Category: Money Tips Date: 2007-03-16
China's SOE reform group of experienced businessmen from the state-owned enterprises to the private experience of the past 20 years, well versed in these subtle and finally to promote a private enterprises listed overseas, they destroy the old system, but also to create a new rule
Many people imagine the auto industry tycoon, there are easily more than a multi-billion giant, but do not just look at how their cars fresh light shiny, in fact many of these giant's results surprising: first half of 2005, 18 Automotive overall profits of listed companies fell 43.62%. FAW, Shanghai Automotive profit dropped the most serious, were 68.6% and 66.7% respectively.
Such a view, the days gone well with the auto companies really small, on the contrary, there are some little-known small businesses, they are low-key operation, steadily Dangdang make a profit, they are "gold rush" in the "smart jeans vendors" .
From Liaoning province, Jin-Heng Automotive Safety Technology Co., Ltd. (hereinafter referred to as Kam Heng cars, 8293.HK) fall into this category recessive suppliers, who have their own technology, but also has 8 years of corporate history, is China's largest automotive safety airbag supplier, is also a supplier of auto parts in China to Hong Kong's capital markets one.
Invisible Champion 2004 Kam Heng rely entirely on automobile production and sales of automotive safety air bags, made a 182.3 million yuan of business, profit 52 million yuan, gross margin increased to 39%, net profit margin 28.8%, compared to 2003 increased by 10 percentage points.
This is enough for all vehicle manufacturers and major automotive companies are eyeing. 2005 from January to May, the entire sales profit rate of China's auto industry is only 12.18 percent, down 0.34% year on year, industry reduce the profits of 820 million yuan.
The listing of auto parts supplier less than a year is very special in his own name as many as 13 shareholders, all rely on the domestic auto companies to do business, unlike the mainland at another auto parts supplier Norstar (2339.HK), Ba Cheng above business, thanks to foreign markets. Build a product that it operate a little conservative, but relatively healthy.
There are data suggesting that China's current annual demand 1.56 million airbags, localized production of less than 40 million, more than 100 million need to be imported, while Kam Heng car now has capacity of 10.7 million, less than one into the supply market. However, airbags have been China's boss, and they said they will expand production capacity to 20 million.
2002 Jin-Heng car sales 93.16 million yuan, the profit 7.92 million yuan. However, in 2003, which is listed on the previous year, the company's turnover suddenly doubled to 189.7 million yuan, net profit margin of approximately 14.5% over the previous year, a lot.
Early in December 2004, Kam Heng vehicles in Hong Kong GEM listed, issuing 9597 shares, of which 8100 million shares, 1497 shares of old stock, raising a net 81.7 million Hong Kong dollars. Results published in 2004 listed the near future, the company's turnover reached 182.3 million yuan, profit 52 million yuan, profit margins reached 28.8% over the previous year has doubled.
It is understood that the cost of sales in 2003, is 140 million, in 2004 only 1.1 million; in 2003 to pay 995 million in taxes in 2004 only less than 50000 to pay the tax money. These two pens for almost 40 million yuan of profits.
The company explained: Kam Heng cars occupy more than 60% of operating revenue comes from mechanical airbag products, which have been key components of generator localization of significant cost reductions. The end of 2003, the company through a series of operations, has Bianshen foreign-funded enterprises can enjoy tax benefits.
However, in 2005 the first and second quarter, Jin-Heng cars both revenue and net profit fell sharply, particularly in net profit in 2004 decreased by 48.85%, 39.3%, but also to the market very unstable feeling. Are reflected in the financial report for the first half of 2005 the administrative expenses rose more than double the same period last year. The company explained that the increase in administrative expenses, reducing earnings 11.7 million yuan in the first half of 2005. This explanation is very vague.
However, these are not important, we want to say an 8-year story. Company founder and strategizing capacity rather amazing impressive.
While another group of investors, such as Zhaoqing Jie, from the state-owned enterprises to private business for 20 years of experience, the final push that a private enterprises to go listed overseas. These experiences of China's SOE reform businessmen, well versed in the wonders of which they destroy the old system, but also to create a new rule.
An alternative evaluation method is based on the performance of wealth, they in Hong Kong and the capital markets in order to 8-year itch and silent waiting, in exchange for a digital performance, public recognition, we can always see the value of their public performance, This is a result of their adventure.
Guotuiminjin 1997, Li Feng, Xing Zhan-Wu, Dong-Lin, Li four promising automotive market potential, decided to leave the Taiyuan air, switch to invest in auto parts, they chose to airbags. In January 1997, Kam Heng Motor Company in Liaoning Jinzhou Economic and Technological Development Zone was established in the initial registered capital of 1 million yuan. Taiyuan loop-through holding 70%, 10% stake in Jinzhou Electric, Liaoning Huaxing holding 10%, 10% stake in Jinzhou electronics. After the three are state-owned enterprises. Taiyuan loop-through jointly owned by eight directors.
1998 Kam Heng successfully bulk supplier for FAW Hongqi sedan car airbag systems, began commercial sales. In the same year, also, and Dongfeng Motor's joint development of Shenlong Fukang airbag feasibility of signing documents.
October 6, 1998, Jinzhou motors to 100 thousand yuan to transfer its ownership stake to 10% of Jinzhou Wande, Jinzhou the electronics industry in order to transfer 80,000 yuan Kam Heng 8% stake in the car to the Jinzhou Wonder. The next month, a company called the acquisition of Taiyuan, Taiyuan Daheng loop-through 70% of the shareholding, pricing 3.5 million yuan, this transfer of five-fold return on investment.
The new major shareholder of Taiyuan Daheng by Li, Xing Zhan-Wu, Liu Jinfeng each with 40%, 30% and 30% of the shares. Jinzhou Wonder is much more complex transformer factory in Jinzhou in 1990, or shock absorber factory, and later experienced the shock absorber factory in Jinzhou - Wonder Shock Absorber Co., Ltd. - Jinzhou Shock Absorber Factory Factory - Wonder Industry (Group) Co., Ltd. incarnations process, of course, are purely state-owned enterprises, when the family is a graduate of Zhaoqing Jie, Liaoning Institute of Technology. After November 2001, this state-owned enterprises gradually being two private firms - Jin-Tang Corporation and Bank of China in a letter eat Thai companies, each holding 75% and 25%, and the controller is Teng Jin Zhao Qingjie and high - the east, each holding 20% and 80%. Letter to Thailand's Bank of China has experienced many changes, the most recent shareholders Zhang Yu, Zhang pillow industry, Zhou Yuquan, and road accessibility companies, road accessibility is a major shareholder, holding 55.8%, from the Qing Lin, and Zhang Meina hold 40% and 60% .
This view, Jinzhou Wonder completely privatized, while the real controller is not a business manager Zhao Qingjie, but the high east of Jinzhou 10000 indirect holding his own, 60% stake.
After completion of the transaction, in October 1998, a major shareholder of Taiyuan Daheng come up with 2.8 million yuan, Jinzhou Wonder invested 1.2 million yuan, to Kam Heng Auto replenishment. Taiyuan Daheng at Kam Heng car ownership ratio of 70%, 27.6% stake in Jinzhou Wonder, Liaoning Huaxing abandon the investment, holding down 2%, Jinzhou Electronics abstained, holding shrink to 0.4%. 1999 Jin-Heng company DPCA developed airbag systems, and the progressive realization of bulk supply, the enterprise's business into orbit.
In July 2000, state-owned enterprises and Jinzhou in Liaoning Huaxing Electronics to be out, and Jinzhou Wonder eat their 2.4% stake in Liaoning Huaxing 2% stake sold 160 thousand yuan, Jinzhou sold only 0.4% of e-20000 yuan, almost no return. Since then, Jinzhou Wonder at Kam Heng's shareholding to 30%.
This is a conservative state-owned enterprises and private enterprises hit the ground running back. A borrowed boat after a series of practices and operations, can see that some Chinese enterprises in the last 10 years of change: controlling the right to change.
