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China National Heavy Duty Trucks Hong Kong's listing is steadily progressing. The reporter recently obtained the latest news. Sinotruk Group has already listed in Hong Kong on the 23rd of August. He plans to list in September, raising 2.34 billion yuan to 3.9 billion yuan. The sponsor is Morgan Stanley. Danley and China International Finance.
In 2005, Sinotruk's total assets reached 15 billion yuan. In 2003, the company and Volvo, the world's second-largest heavy truck manufacturer, established a Huawo Truck Joint Venture Company in Jinan; the company has just completed its restructuring and will hold Shenzhen. About 63.78% of A-share company China National Heavy Duty Truck (000951) shares and related assets were injected into the BVI company before being injected into CNHTC Hong Kong, making CNHTC available for red chip listing.
China National Heavy Duty Truck Forecasts Financing for Hong Kong to Increase to 5 Billion in the Next Month
Recently, China’s third-largest heavy truck manufacturer, China Heavy-duty Truck Group Co., Ltd. (referred to as CNHTC), has in principle been listed on the Hong Kong Stock Exchange for hearings.
According to sources from China National Heavy Duty Truck Group, the company will be listed in Hong Kong in Hong Kong at the end of September or early October after the relevant information is submitted. The estimated financing amount is HK$5 billion, compared to the initial financing of RMB3.9 billion. The amount was 1.1 billion yuan higher. China National Heavy Duty Group sponsors Morgan Stanley and China International Capital Corporation.
China National Heavy Duty Truck Co., Ltd. chose to go public as a whole and coincided with the period of rapid development of China's commercial vehicle market. In the first half of this year, 1.29 million commercial vehicle vehicles were sold in China, an increase of 26% year-on-year. The National Information Center predicts that in the next 10 years, the number of commercial vehicle vehicles will have to be at least doubled than it is now.
Increase financing expectation to 5 billion yuan
In June of this year, CNHTC failed to pass a listing hearing. Insiders from CNHTC revealed that further improvements were made in the internal control of risks such as finance and supervision. After two months, CNHTC applied again. Finally, in principle, through the listing hearing.
According to sources, China National Heavy Duty Truck Group plans to deploy next month’s IPO, and it is expected to raise 2.34 billion yuan to 3.9 billion yuan. However, relevant persons from Sinotruk Group said in an interview with this reporter that the estimated financing amount is about 5 billion Hong Kong dollars. .
Some analysts believe that China National Heavy Duty Truck Group had previously planned to list in Hong Kong as a whole in the form of a red chip, raising up to 3.9 billion yuan. However, as sales in the domestic heavy-duty truck market continue to be positive, CNHTC Group's sales of new cars from January to July this year reached 61,838 units, which has exceeded the total sales volume of the previous year, with a year-on-year increase of 73.4%, so China is not excluded. CNHTC expects a corresponding increase in financing.
National Securities Auto analyst Cao He said that from the current performance of China National Heavy Duty Truck in the heavy truck market, the 50 billion yuan of financing expected should be achieved.
At present, China National Heavy Duty Truck Group has completed the work of asset integration. On April 2 this year, Sinotruk signed an agreement with relevant parties. The Group restricted the sale of circulating A shares by directly holding 20,769,522 shares of Sinotruk (000,951.SZ), which accounted for 63.78% of the total issued shares of China National Heavy Duty Truck. Together with other injected assets, it will be injected into Sinotruk (Brigade Islands) Co., Ltd. (Heavy Gas BVI) and then from Sinotruk BVI into China National Heavy Duty Truck (Hong Kong) Co., Ltd.
After completion of the capital injection, CNHTC Hong Kong will hold a 63.78% stake in China National Heavy Duty Truck, becoming a direct controlling shareholder of CNHTC, and CNHTC will become an indirect controlling shareholder and actual controller of Sinotruk.
In 2006, China National Heavy Duty Truck Group injected quality assets into Sinotruck. The company added an additional 68.66 million shares of tradable A shares to CNHTC to acquire 51% of the bridge companies owned by CNHTC Group. Equity, HOWO project assets and other land assets. This additional issuance not only completes China National Heavy Duty Truck's industrial chain, but also strengthens SinoSteel's position as the largest shareholder.
Cao He said that CNHTC was trying to strengthen the profitability of CNHTC at that time, which would be beneficial to future refinancing. Moreover, after CNHTC’s overall listing, CNHTC may also return to the domestic A share market.
Analysts believe that China National Heavy Duty Truck Group's previous series of capital operations has been fully prepared for its overall listing in Hong Kong.
Heavy truck spring
At present, China National Heavy Duty Truck Group's sales target for the current year has been adjusted from 80,000 units to 100,000 units, and this January-July period has exceeded the total sales volume of last year. The rapid growth of the heavy truck market has even made heavy truck companies All caught by surprise.
Since the beginning of this year, the commercial vehicle market in China has continued to grow rapidly. According to statistics from the China Association of Automobile Manufacturers, 1.29 million commercial vehicle vehicles were sold in the first half of 2007, an increase of 26% year-on-year.
Some analysts believe that the growth rate of the passenger vehicle market will fall significantly this year, the growth rate will be lower than 30.02% in 2006, while commercial vehicles will maintain or increase by 14.23% in 2006, so this year's commercial vehicle market growth The contribution will be higher than passenger cars.
"In the past 10 years, the average annual growth rate of GDP was 9.4%, and the average growth rate of commercial vehicles was 9.9%." Xu Changming, director of the Information Resources Department of the National Information Center, said in an interview with this reporter: "We anticipate that in the future In a few years, the growth rate of commercial vehicles will be roughly equal to the annual average growth rate of GDP."
According to statistics from the National Information Center, China’s commercial vehicle fleet currently has 10 million vehicles. According to China’s economic growth rate, commercial vehicle ownership will increase by at least two times over the next 10 years, which means that China’s commercial vehicle fleet is expected to Continue to grow for 10 years.
Therefore, the next 10 years may become a golden period for the development of China's commercial vehicles. Xu Changming said that the development of the next few years will be dominated by China’s commercial vehicle companies. Judging from the current market demand, the large-scale entry of multinational companies may take several years.
At present, the key production enterprises of commercial vehicles in China are mainly FAW Jiefang, Dongfeng, CNHTC, Beiqi Futian, Shaanxi Zhongqi, Chongqing Hongyan, etc., and almost all of these companies have already achieved listing or are soon to be listed.
Analysts believe that the FAW Liberation may be listed on the basis of the overall listing of FAW Group. After Chongqing Hongyan is jointly controlled by SAIC and Iveco, it may also be installed in Shanghai Auto (600104.SH), the next stage commercial vehicle. It will become a new profit growth point for the auto industry and will become a contestable spot for all companies.
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