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The initial application of the Central Plains match has shown people the enthusiasm of the Henan auto parts industry for listing. Although the application was rejected, the move in the Central Plains still led the Henan auto parts industry to a major step in the country.
On the website of the China Securities Regulatory Commission, the initial prospectus (submission draft) of Henan Zhongyuan Inner Distribution Co., Ltd. (hereinafter referred to as “Zhongyuan Inner Matchingâ€) was registered. A week later, it was reported that the Central Plains had been rejected.
However, people in the industry believe that, even so, still can not extinguish the listing of Henan auto parts industry upsurge. Liu Xiaoming, secretary general of the Henan Automobile Industry Association, said that the auto parts industry in Henan Province will continue to search for capital markets.
Industry leader
According to public information, Zhongyuan Internal Matching is one of the earliest enterprises engaged in the manufacture of cylinder liners in China. In 2006, the company’s cylinder liner products accounted for about 34% of the domestic market. The company has consistently ranked first in China’s production and sales volume for 20 consecutive years. In 18 years, it was the first to sell and sell in the Asian market.
The Central Plains Matchup is one of China's top 500 machinery enterprises and one of the top 100 auto parts manufacturers in China. It is also the first batch of national auto and auto parts export base companies recognized by the Ministry of Commerce and the National Development and Reform Commission. At the same time, the Central Plains is also the first domestic cylinder liner company to enter the OEM market of well-known European and American engine companies. In the international market, it is for Ford, GM, DaimlerChrysler, and Kangben, etc.; in the domestic OEM market. , For FAW Dachai, Dongfeng Chaochai, Dongfeng Cummins, Shenlong Fukang and other host support, and with them as a strategic partner.
It is precisely this industry-leading position that allows the Central Plains to go into the top of the listing of Henan auto parts industry.
According to industry insiders, the Central Plains matchup began as early as three or four years ago to prepare for listing related issues, and now finally took the most critical step.
"The next step will not continue to declare. This is a company secret and it is not convenient to disclose it."
According to the application materials of the Central Plains, the Central Plains internal distribution application was issued with RMB ordinary shares (A shares) with a nominal value of RMB 1.00 per share and the number of shares issued for application was no more than 23.5 million shares. After the deduction of the issuance cost, the funds raised from the issuance of the shares will all be invested in the “newly-built 10 million cylinder liner projects annually†with a total investment of 321.6 million yuan.
At the same time, the reporter also noticed that the Zhongyuan Group had introduced Yutong Group as its third largest shareholder in 2007. For this, the interpretation given in the Central Plains distribution is: Yutong Group and the company are in the same company in Henan, the same auto industry, the development situation is better; the company's customers are engine companies, and Yutong Bus (25.39, 0.00, 0.00%, bar) The suppliers are engine companies, both of which can achieve resource sharing in terms of market information, development trends, market forecasts, etc. The cooperation between the two parties is conducive to achieving a win-win situation.
Auto Parts Business Impulse
According to industry sources, in fact, the Central Plains match is not the first Henan auto parts company that wants to go public. As early as four or five years ago, there was a group of auto parts companies seeking to go public. These companies include the Axis Group, Xixia Pump, and Xuchang Drive. Axis, etc., is also just an earlier step.
Why auto parts industry get listed? “The auto parts industry is a sunrise industry. Now that technology is updating rapidly, they need a lot of capital to upgrade and improve their competitiveness. Therefore, entering the capital market is the most effective method.†Liu Xiaoming said.
Raw material prices are another reason for these auto parts companies to accelerate their listing.
According to industry insiders, the main raw materials of auto parts industry products include pig iron, metal furnace charge, and non-ferrous metals. Recently, domestic non-ferrous metal prices have fluctuate greatly. Looking at the prices of electrolytic copper and nickel plates in 2007, the price in 2007 was About twice in 2004. Although the prices of these raw materials are currently steadily declining, there may be further price increases in the long run. Rising raw material prices will directly increase production costs, and the investment of large amounts of capital is very urgent.
The emphasis on the auto parts industry in Henan Province in recent years is also one of the advantages of the auto parts industry in the morning market. According to industry insiders, in recent years, the government's emphasis on the auto parts industry has been reflected in project approval, planning, financial support, and technology research and development. "There is a government to help them back, so we have to fight for a listing." Liu Xiaoming said.
However, the status quo should not be overlooked is that Henan auto parts industry is always in a relatively scattered state. This "scatter" manifests itself in the fact that there are no larger leading enterprises, most of them are smaller SMEs, and they cannot compete with other large companies in other provinces or even abroad. According to the latest statistics, the comprehensive strength of the auto parts industry in Henan Province ranks 12th in the country. “This is at best the level of the middle reaches. Compared with those industrial provinces, we are far behind,†Liu Xiaoming said.
Listing may be the best choice to change this situation.
Liu Xiaoming said that if some auto parts companies are successfully listed, they will certainly get a lot of capital investment. This will not only improve the company's own strength, but also can merge or integrate some of the province's enterprises, thus improving the overall quality of the entire company. This in-depth development is a magic weapon to solve the loose situation in Henan auto parts industry.