Judging from the situation of ST Qingqi today, Wang Limin, the chairman of the company, has finally paid off for more than a year ago. On June 29th, ST Qingqi, who had trekked on the way to reorganization, finally received another “white warriorâ€. The “rescuer†had pure blue galaxy origin. It is the CRRC Auto Repair (Group) Corporation (hereinafter referred to as "CRRC Auto Repair"). As early as before Wang Limin entered Qingqi, he became deeply affiliated with Lan Xing. “Wang Limin and Blue Star are very familiar with the original,†said ST Lai’s director-general Lu Laisheng. On the same day, Qingqi’s largest shareholder, Jinan City State Assets Bureau, and China Bluestar Group’s CRRC Auto’s initial intention reached an agreement on the acquisition of Qingqi. CRRC Automotive intends to acquire some of the state shares held by the Jinan City State Assets Bureau and become the first major shareholder of ST Qingqi. Equity transfer prices are negotiated based on the audited net asset value. For Qingqi, this is the first substantial progress since the Sanlian Group retired about six months ago. Wang Limin's “Blue Star†origin went to the front of the car in the car repair, a wholly-owned subsidiary of the China Blue Star (Group) Corporation. Bluestar started in Lanzhou, and later moved to Beijing. In 2000, it became a “positive fruit†of the company directly under the Central Government. In the following year, with the approval of the Central Government, the State Council, and the Central Military Commission, Bluestar received 33 military support companies and solved the employment problem of more than 20,000 people. This part of it later formed the current CRRC auto repair. Bluestar and Jinan had a leading edge—When Bluestar was expanding nationwide, on December 1, 2002, Bluestar Group signed an agreement with Jinan Chemical and Pharmaceutical State-owned Assets Management Co., Ltd. (Jinan Chemical). The Bluestar Group reorganized four state-owned enterprises, namely Jinan Yuxing Chemical Co., Ltd., Jinan Yuxing Chemical Factory, Jinan Great Wall Refinery, and Jinan Petrochemical Group Co., Ltd. These four companies are all old state-owned enterprises in Jinan City. They have heavy practical difficulties, but they also have their own advantages in terms of products, land, and production facilities. The idea determined by Jinan Chemicals and State-owned Assets and Ownership Corporation is to use the incremental assets to revitalize the stock. Therefore, in addition to retaining 5% of the shares of the four companies, the rest is transferred to Bluestar at no cost. It was Wang Limin who was the chairman and party secretary of Jinan Chemicals State-owned Assets Corporation. His other status was the deputy director of Jinan Economic and Trade Commission. Perhaps because it was longer than capital, it was only appointed as Secretary of the Party Committee and Vice Chairman of the Qingqi Group in May 2003, and then successfully entered the ST Qingqiu Board of Directors of the listed company, and became Chairman in July. There are rumors that his biggest task is to "find a buyer for Qingqi", and his work is mainly at the capital level. When the reporter called Wang Limin’s mobile phone on July 5, his mobile phone was turned off and he could not be informed of the details. His secretary, Meng Peng, did not say much about it either. The manager of CRRC Automotive Planning Department had originally made an appointment with the reporter to disclose the contact between the two parties. However, on the afternoon of the 5th, he also said, "There is no more situation to be said now." Of course, he extremely categorically rejected the reporter's doubts about the unfavorable progress. After the triple-announcement of the reorganization of ST Qingqi in the second half of 2003, the parties concerned remained in close contact with the other two buyers. At the end of 2003, Sanlian withdrew from the reorganization, and Qingqi went to nonstop contact with new buyers. This includes the retreating Indonesian Han Group's parent company Sanlin Group, and of course the Blue Star Group. "This is a twist of twists and turns." When reporters asked about the reorganization process, ST Qingqi's secretary, Lu Laisheng, said briefly. According to some sources, during the competition between Bluestar Group and Sanlin Group, it was reported that Bluestar did not gain the upper hand and even reported the withdrawal of Blue Star. “The government is mainly talking with Sanlin Group.†Revealed. Among them, because Jinan City allocated RMB 800 million to ST Qingqi and successfully reached a settlement agreement with its creditors, ST also became attractive. As a negotiator who has come back, Sanlin Group has been much more active than it was two years ago. It is no longer demanding some of the previous requests, and promises to inject 300 million yuan in advance. The Blue Star Group agreed with the local government to advance the conditions for injecting funds. However, Bluestar has requested that the funds injected by the government into ST Qingqi be increased from 800 million to 1.2 billion. As for why Bluestar finally won, analysts believe that the biggest possibility is based on its industrial advantage. Qingqi extended industry chain? Compared to the former reorganizers, ST Qingqi seems to have waited for the “best†one—of course, referring to the trend of industrial development. CRRC Auto Repair said that after becoming the first major shareholder of ST Qingqi, it will not reorganize or replace its assets. "CRRC will use its industrial advantages and resources in related fields to integrate the company's main business related activities and actively promote the company's industrial upgrading." This is exactly what the relegation of Qingqi led by Wang Li-Demo needs. When Qingqi openly sought for strategic reorganization, it listed three conditions: First, it has strong financial strength, and it is interested in the development of the motorcycle industry chain. Asset reorganization has its own substantive content. Second, it can fully accept Jinan Qingqi workers and provide proper placement. Third, solve the problem of high-quality assets freeze of the group company and realize the integration of quality assets. In accordance with the intention reached by CRRC Automotive and the Jinan State Assets Bureau, apart from continuing to employ all the existing employees of the company and properly solving the problem of employee placement and related issues, the development of Qingqi’s industry also gives people space for imagination. The Qingqi staff introduced that as Qingqi moves out of the urban area, the land of the factory located in Huaiyin District and Lixia District will be disposed of, and the proceeds will be used for the resettlement of workers. After moving out of the urban area, a new Qingqi Industrial Park will be built in the east of Jinan as a new base for motorcycle production and sales. A high-level person of Blue Star Group pointed out that one of the reasons why Bluestar took over ST Qingqi is that the production capacity of Qingqi is still strong, and the assembly capacity and supporting production capacity all have advantages in the industry. Qingqi also enters the heart of the automobile manufacturing industry. Prior to this, Qingqi actually had the manufacturing capacity of light trucks and agricultural vehicles. After reorganizing with CRRC, upgrading to automobile manufacturing should be the natural choice. On the second day of the agreement between CRRC Auto and Qingqi, on June 30, the Bluestar Group submitted a letter of intent for the acquisition of the Ssangyong Motor Debt Regiment to prepare to participate again in the acquisition of South Korea’s fourth-largest auto company. Ssangyong Motor can produce 180,000 luxury cars and SUVs each year, accounting for about 11% of the passenger car market in South Korea. As early as December of last year, Bluestar defeated all opponents at that time with a generous bid of US$500 million and became the preferred bidder for Ssangyong, but then failed to advance for various reasons. This is the second round of BlueStar. Contest. Manufacturing a complete vehicle is the vision of Blue Star. According to a person from the Blue Star Group Planning Department, after the Blue Star Group received dozens of military support companies in 2001, it had more than 100 car catalogs. After supporting the upstream components and forming downstream maintenance services, Bluestar began to enter the vehicle and establish a complete automotive industry chain. Now, CRRC Auto Repair is the leader in the auto repair industry in China, with total assets of more than RMB 6 billion. There are 17 wholly-owned subsidiaries and 6 joint ventures. The sales revenue in 2003 was 1.78 billion yuan. CRRC has two leading industries, automotive and rubber. Its main businesses include automobile manufacturing, parts manufacturing, rubber and tire manufacturing, and after-vehicle service. “The main business of Bluestar is chemical industry. Automobile is a part of the industrial chain of chemical products. We have auto repair, chemical cleaning, tire rubber, of course, we have to build a car, we want to build a variety of cars, but this is not two Walking on the leg is only a derivative of the industry chain," said a blue star. Under the big framework of Bluestar, Qingqi's motorcycle industry and the resources of listed companies may have a greater platform to play. Although he was the founder of Qingqi and the chairman of Qingqi Group, Zhang Jialing had no effect on the reorganization of ST Qingqi. Some people said that the government’s view of Zhang Jialing is a compromise. Prior to this, Zhang Jialing was once the boss of two major listed companies, Jinan Qingqi and Xin Da Zhou. He was said to have two luxury cars at that time and went to Beijing on business trips to Mercedes-Benz to live in the center of Medea. Later, due to poor management of Qingqi, after Jinan Qingqi was taken by ST, when Zhang Jialing went to Beijing, he often went to Jetta to stay in public, and stayed only in the three-star Qilu Hotel. If Bluestar reorganizes ST Qingqi successfully, Zhangjialing is also considered to have a relatively satisfactory ending. At present, the Blue Galaxy has three listed companies, Blue Star Cleaning (000598), Xingxin Materials (600299), and Southwest Chemical Machinery (000838). In addition, the company will control Shenyang Chemical Group through the transfer of state-owned assets, and will then Shenyang. Chemicals (000698) are also included in the subordinates. It can be seen that currently listed companies in the Blue Galaxy are all concentrated in the chemical industry, and the acquisition of ST Qingqi will enable CRRC Automotive and its auto industry to find the estuary of the capital market. The motorcycle industry has gradually become a sunset industry in China. Qingan’s Jinan City has started to “limit motorcycles in the city†on the agenda in order to prevent tail gas pollution. If ST Qingqi wants to develop in the long term, it must find new leads. Industry, and homeopathic upgrade into the automotive field is one of the ideal ending. From a technical point of view, the technology of motorcycles and cars can be extended, and Qingqi has long manufactured light trucks and agricultural vehicles. Highlights of the reorganization of ST Qingqi: On November 12, 2001, Qingqi Group and Indonesia’s Hanshi Group held a strategic reorganization signature, which later died due to various reasons. On May 16, 2003, ST Qingqi was suspended from the market on May 19, 2003 due to a loss for three consecutive years. On September 27, 2003, the Jinan Municipal Government held a press conference and Sanlian Group stated that it had reorganized ST Qingqi. On November 21st, ST Qingqi, Jinan City State Assets Bureau, Sanlian Group and Qingqi Group announced their asset restructuring plan for ST Qingqi. On January 30, 2004, ST Qingqi announced that the assets restructuring of the company and Sanlian Group encountered insurmountable obstacles such as the competition in the same industry and the integrity and relevance of assets, and it was difficult for both the company’s profitability and continued development of the main business to reach both parties. The expected goal, the board of directors decided to terminate the restructuring with Sanlian Group. On June 29, 2004, ST Qingqi’s largest shareholder Jinan City State Assets Bureau signed a letter of intent for reorganization with CRRC Auto. Source: 21st Century Business Herald
Metal Bearings ,White Metal Bearing,Metal Ball Bearings,Precision Steel Balls
Ningbo Metal Sharing Supply Chain Management Co., Ltd , https://www.zenlesf.com