Beiqi Nanzheng Zhengjie wins 40% stake in Fuqi Daimler

Beiqi Holding Company, which is busy with mergers and acquisitions, will get the first trophy.

Yesterday, the Shanghai Securities News reporter was informed that Beijing Automotive Holding Company had successfully taken control of Fujian Automobile Group and the two parties had signed a framework agreement to restructure the Daimler project in Fujian. After the approval of the competent national authorities, both parties will enter the formal reorganization procedure. For example, this will fill the gaps in its high-end commercial vehicles.

According to the framework agreement signed by both parties, BAIC will reorganize Fujian Daimler Automotive Company. Fuqi Group will transfer 40% of the shares to BAIC. In the future, BAIC and Fuqi Group will hold 40% and 10%, respectively; the shares of Daimler Group and Taiwan Zhonghua will remain unchanged at 50%.

Informed sources disclosed that in order to purchase Fujian Daimler Automotive Co., Beiqi Holdings invested between 700 million and 800 million yuan, far higher than the previous rumors of 500 million yuan in the overall acquisition of Fuqi Group's plan. This was mainly due to the participation of rival GAC Group, and Fuqi Group decided to spin off its assets after repeated considerations and decided to sell the equity of Fujian Daimler Automotive Company to BAIC.

Ling Yuzhang, chairman of the former Fuqi Group, told reporters that Fuqi Group had discussed cooperation with BAIC three years ago. Ling Yuzhang believes that with Daimler, a joint venture partner, Fuqi Group and Beijing Automotive Group can share resources in many aspects, such as car engines. It is reported that Fuqi Daimler will mainly produce 20 light commercial vehicles under the Mercedes-Benz brand, which will also be quite attractive to BAIC's promotion of commercial vehicle brands.

Analysts believe that although Beijing Auto Holding’s offer is not low, the transaction is still more cost-effective. First, after two years of construction, the first commercial vehicle of Fujian Daimler will be rolled out in August this year. According to news from Fuzhou, Fujian Daimler Automotive Co., Ltd. has already entered the trial production stage and the preliminary preparation work is basically completed. The cost of test service fees, labor costs, contract engineering fees, technical consulting fees, training fees, etc. paid to foreign companies for the construction of pile foundations, bearing platform construction, equipment installation and commissioning, and staff training, etc., was nearly 110 million yuan. Withholding income tax amounted to 10.71 million yuan. Second, Fujian Daimler Motor Company has a total investment of 208 million euros and a registered capital of 160 million euros. It is calculated at a 40% share-of-the-share ratio, and between 700 million and 800 million yuan is obviously reasonable.

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