·2011 auto group's overall listing process accelerated

In 2011, the overall listing process of the automobile group accelerated. SAIC's overall listing ended with the largest M&A and restructuring case in the A-share market in 2011. The overall listing of FAW Group was launched, and the listing process of BAIC accelerated. The overall listing of GAC is also just around the corner. Obviously, this car-listing boom will blow into 2012 in 2011, which will have a major impact on this year's car strategy.

FAW's overall listing process accelerates

FAW Group is the only auto group in the country's three major auto companies that has not achieved overall listing. As early as 2007, the name of FAW Group was listed in the list of 30 centrally listed central enterprises that were appointed by the State-owned Assets Supervision and Administration Commission of the State Council.

On July 13 this year, FAW Car (000800, shares), FAW Xiali (000927, shares it) respectively announced the announcement, exposed FAW Group's restructuring and restructuring plan, FAW's overall listing curtain officially opened.

In order to ensure the success of the listing, FAW Group has commissioned investment banking institutions to prepare four sets of listing plans, namely: “IPO mode” of public offering, “backdoor” FAW car mode, “split-listing” mode and complete retention of FAW Xiali listed subsidiaries. Only the FAW-Volkswagen, FAW Toyota and other high-quality assets of the Group will be packaged into four schemes of FAW Car. It is currently believed that the IPO program will be the most likely to implement.

On December 30, FAW Xiali announced that FAW will invest 47.73% of FAW Xiali shares in FAW. According to FAW's overall restructuring plan, FAW will hold 53.03% of FAW Car in addition to 47.73% of FAW Xiali. The FAW listing process continues to accelerate.

According to the information disclosed by the State-owned Assets Supervision and Administration Commission at the meeting of heads of state-owned enterprises held in December last year, as the first pilot unit that the SASAC explicitly requested to achieve the overall listing as soon as possible, the overall listing of FAW Group is likely to adopt the special approval method of the State Council to speed up the IPO. process.

SAIC's overall listing ended successfully

On January 9, Shanghai Automotive (600104.SH) stock abbreviation officially changed to "SAIC Group (600104, shares it)". At this point, the SAIC Group, which completed the restructuring of the equity change assets, entered the final stage of the listing.

The overall listing of SAIC Group was officially launched in February 2011. On April 1st, the board of directors and the board of supervisors of SAIC Group reviewed and approved the purchase of the independent parts business, service trade business and new business held by Shanghai Automotive Industry (Group) Corporation and Shanghai Automotive Industry Co., Ltd. by way of non-public issuance. The reorganization plan of equity and other assets of energy automobile business related companies; on May 27, SAIC Group's shareholders' meeting voted to pass the plan with a high vote rate of 99.98%; on September 13, the company received official approval from the China Securities Regulatory Commission for the transaction. The approval of the document; on December 30, the implementation of the share purchase asset transaction was completed.

On December 30, 2011, SAIC Motor issued the “Announcement on the Implementation of the Issuance of Shares to Purchase Assets and Changes in Shares”. The announcement stated that the estimated value of the assets under this merger and reorganization was approximately 29.119 billion yuan, from the suspension of the license to the official approval of the China Securities Regulatory Commission. After 7 months, after the completion of the restructuring, the Shanghai Automotive Industry (Group) Corporation's asset securitization rate increased from 81.15% to 99.34%, becoming the largest M&A and restructuring case initiated and implemented in 2011.

In 2011, SAIC's sales exceeded 4 million units, an increase of 11.9% year-on-year, far exceeding the national average. Hu Maoyuan said that by 2015, the goal of SAIC's complete vehicle is to break through 6 million vehicles, and strive to achieve 800,000 overseas vehicle sales. The scale of business is leading in the domestic automobile group.

BAIC Car's independent qualifications approved the overall listing strategy to accelerate

Since the end of 2003, BAIC Group has been committed to achieving an overall listing. However, due to unclear equity structure, heavy debts and insufficient quality assets, its listing plan has been stagnant. Until the end of September 2010, the listing of Beiqi Group, the overall listing platform of BAIC Group, was announced, and it was announced that BAIC had made substantial progress on the road of overall listing.

Beiqi is currently the only large passenger car company in China that has no listed assets at all. Its parent company, which has two major product lines, namely, the popular category and the luxury category, is rare in China. As the obstacles before the listing have been basically cleared, the future earnings prospects of the parent company are also very broad.

The two major joint ventures of BAIC have experienced rapid growth in recent years. According to the plan, Beijing Hyundai plans to achieve two multiplications during the “Twelfth Five-Year Plan” period: that is, the multiplication of production or sales volume and the multiplication of high-end vehicle structure. In 2010, 700,000 units will be sold, and sales will reach 1.4 million units in 2015. In 2010, the proportion of high-end vehicles will be 26%, and in 2015, it will reach 50%.

Another joint venture, Beijing Benz, will show a stronger and continuous growth trend with the unprecedented support of the two major shareholders. Daimler Group has clearly changed Beijing Benz into the operational core of Mercedes-Benz in China. In 2015, the total production capacity of Beijing Benz has jumped from 100,000 to 500,000. The sales ratio of Beijing Benz and imported Mercedes-Benz is important from now 3:7. The twist is 7:3. Beijing Benz will set up its first phase of an engine plant with a capacity of 250,000 units in China, set up a high-end design center in Beijing, unify the sales channels of Beijing Benz and Mercedes-Benz imported cars, and launch a new model at least every year in Beijing Benz.

The latest statistics show that in 2011, BAIC Group produced a total of 1.514 million vehicles, an increase of 0.6%; sales of 1.541 million vehicles, an increase of 2.7%; operating income of 20.97 billion yuan, an increase of 27.4%; a profit of 15.77 billion yuan , an increase of 46.1%. Not only became the first municipal enterprise to achieve operating income of more than 200 billion yuan, but also the main economic indicators have entered the first camp of the automotive industry.

GAC and GAC Changfeng (600991, shares it) program was approved through the overall listing soon

From 2010, privatization of Denway landed in H-shares in Hong Kong. Last March, it threw out the plan of attracting GAC Changfeng (600991, stocks), and then approved by the recent program, Guangzhou Automobile Group is getting closer and closer to the overall listing date.

Recently, the China Securities Regulatory Commission listed company mergers and acquisitions restructuring audit committee in the 40th 2011 mergers and acquisitions restructuring committee working meeting conditionally approved the GAC Group's share swap and GAC Changfeng's plan, since December 29, 2011, the suspension of GAC Changfeng ( 600991.SH) resumed trading on January 4 this year.

According to the report disclosed by GAC Changfeng on March 23 last year, Guangzhou Automobile Group absorbed the merger of GAC Changfeng by way of share swap. The issue price of Guangzhou Automobile Group A shares is 9.09 yuan/share, and the price of GAC Changfeng is 14.55 yuan/share. The conversion ratio of this share swap is 1.6:1, that is, every 1 share of GAC held by the shareholder. Changfeng stock can be exchanged for 1.6 shares of Guangzhou Automobile Group A shares. For dissident shareholders, GAC Group will pay a cash consideration of 12.65 yuan / share.

However, due to the delay in approval, the Guangzhou Automobile Group's plan, which was originally planned to complete the A-share listing in September 2011, had to be postponed until 2012. However, it is only a matter of time before Guangzhou Automobile enters A shares, and it is getting closer.

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