*St Xiali actively promotes asset restructuring: Tianjin Bojun or welcome panxia

category:Finance
 *St Xiali actively promotes asset restructuring: Tianjin Bojun or welcome panxia


According to a series of announcements released on the evening of June 20, St Xiali is continuing to actively promote the asset restructuring with China Railway wusheng. At the same time, it is also continuing to deepen the personnel reform of the company, and studying the scheme for the placement of laid-off employees.

However, FAW Xiali adjusted the restructuring plan. The industry speculates that the reason for the adjustment may be related to Bojun automobile, which has recently heard about the breaking of the capital chain.

FAW intends to transfer 43.73% of its shares in Xiali, FAW, to China Railway Materials Co., Ltd. (hereinafter referred to as iron materials Co., Ltd.) free of charge. However, the object and scope of the transaction and the counterparty of the transaction have changed.

For Xiali, the dream of building a car is still there after a farewell to a share. But the plight of Bojun, a joint venture partner, also left the future of Bojun in Tianjin uncertain.

Where does Xiali go?

On June 14, 2002, FAW Group and Tianqi Group signed a restructuring agreement. Tianjin Xiali, Huali automobile and joint venture with Toyota under Tianqi group were incorporated into FAW system.

After Tianyi reorganization, under the leadership of Xu Xianping, then general manager assistant and general manager of FAW Xiali, FAW Xiali successfully turned losses into profits one year later, and became the first car enterprise in China whose annual sales exceeded 200000 in 2005.

Since 2013, FAW Xiali has lost money for many years. In order to keep the shell resources of listed companies, it has sold assets for many times to survive. Previously, FAW Xiali had held as much as 30% of the equity of FAW Toyota. However, due to the serious losses in 2013, 2014 and 2015, FAW Xiali decided to sell 15% of the equity of FAW Toyota to FAW in August 2016, and obtained 2.561 billion yuan for the development of its own brand. In March 2018, Xiali, an overburdened FAW, sold the remaining 15% of its equity to FAW. Since then, FAW Xiali has no high-quality assets.

In 2017, Xu Liuping joined FAW and began to vigorously reform. Among them, in the independent plate, Xu Liuping put the focus of his work on the red flag.

On September 27, 2018, FAW Xiali transferred 100% of the equity of its wholly-owned subsidiary Tianjin FAW Huali Automobile Co., Ltd. to Nanjing Zhixing, the parent company of BAIC Motor Co., Ltd., a new force in vehicle manufacturing, at a price of 1 yuan (Nanjing Zhixing needs to pay FAW Xiali 800 million yuan of debt and 54.62 million yuan of employee compensation).

In 2019, FAW Xiali announced the establishment of a joint venture company with Bojun automobile. FAW Xiali invested RMB 505 million in assets and liabilities related to vehicle land, plant and equipment, with a shareholding ratio of 19.9%; Bojun automobile invested RMB 2034 million in cash, with a shareholding ratio of 80.1%. It can be said that for the joint venture, FAW Xiali has put out almost all his wealth, and is only a small shareholder of the joint venture. On the other hand, FAW Xialis shell resources are transferred to tiewusheng.

In more popular terms, boshire will take over the main business of FAW Xiali. At the same time, the overall listing of FAW Group has also removed the barriers of competition in the industry.

According to the original plan, most of FAW Xialis employees will also be transferred to the joint venture along with the assets, and Xiali will enter a new stage of development. However, the young boshire car does not have the strength to receive the offer.

At the end of 2019, FAW Xiali held a staff congress to discuss the future of the staff. In short, it can be divided into three directions: early retirement, unemployment and going to the joint venture.

A waiting FAW Xiali employee told reporters that at present, the monthly salary is only 980 yuan, and social security, medical insurance, etc. were once cut off.

In May this year, FAW Xiali established Xiali operation company, which plans to transfer all assets, liabilities and personnel to Xiali operation, and to hold the staff congress again for this purpose. However, the registered capital of Xiali operation is only 1 million yuan, and there is no proper employee resettlement plan. Some employees waiting for work are worried about this.

Employees who participated in the workers Congress told 21st century economic news that leaders from FAW Group headquarters participated in the Congress, and employees also expressed their demands.

According to the new announcement of * ST Xiali, the registered capital of Xialis operation has increased from 1 million to 50 million and will be transferred to FAW assets. To a certain extent, it provides certain guarantee for the early retired and waiting employees.

According to the previous announcement of * ST Xiali, 832 employees voluntarily terminated labor relations with FAW Xiali and signed labor contracts with Tianjin Bojun.

However, the employees who went to the joint venture company did not get on duty as scheduled. According to the information previously disclosed by Boxun automobile, its first car was put into production at the end of 2019 and began to be delivered in the first quarter of 2020.

In fact, boshire cars are on the brink of death.

On June 15, boshire automobile announced that all the staff were waiting for work, during which 2480 yuan / month of living expenses was paid.

Tianjin Bo county or welcome panxia

The tight capital chain is the main reason why boshire automobile is in trouble. Prior to that, boshire motor claimed to have gone through five rounds of financing, the fifth round of which occurred in June 2019, with a financing amount of 2.5 billion yuan. The first four rounds of financing did not disclose the specific amount.

It is worth noting that in April this year, Shanghai Sizhi Automobile Group Technology Co., Ltd., which owns 97.9% of the shares in Bojun, was subject to administrative punishment. Shanghai Minhang District human resources and Social Security Bureau asked Shanghai Sizhi to pay the salary arrears of more than 600 employees in a timely manner.

The shortage of capital chain in Bojun directly affects the operation of Bojun in Tianjin.

However, according to the relevant announcement issued by * ST Xiali, the 1 billion yuan contribution of Nanjing Bojun failed to be paid as scheduled. Up to now, only 14.1 million yuan has been invested.

*St Xiali also mentioned in the inquiry letter to the exchange that the company has sent two official letters and three lawyer letters to Bo county. And said that if Bo County continues to default for more than 60 days, it has the right to terminate the agreement with Bo county.

If Bojun is unable to provide funds, the Tianjin Bojun joint venture project may not be implemented in the end. For the future of FAW Xiali, it will also have a significant impact. However, on June 21, a person familiar with FAW Xiali and Tianjin Bojun told the 21st century economic reporter that a company with local state-owned capital background intended to take over Tianjin Bojun. Before that, the company had visited Tianjin Bojun. (FAW Xiali) junpai D80 car, I think in fact, no matter from the interior or the appearance, it is close to the shape of the mainstream market, but there is no national six model, just a sum of money. There are people, factories, equipment, mold improvement can also continue to build cars. If someone wants to invest in this, they can do it. These people told reporters. However, in the past two years, the enthusiasm of local capital for the new forces of car building is declining, and gradually tends to be cautious and rational. If someone is willing to accept Tianjin Bojun, it will be full of challenges to launch products and be accepted by the market. Source: responsible editor of 21st century economic report: Wang Xiaowu_ NF

If Bojun is unable to provide funds, the Tianjin Bojun joint venture project may not be implemented in the end. For the future of FAW Xiali, it will also have a significant impact. However, on June 21, a person familiar with FAW Xiali and Tianjin Bojun told the 21st century economic reporter that a company with local state-owned capital background intended to take over Tianjin Bojun. Before that, the company had visited Tianjin Bojun.

(FAW Xiali) junpai D80 car, I think in fact, no matter from the interior or the appearance, it is close to the shape of the mainstream market, but there is no national six model, just a sum of money. There are people, factories, equipment, mold improvement can also continue to build cars. If someone wants to invest in this, they can do it. These people told reporters.