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“Beidaihe†may become the starting point for the diversification of investment models of foreign automakers in the Chinese auto market. It also means that the global auto industry’s competitive landscape will become more complicated because of the further opening up of the Chinese market.
After approval by the relevant national ministries and commissions, Daimler AG's 625 million euros acquisition of a 12% stake of Beijing Automotive Co., Ltd. (Beijing Automotive), a subsidiary of Beijing Automobile Group Co., Ltd. (Beijing Automotive Group)'s passenger car business, was announced on November 19. Japan officially completed the delivery in Beijing. Daimler thus became the first foreign car company to share shares in Chinese domestic automakers in the field of passenger vehicles in China, and the Chinese passenger car industry has ushered in a new model of cooperation between foreign automakers and Chinese automakers.
Previously in the commercial vehicle sector, German truck manufacturer MAN purchased a 25% stake in Sino Heavy Industry (Hong Kong) Co., Ltd., a Hong Kong-listed company of the China Heavy-Duty Truck Group, for 560 million euros in 2009, becoming a strategic shareholder of Sinotruk. . The Swedish Volvo Group and Dongfeng Motor Corporation's Hong Kong-listed company Dongfeng Motor Group Co., Ltd. (Dongfeng Group) reached an agreement in January this year, the former RMB 5.6 billion to acquire a 45% stake in Dongfeng Commercial Vehicle Co., Ltd., which is owned by the latter.
Almost at the same time that Daimler and Beijing Automotive Group held a share delivery ceremony, Shen Danyang, a spokesperson for the Ministry of Commerce, said at a regular press conference that the Ministry of Commerce will focus on four aspects of reforms in expanding openness and investment access. On the one hand, it includes further liberalization of restrictions on foreign investment in the general manufacturing sectors such as steel, chemicals, and automobiles, including the relaxation of restrictions on foreign investment in registered capital, equity ratios, and business scope.
At the press conference of the State Council New Office held on November 25, Deputy Director-General of National Development and Reform Commission Lian Weiliang stated that the "Decision" reviewed and passed at the Third Plenary Session proposed the development of a mixed ownership economy and explicitly allowed more state-owned and other ownership economies. Develop a mixed-ownership economy. State-owned capital investment projects allow non-state-owned capital to participate in shares. He said that actively developing a mixed-ownership economy can give full play to the respective advantages of state-owned capital, collective capital and non-public capital, and stimulate the vitality and creativity of various ownership enterprises.
Within a week, a giant multinational car company officially took a share in Chinese local car companies. Officials from the Ministry of Commerce and the National Development and Reform Commission stated that restrictions on foreign investment will further relax and encourage the development of a mixed ownership economy. Obviously, this indicates that the investment path of foreign car companies in the Chinese auto industry will show a diversified model. The 50:50 ratio limit of Chinese and foreign vehicle manufacturing joint ventures is only a matter of time rather than necessity. .
Chairman Daimler and President of the Mercedes-Benz Limousine Group, Dr. Cai Che, said that after Daimler and BAIC have upgraded their partnerships to shareholder relations, they will further deepen their cooperation. He emphasized: "The growth of Beiqi shares is also related to Daimler's vital interests. The cooperation between the two parties is no longer limited to the cooperation of Mercedes-Benz cars. Daimler will continue to support the development of its own brand of Beiqi shares and let Beiqi shares further its efforts. Strong."
The immediate benefits mentioned by Dr. Zeeche are evident in the high returns and involvement of a Chinese car company and partner that Daimler believes will continue to grow in the future. Daimler shares shares in Beiqi from the signing of the two parties in February of this year to the delivery of shares in November. The period before and after the process is less than 10 months, which is enough to show that the relevant departments in the country recognize the "Northern Wear" model. After acquiring 51% of the shares in the Beijing Benz JV, BAIC may incorporate the results of Beijing Benz into its statement and pave the way for its listing in Hong Kong next year.
In addition, although the two sides have not reached any agreement on the "cross-shareholding", that is, BAIC Group's shareholding in Daimler, Dr. Cai Che did not rule out the possibility that future Chinese companies including Beijing Automotive Group will invest in Daimler. “Beidaihe†may become the beginning of diversification of investment models of foreign auto companies in the Chinese auto market. In the future, it is highly probable that foreign auto companies will hold Chinese auto companies or joint ventures in China. However, Chinese auto companies may even acquire shares or even control transnational auto companies. Simple Chinese and foreign parties set up a 50:50 model of a complete vehicle joint venture will never return.
This means that the global auto industry's competitive landscape will become more complicated because of the further opening up of the Chinese market.