·The local parts and car enterprises began the second transformation: the capital market actively seeks the air

On December 9, a car industry investment fund named “Chongqing Gaoxin Venture Capital Liangjiang Brand” was formally established in Chongqing Liangjiang New District. “Chongqing is planning a 2,780-square-kilometer automobile city. It is expected to form a reasonable automobile industry structure in 2017. In the future, Liangjiang New District will take new energy vehicles and smart cars as important directions and hands.” Chongqing Liangjiang New District Management Committee Deputy Director Li Chengyun said. As one of the main sponsors of the above-mentioned funds, Chongqing hopes to attract more auto parts companies to the two rivers by means of capital.
Building a financing platform for SMEs has become another means of attracting local governments to build industrial parks. At this time, domestic auto parts companies are undergoing an unprecedented test. The transformation and upgrading of autonomous car companies has put forward higher technical requirements for local auto parts companies. In order to show the product strength to consumers, independent car companies are throwing orders to well-known international auto parts dealers, and independent parts companies are facing the embarrassing situation of being abandoned by independent and joint venture OEMs.
In this context, the capital forces with local governments and venture capital companies as the main body try to support the growth of the strengths and components of the parts and components enterprises through the fund, so as to obtain rich investment income and complete the investment attraction task. This seems to be a good win-win model, but the question is whether the selected component companies have the ability to complete this investment loop.
Both are rushing to the wind With the gradual liberalization of the country's after-sales system for auto parts, capital seems to have smelled the enormous potential of this field.
“In contrast to the passenger vehicle segment that has outperformed the market in the past two years, the passenger car segment performed relatively poorly in 2014, the auto parts segment performed relatively better, and various themes were splendidly debut.” Ping An Securities in its annual strategy According to the report, in the first 11 months of 2014, auto parts stocks rose by 15% relative to the Shanghai Composite Index. In recent years, auto parts companies have actively sought breakthroughs and transformations in their business under the pressure of traditional business, which has led to many business transformations, mergers and acquisitions, and integration, which has brought a lot of imagination to the capital market.
According to statistics, there are about 200,000 auto parts companies in China, of which about 10,000 are above designated size. "In the next 5 to 6 years, independent parts and components enterprises will be eliminated by 90%, which means that after 2020, there will be only about 2,000 independent parts and components enterprises, and most of them will be eliminated." Wang Ruixiang, President of China Machinery Industry Federation It is said that at present, domestic independent parts and components have been difficult to support the development of the whole vehicle, especially in high-tech and high value-added products, which have already changed.
This is the second transition period for domestic auto parts companies. Unlike the five years ago, that arrogant expansion, this change will be a painful upgrade. In the view of the capital market, this intrinsic change is also a good opportunity for “gold panning”.
"In the medium and long term, the domestic after-sales system will gradually be released. This will objectively affect the domestic component manufacturers with strong strength." Chen Shu, vice president of Hunan University, predicts that the domestic auto parts market will form in the future. Large-scale parts wholesalers and retailers listed companies have appeared in large-scale fast-repair chain-listed companies. The impact of simultaneous imports of complete vehicles and parts on domestic OEMs will increase.
Under such pre-judgment, in November last year, Hunan University and China Machinery Industry Federation and Beijing Xiangcai Fudi Investment Co., Ltd. jointly established the China Automotive Industry Finance Collaborative Innovation Platform, hoping to build through the effective division of labor and rational integration of innovative resources. Automotive industry financial support model. The newly established “Chongqing Gaoxin Venture Capital Liangjiang Brand Automobile Industry Investment Fund” is an extension on this platform.
According to Chen Shou, the platform will launch 1 to 2 sub-funds with a scale of 5 billion yuan before and after 2015. During the period from 2015 to 2020, the platform will reach 30 cooperative units and initiate establishments 3-5. Only a sub-fund of 10 billion yuan provides financing solutions for powerful auto parts companies.
Before the establishment of the platform, Feng Investment had already acted in advance. Wang Dazhan, a well-known manager of the automotive industry who worked in GM, SAIC and BAIC, is currently in the capacity of the chairman of Chunhui Investment Management Co., Ltd. to identify overseas M&A projects for component vehicles that are in urgent need of transformation and upgrading.
“Last year, US M&A transactions amounted to US$1.2 trillion, of which auto parts and components represented by chassis, lightweight technology and electronic products accounted for a large share.” Wang Da said that last year Chunhui invested to help domestic parts and components. Acquired 4 international parts companies and participated in joint investment. In his view, the combination of auto parts industry and financial capital is the only way for the secondary transformation of domestic auto parts and enterprises, and the business opportunities contained therein are unlimited.
There are also traps in the tuyere. Now, for some of the more powerful auto parts manufacturers, it is a rare happy time. “Every day, there are investment institutions to come and cooperate with us.” Qian Yonggui, general manager of Nanjing Aotejia New Energy Technology Co., Ltd. said that he had made investors make money in the previous three financings. This time he should be careful.
In fact, in addition to investment institutions, some multinational car companies that urgently need to expand their market sales through localization are also looking for independent parts and car companies as partners. Dr. Joerg TBurzer, Executive Vice President of Daimler Group Greater China, revealed at the "2014 Global Automotive Manufacturing China Summit" that the localization rate of Daimler-Benz models will increase from 60% to 70% in the future, and in order to achieve this A goal, his team is looking for a strong Chinese local parts car company.
Everything seems to be modeled around a complementary approach to cooperation, but in the process of “shaking hands” between capital and industry, risks are equally inevitable.
Cheng Bing, deputy head of the Financial Hazard Countermeasures Research Group of the Chinese Academy of Sciences, believes that compared with the real estate and local financing platforms, the financing costs of the auto industry are relatively high. Once an industrial fund or private equity is involved, how to master the right to speak in the company and how to withdraw capital is a difficult problem.
The failure cases of Xianghu Torch and Yueyang Hengli also worried that the auto parts companies with limited strength would oversell the small and small companies. In this regard, Guoxin Junan executive director Zhang Xin believes that if enterprises decide to step into the capital market, they must establish a good corporate governance structure to prevent individual decision-making mistakes, leading to an enterprise collapse.
“The profit space of the capital market is much larger than that of the industry. It is very attractive to many parts and components. But the premise of cooperation with capital must be based on the establishment of institutional guarantees.” Zhang Xin believes that if the industrial fund does not withdraw The platform is not substantially different from the general bank lending. Therefore, while the company absorbs the risky funds, it must carefully judge the relevant provisions. Both the industry and the capital must establish a risk prevention awareness to avoid double-loss results.

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