In the evenings of February and April, 65438+,Tianjin FAW Li Xia Automobile Co., Ltd. (hereinafter referred to as "FAW Li Xia") issued a notice on the revision of the Articles of Association. The registered name of the company will be changed from Tianjin FAW Li Xia Automobile Co., Ltd. to China Railway Materials Co., Ltd. (hereinafter referred to as "China Wu Tie"), and the registered capital will be changed from 65.438+595 million yuan to 557.565656. FAW? Li Xia? Car company. ,? LTD "was changed to" China? Railway? Materials? Company? Limited. The abbreviation of the company's securities was changed to "China Wu Tie" and the English abbreviation was changed from "TFC" to "CRM".
At the same time, the company's business scope has also undergone great changes. Before the change, it includes the sales of automobiles and auto parts, and after the change, the business scope is the processing and sales of railway transportation infrastructure equipment and rails; Manufacturing and sales of high-speed rail equipment and accessories; Sales and maintenance of railway vehicles. In addition, some provisions including the Securities Law remain unchanged.
It is worth noting that the day after the announcement, 65438+February 15 opened, and the daily limit of *ST Li Xia was 4.39 yuan/share, up 5.02%.
It is sad that Li Xia announced his withdrawal in this way. From birth to glory and then to decline, the track of Li Xia brand's "car life" is intriguing.
The Fall of a Generation of Magic Cars
1986, the red hatchback Li Xia was assembled by imported parts (CKD) at Tianjin Automobile Factory. Li Ruihuan, then the mayor of Tianjin, gave it a name after the test drive: "Our own car, Huaxia Deli, is called Li Xia!" This car with a price of only 6.5438+10,000 can be said to be the memory of an era in China, especially its cheap, sturdy and durable style, which makes Li Xia the first choice for taxis in most cities.
On July 27th, 1999, FAW Li Xia was listed on Shenzhen Stock Exchange and officially landed in the capital market.
At the beginning of the Millennium, the joint reorganization agreement between Tianqi Group and FAW Group was signed in the Great Hall of the People in Beijing, which became a sensational "Tianqi Reorganization" event in the automobile circle. After the reorganization, Tianqi changed its name to FAW Li Xia in the A-share market.
From the first Li Xia rolled off the assembly line to the historical peak of 20 1 1, Li Xia has been running wildly in the China automobile market for more than 20 years, and its numerous achievements during this period are also regarded as the typical development of its own brand.
In its heyday, the annual production and sales scale of FAW Li Xia once reached 250,000 vehicles, and the revenue of listed companies reached 9.954 billion yuan, defending the domestic economic car sales champion for 18 years in a row, opening the first in the history of many domestic automobile industries: the first export automobile brand and the first national automobile brand with a production of over one million. ...
However, with the development of domestic automobile market, FAW Li Xia's backward products and technology and low-end brand image no longer attract consumers, and gradually become a marginal brand.
From 20 14, the sales volume of FAW Li Xia began to decline year after year, and the annual sales volume once fell below 654.38+10,000 vehicles. By 20 18, Li Xia series cars were discontinued, and only18,800 cars were sold that year. At the same time, corporate profits plunged sharply and fell into losses for years. During the six years from 20 13 to 20 18, the cumulative loss of non-net profit deducted by FAW Li Xia exceeded 8 billion yuan.
FAW Li Xia, which has been in trouble for many years, began to "sell its property" to protect its shell: it has sold its internal combustion engine manufacturing branch, product research and development center, FAW Toyota equity, powertrain daily manufacturing and other assets, but it has never got out of the quagmire.
From 2065438 to September 2008, Baiteng, a new car-making force, acquired 0/00% equity of FAW Huali 1 yuan, a subsidiary of FAW Li Xia. Baiteng was qualified in this way, and at the same time he was burdened with 800 million yuan of debt owed by FAW Huali and more than 50 million yuan of employee salary.
Love and hate with Bo County
For Li Xia, it is a helpless and sad choice to find the last way out by selling shell resources.
2065438+In April 2009, FAW Li Xia announced that it would establish a joint venture company Tianjin Bojun with Bojun Automobile to jointly build a new energy vehicle. On October 20 19, 165438+ 10, Tianjin Bojun was established with a registered capital of about 2.5 billion yuan, and Nanjing Bojun contributed more than 2 billion yuan, holding 80. 1%. FAW Li Xia contributed in the form of "old capital" such as factory buildings, equipment and liabilities. Bojun obtained the production qualification by this curve.
At the beginning of this year, FAW Li Xia announced that the Ministry of Ecology and Environment had changed the environmental protection information of enterprises on February 2 1. After the change, Tianjin FAW Li Xia was officially renamed as Tianjin Bojun Automobile Co., Ltd. (hereinafter referred to as "Tianjin Bojun"), and its legal representative was also changed to Huang Ximing (Chairman and CEO of Nanjing Bojun).
In the future plan, both parties will produce the first model iV6 of Bojun Automobile in Tianjin FAW Factory. Bojun will provide capital, technology and products, and Li Xia will provide land, factories and personnel to jointly build new energy vehicles.
However, the beautiful vision of Li Xia and Bojun to build a high-quality intelligent electric vehicle has not been realized.
After taking over Li Xia, Bojun Automobile failed to pay Li Xia's debts and employees' salaries as scheduled. Financing difficulties have brought great pressure to Bojun's poor capital chain. Coupled with the overall market environment and the turmoil in the field of new energy vehicles, the delivery time of Bojun's first mass production model has also been delayed.
From Li Xia to Bo County, changing the name can't change the cruel reality. The road after renaming is by no means smooth, and the accelerated reshuffle and elimination of the industry is unstoppable.
Data show that in the first half of this year, the asset-liability ratio of FAW Li Xia has exceeded 65,438+000%, reaching 65,438+037.56%. In fact, it is an insolvent "negative equity" car company. In the past few annual and semi-annual reports, breaking the debt ratio has been the routine operation of Li Xia. In terms of production and sales data, in 20 19, the sales volume has dropped to 4023 vehicles, and production has stagnated.
Rename, bid farewell to the auto market completely.
On September 17 this year, Tianjin FAW Li Xia Automobile Co., Ltd. released the Report on the Sale of Major Assets and the Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Transactions. The restructuring plan of FAW Li Xia mainly includes four parts: free transfer of FAW Li Xia shares held by FAW, sale of major assets, issuance of shares to purchase assets and raising matching funds.
According to the report, FAW Car Co., Ltd. transferred its 697 million shares of FAW Li Xia (accounting for 43.73% of the total share capital of FAW Lixia before this transaction) to China Railway Materials Co., Ltd. for free.
At the same time, FAW Li Xia issued shares to China Wu Tie, Wu Tie, Wuhu Changmao, Structural Adjustment Fund, ICBC Investment, Agricultural Bank Investment, Runnong Credit Suisse Bank and Yidun Fund, and purchased 65,438+000% equity of China Railway Wusheng Technology, 65,438+000% equity of Tianjin Company and 65,438+000% equity of Wu Tie Company.
A month later, the CSRC issued the Reply on Approving Tianjin FAW Li Xia Automobile Co., Ltd. to issue shares to China Railway Materials Co., Ltd. to purchase assets and raise matching funds, and approved the sale of major assets of *ST Li Xia, the issuance of shares to purchase assets and raise matching funds, and the reorganization of major assets in related transactions.
Up to now, the asset placement and placement of this transaction have been completed, and the company has placed all operating assets and liabilities; Tiewusheng Technology Development Co., Ltd., China Railway Materials Tianjin Co., Ltd. and Beijing China Railway Materials Comprehensive Trading Co., Ltd. have become wholly-owned subsidiaries of listed companies.
After the completion of this transaction, the listed company's main business has changed to materials supply chain management, rail operation and maintenance technical services, railway construction and other engineering materials manufacturing and integration services mainly for the rail transit industry. The main business covers all aspects of rail transit construction, operation and maintenance and material units, and provides integrated services such as material supply, production coordination, quality supervision, bidding agency, operation and maintenance for rail transit industry and related markets around the fields of oil, railway, railway mobile equipment and materials.
Renaming means that the restructuring of FAW Li Xia will come to an end, and FAW Li Xia will officially bid farewell to A shares.
Reporter's notes
Undeniably, FAW Li Xia left a deep impression on the automobile development in China. In the automobile market tide of survival of the fittest, Li Xia's experience is more like a mirror, which is thought-provoking. For brands that are on the rise, although the scenery is infinite at present, they must not relax. After all, prosperity and decline are only one step away; For the new forces who are keen and willing to spend a lot of money to obtain production qualifications, it may be more necessary to calm down and think calmly.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.