Which strong iron production?
At the end of 2014, the answer revealed.
Two months after the stop plate, rumored for a long time China South Locomotive and China CNR merger news has finally landed. As of January 8, north and south car stock since last December 31 resumption of trading, the fifth consecutive trading day limit. Continuous market in such a way to pass the confidence of Chinese high-speed rail.
After the Civil cars merger, identity will be "China in Car Corporation" competition in the market. Split after 14 years, North and South car and come together for the sea Ningxinjuli Chinese high-speed rail.
1 emerging as the world first car
The merger takes the CSR program to absorb CNR, China South Locomotive and China CNR's A shares and H shares the same exchange ratio to be adopted were convertible, specific exchange ratio is 1:1.10 for every 1 share in North China Car A shares can exchange 1.10 shares of China South Locomotive will issue A shares of China South Locomotive, China CNR shares per H share stock exchange for 1.10 shares of China South Locomotive to be issued H shares of China South Locomotive. China CNR's A shares and H shares will be canceled accordingly. Department above exchange ratio in the merger by the parties to the relevant resolutions of the Board stock in the first 20 trading days before announcement of the transaction price as a reference price on the basis of the market, considering the historical stock price, operating results, market capitalization and other factors, after arm's length negotiations be.
After the merger the new company also inherit all the assets and undertaking of China South Locomotive and China CNR, liabilities, business, personnel, contracts, qualification, and all other rights and obligations. After the merger the new company intends to change the Chinese name "China in Vehicle Co., Ltd.", referred to as "China in the car", the final name will be the State Administration for Industry and Commerce and the Hong Kong Companies Registry, subject to approval of the registration information.
According to the announcement, the merger will not lead the new company after the merger changed the actual controller. After the implementation of the merger is completed, the actual control of the new company is still SASAC.
Public information, China South Locomotive, China CNR was born out of China Railway Locomotive & Rolling Stock Industry Corporation. In 2000, in order to promote competition, the company according to the region, split into two groups of North and South car. The two companies are the main rail transportation equipment manufacturing industry, the management of the SAC, the north-south geographical boundaries no longer exists, the international market is also evenly matched.
German rail authorities published the "World Railway Equipment Market" shows that current global rail equipment market, China CNR and China South Locomotive and separated the top two. Followed by Bombardier of Canada, respectively, Germany's Siemens, Alstom, GE and Kawasaki. Chinese companies is almost equal to the sum of the total sales revenue after five enterprises.
According to the North-South car in 2014, three quarterly, China South Locomotive and total assets of 150.91 billion yuan, China CNR was 152.93 billion yuan of total assets, the combined "China in the car," total assets over 300 billion yuan, ranking first in the world rail transportation equipment One.
This time the purpose of the merger, both north and south car represents aimed joined forces to push China into the world of high-end equipment manufacturing.
2 together have combined the truth
Due to the limited capacity of the domestic market, after 2008, before the main focus of the domestic market have increased north-south car overseas market development efforts. As of last August, the China South Locomotive and overseas markets contracted value of over 3.5 billion US dollars, about 21.4 billion yuan. The company's rail transportation products were exported 84 countries and regions, including Australia, Singapore, India, South Africa and other countries. Meanwhile, the CNR rail vehicle equipment output has reached more than 90 countries, a total contracted value of $ 1.535 billion exports, or about 9.5 billion yuan.
North and South car vicious competition thing, circles spread a lot.
2011 Turkish locomotive tenders, two cars each other leads to lower prices to get orders last a Korean company. In 2012, the Argentine government announced the purchase of a new urban rail vehicle, two vehicles and staged bidding lower prices with each scene. Argentina has always been a CNR market, after $ 2.39 million / units in the first round of CNR offer, had never touched the Argentine market of China South Locomotive and reported a $ 1.27 million / units of low-cost, which makes very shocked Argentina tender side After CNR, CSR has conducted a round of lower prices, the final CSR to $ 1,210,000 / vehicles offer to enter the Argentine market, but lost profits.
In many rail vehicle manufacturing power abroad, a country with only one rail transportation manufacturing companies, such as Germany's Siemens, France Alstom, Canada's Bombardier.
Chinese Academy of Engineering Wang Meng-shu said the two had each other to lower prices, the impact of revenues and profits. If the two continue to focus on projects to take on, is not conducive to technological progress, the price is too low, it tends to breed corruption.
Even in China, competition north and south because of repeated construction vehicles caused a huge waste. Such as local bidding, local governments hope in the local plant, resulting in some cities north and south car has subsidiaries, but simply does not have the local market demand, the final result is duplication and overcapacity. Thus, both north and south China car merge "iron diplomacy" needs, but also domestic "quality and efficiency" of the need, not only can speak in one voice abroad, and other competitors to achieve national competition on the same level, to reduce friction, At the same time by optimizing the composition and concentrate upgrade technology in the country can also suppress excess production, the waste brought to avoid duplication.
3 internal and external risks coexist
"China's high-speed rail giant Siemens challenge!" A German television station on the 3rd release such a signal to foreign media that China's two largest rail transportation equipment manufacturers CNR and CSR today announced the formal merger of the "China in the car", this For the goal is clear, that in the international market, to jointly deal with strong rivals - Germany's Siemens, Canada's Bombardier, French Alstom and Japan's Shinkansen.
Massing north and south car merged lead to concerns of the international community, naturally not surprised, especially after the high-profile promotion of Chinese high-speed rail in 2014, under intense international market competition, rivals are naturally nervous.
Data show that China's overseas work closely with the recent high-speed rail project close to 6000 kilometers. China has formed partnerships with 28 countries, although the high-speed rail vehicle project is not yet a formal order, but the trend of export of high-speed rail will not change.
As market players, the north-south vehicle merger also requires a certain program, just as it says in the announcement, the merger required by the Ministry of Commerce, foreign antitrust review mechanism, and others who have regulatory approval, approval. Department of Commerce International Trade and Economic Cooperation Research Institute researcher Mei Xinyu, the combined north and south car, need the approval of other relevant market, which is very likely to encounter trouble rivals sniping and applied.
Internal integration of this matter, for the country prefix enterprise is not easy. In September last year, news of the merger on the north and south car clamor, the manner in which the controversy has never stopped the merger, the parties submitted to the program is not the same, the combined propulsion difficulty of visible clues from several suspension announcement.
October 27, 2014, the north-south vehicle while suspended, and publish consistent content announcement that "planning major events, and therefore things are uncertain. 5 working days of the date of the stock will be suspended from the date (including at night suspension day) announcement and resume trading. " October 31, the north-south vehicle and release "suspension notice on major issues continue," said the China South Locomotive and China CNR intends to planning major events, but in view of the matter is there are significant uncertainties, in order to ensure fair information disclosure, to maintain the interests of investors, avoid abnormal stock price volatility, the company shares remain suspended since November 3, 2014, it is expected to be suspended for no more than one month. Continue to be suspended until the announcement on December 1, the still used "is still further research and demonstration", "there are significant uncertainties in the matter," the statement.
Suspension lasted for two months, both sides have been wrangling. It is foreseeable that the merger plan was announced just taken the first step, the internal change of game assets, staffing, benefit balance is just beginning.
China CNR three quarterly show, the first three quarter operating income of 64.166 billion yuan, an increase of 9.84%, net profit attributable to shareholders of listed companies was 3.958 billion yuan, representing a substantial increase of 65.1%. China South Locomotive and three quarterly show, the first three quarter operating income of 84.89 billion yuan, an increase of 50.19%, net profit attributable to shareholders of listed companies was 3.974 billion yuan, representing a substantial increase of 58.29%. North and South car's also has a number of subsidiaries, manufacturing high-speed rail, buses, trucks and other non-rail vehicles, similar to many business segments, neck and neck, to be merged into the main body Which, how to implement the merger of equals and upcoming management level candidates questions are going to be a tough game.
4 does not change the momentum of the sea
Even the existence of internal and external risks, the combined north-south high-speed rail car to the sea for China, "Chinese standard" output is real good.
February 3, 2014, the Lunar New Year holidays, the Nasdaq in Times Square in New York on the big screen, a list of Chinese-made high-speed train CRH380A wonderful debut. This year, Chinese Premier Li Keqiang and became a high-speed rail super salesman.
According to incomplete statistics, in 2014, Li has been Ethiopia, Nigeria, Angola, Kenya, United Kingdom, United States, Zimbabwe, Russia, Myanmar, Kazakhstan, Serbia, Thailand 12 countries expressed willingness to co-construction of high-speed rail.
China's high-speed rail vehicle design speed is high, low construction costs, some only 2/3, equipment procurement, labor costs are cheaper abroad than foreign, the construction period is also shorter than abroad, which are on the international market pose a huge attraction .
China high-speed rail has become one of the brightest high-end equipment manufacturing business card.
In the UK, a joint statement issued by the Chinese and British governments said the two sides agreed to promote each other's markets substantive cooperation on rail transport (including high-speed rail) design consulting, engineering, construction, equipment, supplies and facilities maintenance and other areas.
In Russia, China and Russia signed a memorandum of cooperation HSR. China will attract commercial funding, the establishment of joint ventures in Russia and manufacture rolling stock, in order to promote the Chinese technology. Beijing to Moscow will also promote the construction of high-speed Eurasian transport corridor, preferred embodiment of the Moscow to Kazan high-speed rail project.
In Thailand, the "iron rice change" in the situation in Thailand after twists and turns finally landed from the China Railway Engineering from 2013 surge agreed 300 km to 800 km and all use Chinese equipment, Chinese standards.
In Mexico, the Transportation Department recently said it will be January 14 release of the preliminary tender conditions multibillion-dollar high-speed railway construction project in the country in November to restart this bid by the Chinese government abruptly canceled the enterprise was the result of the tender plan China Railway construction of China South Locomotive will prepare for the second time. The entire project is still a "one-stop scheme", that successful companies not only provide a full range of circuit design, construction, EMU's design and manufacturing, line testing, but also provide operational maintenance period of five years.
Despite the setback, but China's high-speed rail export momentum will not change.
As "along the way", "going out" the leader, the combined Chinese and overseas car will increase marketing efforts, expand the total amount of China's rail transportation equipment industry, including parts industry led the development of the entire industry, including .
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