[car home? Industry] On the evening of September 16, Tianjin FAW Li Xia Automobile Co., Ltd. issued the Report on the Sale of Major Assets and the Issuance of Shares to Purchase Assets and Raise Matching Funds and Related Transactions, which clarified the latest specific restructuring plan. The content shows that FAW Li Xia will bid farewell to the vehicle business if the asset sale and reorganization is successfully completed. This also indicates that Li Xia Automobile, which once belonged to the memory of a generation, will completely withdraw from the historical stage.

The overall plan of this transaction consists of four parts: the free transfer of shares of listed companies, the sale of major assets, the issuance of shares to purchase assets and the raising of matching funds. According to the announcement, firstly, FAW Car Co., Ltd. intends to transfer its shares of FAW Li Xia 69762065/KLOC-0 (accounting for 43.73% of the total share capital of FAW Lixia before this transaction) to China Railway Materials Co., Ltd. for free.

Secondly, FAW Li Xia intends to transfer all its assets and liabilities except Xin 'an Insurance 17.5% equity and residual input tax to Tianjin FAW Li Xia Operation Management Co., Ltd., and FAW Li Xia intends to sell Li Xia Operation 100% equity and Xin 'an Insurance 17.5% equity to FAW.

Thirdly, FAW Li Xia plans to issue 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 purchase 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.

Fourth, in order to complete the above transactions and supplement the working capital, the total amount of matching funds to be raised by FAW Li Xia is no more than 654.38+0.6 billion yuan. As the controlling shareholder of the listed company after the completion of this transaction, Wu Tie Co., Ltd. intends to subscribe for and raise matching funds with a total amount of no more than 400 million yuan.

"Li Xia 20 13"

FAW Li Xia attributed the poor operating conditions to the overall decline in the sales volume of the automobile market, the continuous tightening of the national automobile product emission regulations, the weakening of the company's product brand, the deviation of positioning and configuration, and the weakening of sales channels, which led to the continued sluggish sales of the company's products. According to official data, the main data in the first quarter income statement of FAW Li Xia 20 18, 20 19 and 2020 are as follows:

In 20 18, due to the transfer of 5.00% equity of Tianjin FAW Toyota Motor Co., Ltd./kloc-0, a large investment income was generated; Since June 20 19, the automobile production of FAW Li Xia has stagnated. In 20 19, the company's annual automobile output was 1, 186 vehicles, down 8 1.40% year-on-year. The sales volume was 4,023 vehicles, down 93.69% year-on-year. The production stagnation of listed companies led to a sharp decline in the main business scale in 20 19, and the annual loss was 148 1 100 million yuan. 2065 438+065438+2009 10, FAW Li Xia and Nanjing Bojun New Energy Automobile Co., Ltd. established a joint venture company (Tianjin Bojun Automobile Co., Ltd.). After the vehicle production qualification was transferred to the joint venture company in June, 2020, the listed company no longer had the production qualification and no longer produced Junpai D60, D80, A50, A70 and CX65. As the company no longer manufactures complete vehicles, the listed companies only realized operating income of1100 million yuan in June-June 2020, down 65.25% year-on-year, and the net profit after deducting non-profit was-243 million yuan.

It is worth mentioning that after the completion of this transaction, the main business of listed companies will be changed from vehicle manufacturing to engineering material manufacturing and integration services for rail transit industry, such as material supply chain management, rail operation and maintenance technical services, and railway construction. Its main business covers all aspects of rail transit construction and material units, and provides material supply, production coordination, quality supervision and bidding for rail transit industry and related markets around the fields of oil products, rails, railway mobile equipment materials and engineering construction materials. FAW Li Xia believes that this transaction will enhance the asset scale and profitability of listed companies.

Editor's comment:

It is no accident that FAW Li Xia came to this step. In the loss-making years, FAW Li Xia has been trying to alleviate the financial pressure by selling property, and has sold the internal combustion engine manufacturing branch, transmission branch, product development center and automobile research center. In addition, FAW Li Xia transferred the 0/5% shares of FAW Toyota/KLOC-to FAW twice, with prices of 2.56 billion yuan and 2.923 billion yuan respectively.

"Boxian iV6"

In April this year, it was revealed that more than 200 employees of FAW Li Xia went to Lixiabo County, FAW, and they reported that there were violations of laws and regulations in the process of mixed reform of FAW Li Xia and Boxian Automobile, because the superior knew that Boxian Automobile was "incompetent" and still reorganized, resulting in several employees stopping work. With the fall of Bojun Automobile, FAW Li Xia failed to innovate successfully, but was trapped by huge assets and liabilities. It remains to be seen whether FAW Group can be listed as a whole in a short time. (Text/car home? Weng Meng)