The two groups will hold 50% of the shares of Shenlong. Return to the first camp It is understood that from the beginning of this year, Shenlong has officially started the construction of the second phase of the project. The planned construction period is 30 months. It is estimated that the newly increased investment in fixed assets will be more than RMB 6 billion and the R&D investment will be RMB 1.8 billion. It is mainly used for the engineering construction and new product research and development of the Wuhan plant of Shenlong company and the production capacity of Xiangfan factory, and prepares new products for product planning. After the project is completed, the production scale of Shenlong will increase from 150,000 to 300,000. Since March, the position of one of the three major groups of Dongfeng Motor has been replaced by Changan Group. In the first half of this year, Dongfeng ranked fourth in auto production and ranked fifth in sales. If you do not return to the top three as soon as possible, Dongfeng will be thrown off by other competitors in the future development competition. June 1, 2004. The new "Automobile Industry Policy" that has been brewing for more than a year was formally promulgated by the National Development and Reform Commission. The new policy stipulates that: the domestic market share of automotive products produced by core enterprises and their wholly-owned subsidiaries, holding companies, and Chinese-foreign joint ventures will be more than 15%, or the annual sales revenue of auto vehicles will reach the entire industry's total vehicle sales revenue 15 More than %, it can be used as a large-scale automotive enterprise group to separately report the group's development plan. In this era when efficiency is achieved, enterprises that have reached 15% can independently formulate their own corporate development plans and can implement them after being approved by the National Development and Reform Commission. The time for project approval is short, and it is easier to get support from local governments. This is undoubtedly the biggest temptation. At present, the overall market share of Dongfeng is nearly 10%. Compared with Changan, the biggest competitor, and Beiqi, the gap is not significant. In the first half of this year, Changan had sales of 298,666 units, Beijing Auto Group 295,207 units and Dongfeng 285,139 units. The difference between Dongfeng and Chang'an and BAIC is mainly reflected in the sales performance of passenger cars. “Dongfeng Passenger Vehicle Co., Ltd. is another Dongfeng passenger vehicle project. New products have just been officially launched in July this year. It takes time to form the sales and marketing. The Dongfeng passenger vehicle segment still needs Shenlong to support it in the short term.†A dragon's person analyzed. The industry generally believes that the future performance of Shenlong will directly influence Dongfeng Motors' position in the domestic automotive industry. Reporter Sha Luo Beijing Reported