SAIC plans to restructure its assets

Shanghai Auto has another big move. Shanghai Automotive announced last night that the company is planning major asset restructuring issues, and the company's shares will be suspended from now on.

Industry speculation, the major asset restructuring, there are three possibilities: First, the acquisition of the UK commercial vehicle company LDV; First, China's holdings of Shanghai GM transferee common shares; moreover, does not rule out the shareholding structure of the GM-Wuling Automobile change . Among them, Shanghai Automobile Co., Ltd. is most likely to receive Shanghai General Motors shares held by GM. The reason is quite clear.

Available data show that from the beginning of next year, listed companies will implement the new "Enterprise Accounting Standards" provision, the performance of uncontrolled companies can not be incorporated into the financial statements.

The detailed investigation of the two profitable owners under SAIC Motor ’s current view reveals: In Shanghai Volkswagen, the shareholding ratio between SAIC and VWG is 50:50. Shanghai Volkswagen’s product sales are sold by SAIC Motor’s SAIC-Volkswagen Sales Co., Ltd. Sales and profits have all been incorporated into Shanghai Automotive. In Shanghai GM, though SAIC and GM’s shareholding ratio is also 50:50, sales are handled by Shanghai General Motors. This means that Shanghai GM Shanghai will start from next year. Neither the sales revenue nor the profits of the car 's profit winners can be incorporated into SAIC's financial statements.

According to the Shanghai Automotive Semi-annual Report, Shanghai GM achieved operating revenue of 360.39 billion yuan in the first half of the year, and Shanghai Volkswagen achieved operating revenue of 30.957 billion yuan in the first half of the year.

Based on this, industry insiders speculated that Shanghai Automotive is likely to plan to increase its stake in Shanghai GM . There are rumors in the market that GM will transfer 1% of Shanghai General Motors shares to Shanghai Automotive.

According to available data, since September this year, Shanghai GM has continuously updated monthly sales, with 78777 units sold in November, an increase of 167.6% over the same period of the previous year.

However, the industry believes that it does not rule out the reorganization of SAIC is to buy British commercial vehicle company LDV. Shanghai Auto President Chen Hong confirmed to reporters that SAIC is planning to acquire British commercial vehicle company LDV with local British companies. SAIC mainly bought LDV’s intellectual property rights and corresponding tooling molds. SAIC’s parts and components were exported to the United Kingdom and assembled locally, which could solve SAIC’s gap in the area of ​​wide-body passenger cars in terms of light buses.

There are also industry speculations that SAIC 's reorganization does not rule out changes in the ownership structure of SAIC-GM-Wuling . SAIC-GM-Wuling's sales this year will be set at more than 1 million units. This is a focus for SAIC and GM. There have been repeated reports that the ownership structure of the company may change.

Shanghai Auto’s announcement last night stated that the company will convene the board of directors to review the major asset restructuring plan before the 9th, and the company’s shares will resume trading after the company discloses a major asset restructuring plan. If the board of directors fails to hold a board review of major asset restructuring plans within the above-mentioned period, Shanghai Automotive Stocks will resume trading on December 9, and the company will no longer plan major asset restructuring projects within three months of the stock's resumption of trading.

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