Dongfeng University's self-problem integration of Zhengzhou Nissan is a general trend

Since the organizational structure and personnel adjustment at the beginning of July, the intention of Dongfeng Group to expand its own brand has been uncovered. Around the topic of “Dongfeng Autonomy”, Zhengzhou Nissan, a member of the Dongfeng Autonomous Region, began to fall into a vortex.

Recently, the news of Dongfeng Nissan's collection of Zhengzhou Nissan and Guo Zhenfu's raising of Dongfeng shares has attracted the attention of the industry.

For this rumor, Zhengzhou Nissan-related persons told the reporter of the “First Financial Daily” that they could not respond because it was a matter involving the parent company. A related person from Dongfeng Group told this newspaper that he did not hear about this issue on his level. This is a false news.

However, “there is no wind, no wind”, an industry insider who is close to the Dongfeng Group told this reporter that whether starting from “Dongfeng Autonomy” or proceeding from the coordinated development of Japanese product licensing, integrating Zhengzhou Nissan is a general trend. However, the integration is definitely not a simple compilation. Both Nissan and Dongfeng need Zhengzhou Nissan to continue to contribute.

Integrate Zhengzhou Nissan?

The first level of Dongfeng Fengshen brand is the first level of the three-level passenger car “Big Brand Strategy” proposed by Zhu Fushou, the new general manager of Dongfeng Group. Among them, Dongfeng Passenger Vehicle and Dongfeng Xiaokang are the “main battlefields”, while Zhengzhou Nissan and Dongfeng Liuzhou Gas, which also have some Fengshen brand products, also serve as “auxiliary battlefields”.

Since the Dongfeng organization structure and the senior personnel adjustment in July, Zhengzhou Nissan has been the focus of public opinion.

For the Dongfeng Group, which has a strong self-reliance, there is indeed a need to integrate Fengshen brand.

At present, in the Dongfeng Group's own brands of the first level, Dongfeng Passenger Vehicles, Zhengzhou Nissan, and Dongfeng Liuzhou, the three companies that have their own brands, hang Aegis LOGO. However, the three companies are fighting each other and belong to different business sectors. There is a lack of coordination between each other.

As for Nissan Zhengzhou, Nissan and Aeolus have adopted a dual-brand strategy. The main products are pickups, SUVs, and CDVs. Of the 100,000 sales last year, the Fengshen brand accounted for 60%, and the daily product brand accounted for 40%.

Last year, the new factory completed by Zhengzhou Nissan became a foundry of Dongfeng Nissan, and was dubbed the third factory of Dongfeng Nissan, which was interpreted by the industry as the first step in the integration of Zhengzhou Nissan.

The Dongfeng Nissan Third Plant's appellation is more of Dongfeng Nissan's initiative to prevent consumers from having unequal quality due to different origins. In fact, the second plant of Zhengzhou Nissan still belongs to Zhengzhou Nissan, which is only used by Dongfeng Nissan Leasing.

On July 26, Dongfeng Limited issued a new mid-term business plan. However, Zhengzhou Nissan, a limited member of Dongfeng, was deliberately or unintentionally ignored. On July 28, Dongfeng Nissan also released its own new mid-term business plan. Zhengzhou Nissan is also in a state of loss.

Will this neglect be a precursor to integration?

Dongfeng Co., Ltd. can't bypass the "Nissan also needs the contribution of Zhengzhou Nissan." Zhengzhou Nissan stakeholders said that in the new medium-term business plan, Nissan's sales target in China as high as 2.3 million, how could not Zhengzhou Nissan?

Of the 2.3 million Nissan mid-range business plans, Dongfeng Nissan has a production and sales target of 1.3 million vehicles. The remaining 1 million vehicles will naturally rely on Zhengzhou Nissan and Dongfeng Commercial Vehicles.

During this year's Shanghai Auto Show, Zhengzhou Nissan once stated that before 2015, sales volume will reach 350,000 to 400,000 vehicles.

People close to Dongfeng said that in the long run, Dongfeng will certainly solve the complicated property rights of its assets, and integration will surely proceed. However, such integration is not simple, and the timing of integration, the integration steps, and the level of integration need to be weighed.

51% of Zhengzhou Nissan’s shares are placed under the Dongfeng shares of the listed company, with Dongfeng Limited accounting for 28.651% and Nissan Motor Co., Ltd. accounting for 20.349%. In other words, any integration of Zhengzhou Nissan will not be as simple as a leftist, because it involves the acquisition of listed company assets. From this perspective, if Dongfeng Nissan collects Zhengzhou's Nissan, it will have to pay a considerable price, which is basically an undesirable behavior.

At present, Zhengzhou Nissan has been divided into three parts, the Aeolus brand, the Nissan brand and the Dongfeng Nissan foundry part. According to the adjustment in July, the Fengshen brand belonging to its own brand belongs to Liu Weidong, deputy general manager of Dongfeng Group.

The above-mentioned sources stated that the industry should correct the understanding of the concept of integration. The integration of Zhengzhou Nissan is not to eliminate it. In fact, it is the role of Zhengzhou Nissan to the maximum extent possible. This will be the trend of the times. This kind of integration has actually started from the production of Dongfeng Nissan and full utilization of the production capacity of Zhengzhou Nissan.

The next integration will be expanded from production capacity sharing to the sharing of Fengshen brand channels. Change the wind power of the three brands of Fengshen’s own brand is too scattered. After all, such sharing is easier to operate in the framework of Dongfeng’s listed companies.

At the moment, it is impossible to bypass Dongfeng’s shares for any divesting of Zhengzhou’s Nissan assets. The above-mentioned sources stated that the future Dongfeng will definitely change the complex structure of Dongfeng’s limited assets. However, the solution to this problem left over by history needs an appropriate time. GAC Group has solved the problem of GAC Honda’s complex property rights relationship in its asset structure by taking advantage of the overall listing in Hong Kong.

Zhengzhou Nissan itself, as a manufacturing base, will also play an increasingly important role. In Dongfeng Nissan’s new mid-term business plan, Zhengzhou will assume 250,000 vehicles, that is, the second plant of Zhengzhou Nissan will double its production capacity.