According to public information, Geely Maijie Investment Co., Ltd. was established on 20 15127 October, and its main business scope is industrial investment, services, investment consulting (except securities and futures) and entrusted enterprise asset management. Geely Technology Group Co., Ltd. and Hangzhou Jixing Technology Co., Ltd. under Geely Holding Group respectively hold 99% and 1% of the shares of the company. This means that Geely has begun to participate in the restructuring of Lifan. In addition, the actual controller behind Liangjiang Fund is Chongqing Liangjiang New Area Management Committee, which means that the local government does have the idea of saving Lifan.
This means that Geely has begun to participate in the restructuring of Lifan.
Lifan's financial report shows that the operating income of Lifan Group continued to decline from 126 billion yuan in 20 17 to 7.45 billion yuan in 20 19, and Lifan officially announced its financial report for the first half of 2020. According to the published information, Lifan's operating income in the first half of 2020 was only 65.438+0.584 billion yuan, down 69.42% compared with the same period of last year, and its net assets were only 65.438+0.06 billion yuan, down 96. 1.2% year-on-year.
In terms of sales volume, in 20 19, the sales volume of Lifan's traditional passenger cars, new energy vehicles and motorcycles were 22,536, 309,654,38+0 and 608,500 respectively. In the first half of this year, the sales of Lifan passenger cars and motorcycles were 978, 549 and 265,438+03,536 respectively, down by 95.29%, 56.32% and 29.5% year-on-year. In addition, it is reported that Lifan has only one MPV named Xuan Lang on sale.
Meanwhile, Lifan is now heavily in debt. By the end of 20 19, 12 and 3 1 year, Lifan's total assets19.407 billion yuan, total liabilities16.573 billion yuan, and the asset-liability ratio was as high as 85.40%. By the end of the first quarter of this year, the total assets of Lifan were 65.438+08.293 billion yuan, the total liabilities were 65.438+057./kloc-0.9 billion yuan, and the asset-liability ratio was as high as 85.93%. In addition, Lifan shares are currently involved in litigation (arbitration) *** 1 178, involving an amount of 5.037 billion yuan. Behind the high debt is insufficient solvency. At the end of the first quarter of this year, its current assets were 55 1 100 million yuan, its current liabilities were13.72 billion yuan, its current ratio was only 0.4%, and its short-term solvency reached the lowest level.
However, Lifan's old motorcycle business still has strong vitality. In terms of motorcycles, motorcycle engines and general gasoline engines, Lifan's production and sales data are relatively optimistic.
Now the rumor has become a reality, but without a free lunch, what can Geely get from participating in Lifan's restructuring? /kloc-Geely "Snake Swallow Elephant" acquired Volvo 0/0 years ago, and now it has become a classic case of China enterprises' overseas asset acquisition, which is regarded as the standard of research and analysis by major business schools, and Geely has thus become a "blockbuster".
20 17 became a year of Geely's continuous "open" acquisition. From 2065438 to June 2007, Geely set its sights on Southeast Asia and acquired Proton, a subsidiary of Malaysian DRB-HICOM. Hold)? 49.9% of the shares and its luxury brand Lotus Auto? (Lotus? Group)? 5 1% shares. On June 5438+065438+ 10 of that year, Geely announced the acquisition of the entire equity of Terrafugia Flying Automobile Company of the United States. 2065438+On February 27, 2007, 65438+2007, Zhejiang Geely Holding Group (hereinafter referred to as "Geely Holding") announced that it had cooperated with European fund company Cevian? Capital signed an equity acquisition agreement to acquire its Volvo Group (AB? Volvo) 8.847 billion A shares and 78.77 million B shares.
Enter 20 18? In February, Geely announced that it had successfully bought 9.69% of Daimler's shares and became its largest shareholder, which shocked China and foreign countries. 13 In September, Geely announced that it had become the largest shareholder of saxo in Denmark, with a shareholding ratio of 5 1.5%.
On July 22nd this year, valin star horse announced that Geely Commercial Vehicle Group will hold 5.24% equity of valin star horse Company/KLOC-0 as the controlling shareholder of the company.
Since the acquisition of Volvo, Geely has completed many large-scale acquisitions at home and abroad, involving more than 1000 billion yuan. From domestic to Europe, and then to Southeast Asia; From automobiles and clothing to the financial industry ... The description of the image of the insiders, the large-scale acquisition and splicing of Geely's territory has obviously exceeded the target imagination of "China version of Volkswagen"
Earlier this year, Changsha Cheetah signed a trust agreement to use Cheetah's factory to produce Geely's new energy vehicles. Geely's hosting of Changsha Cheetah can also be regarded as the same interest group. On the one hand, cheetahs have gained vitality. On the other hand, Geely Automobile does not need to build its own factory to produce new energy vehicles, and Cheetah Automobile shares the risks.
If Lifan is successfully acquired this time, Geely Automobile will acquire Lifan's local Yuanyang plot in Chongqing, which is currently worth 654.38+0 billion. In addition, Lifan's status as a listed company can help Geely Automobile obtain more funds in A shares. In addition, Lifan has the financial license that many car companies dream of, which plays an important role in the development of Geely's Cao Cao Travel and other sectors.
It is true that the restructuring of Lifan has made new progress, and the participation of Geely and Liangjiang New Area in the restructuring is good news for Lifan, which is expected to revive. But where will Lifan go in the future? We don't know yet.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.