And Beiqi's mood should be the same. When he took over the “Shandong Heavy Industry Group Co., Ltd.†handed over by the Shandong Provincial Party Committee Secretary and the governor himself, Tan Xuguang knew that a dream of 100 billion yuan in sales revenue was waiting for him to complete.
“In the morning, the daily limitâ€! In the Zhongtong Bus in Liaocheng, Shandong, through the “scandal†with one of the “four small†Sinotruk Group, it was actually the stock market in March. With the implementation of the National Automobile Industry Revitalization Plan, CNHTC, as the only automotive company in Shandong selected for the “national teamâ€, has been encouraged to implement regional mergers and reorganizations as well as BAIC, GAC, and Chery. The Shandong provincial government has long been willing to integrate the resources of the province's steel, petrochemical, commercial, and automotive industries, plus Sinotruk and Zhongtong buses are affiliated with the SASAC of the province. This inevitably leads to speculation that the two will No story will happen.
At the same time, there is news of WeChat Power and Shantui shares. In the draft of the “Shandong Provincial Automobile Industry Adjustment and Revitalization Plan†issued by Shandong Province on March 4th, it was clearly proposed to “focus on supporting Weichai Power, the joint restructuring of Shandong Provincial Automobile Group and Shandong Construction Machinery Group,†and cultivated 8- 10 large-scale enterprise groups with strong competitiveness, including two companies with operating revenue exceeding RMB 100 billion. On October 18 last year, Shantui announced that the deputy general manager of the company, Jiang Kui, resigned due to work transfer. It is intriguing that Jiang Kui’s current position is the deputy party secretary and deputy general manager of Weichai Holding Group.
Everything is so confusing, although the parties have tried to clarify the “truth†in different forms, but some things still happened later, but there is only one protagonist – Weichai Group. This last year was with Sinotruk. There are 500 billion yuan in sales of auto groups.
100 billion group surfaced
On May 22, the answer was finally revealed – Tan Xuguang was promoted from the chairman of Weichai Group to chairman of Shandong Heavy Industry Group. The group has a registered capital of 30 million yuan and total assets of 31.06 billion yuan. It spans two industries, namely automotive and mechanical engineering. It is the state-owned property of companies such as Weichai Holding Group Co., Ltd., Shandong Construction Machinery Group Co., Ltd. and Shandong Automotive Group Co., Ltd. The formation of a wholly state-owned company.
Regarding the establishment of Shandong Heavy Industry Group, the provincial government of Shandong Province paid unprecedented attention to it. On the day of the unveiling ceremony, in the Qianren Auditorium of the Shandong Building, Jiang Yikang, the Secretary of the Shandong Provincial Party Committee and the Standing Committee of the Provincial People’s Congress, was the Deputy Secretary and Governor of the Provincial Party Committee. Jiang Daming led several major team leaders and provincial departments, some provincial management companies, and financial unit principals attended the event. Jiang Yikang and Jiang Daming personally unveiled Shandong Heavy Industry.
Such a high-profile inauguration ceremony is full of deep meanings. On the one hand, Shandong Heavy Industry Group shoulders the historic mission of building a new brand of Shandong equipment manufacturing industry and strengthening and expanding. On the other hand, it also shows that the government’s clear attitude of advocating reorganization has invited the day. Observed by other provincial management companies to understand it.
Indeed, similar to the reorganization of Shandong Iron and Steel Group that has already been established, the strength of the government has played a leading role in this reorganization. The program discussed by the Governor's Office on May 7th was submitted by the SASAC of Shandong Province and participated in the reorganization. The three enterprise groups are also state-owned enterprises. On May 22, Weichai Power and Shantui Stock received the first major shareholders of the company, Weichai Holding and Shangong Group, respectively. According to the governor’s office meeting minutes, they agreed in principle to Weichai Holdings, Shangong Group Co., Ltd. and Shandong Province. Automobile Industry Group Co., Ltd. implemented a restructuring and formed Shandong Heavy Industry Group Co., Ltd.
The reorganization of the three major groups will not only integrate and improve the upstream and downstream industrial chain of auto parts in Shandong Province, but also provide more space for capacity expansion and industrial upgrading. The target is to directly target 100 billion yuan in sales revenue. The reorganization did not adopt the method of regrouping another group with a certain group. Instead, Shandong Heavy Industry Group transferred the property rights of Weichai Holdings, Shangong Group and Shanqi Group to its name and formed a holding company. The pattern of the three major groups. Obviously, it seems that the three companies are in parallel integration, but Weichai Holdings is the most prominent in the three companies and will enjoy greater power in the decision-making of Shandong Heavy Industry in the future.
After the reorganization, a standardized parent-subsidiary company management system was established between Shandong Heavy Industries Group and its affiliated companies, and a standardized corporate governance structure was established in accordance with the requirements of the “Company Law†and the modern enterprise system. The reorganized Shandong Heavy Industry Group, whose corporate ownership status remains unchanged, will not change after the reorganization is implemented, and the actual controllers of Weichai Power and Shantui Shares will not change. Currently, Weichai Holdings holds 14.92% of the shares in Weichai Power and Shangong Group holds 21.10% of shares in Shantui.
Three paths to achieve the goal
When the Shandong provincial party committee secretary and the governor personally opened the plaque of Shandong Heavy Industry Group Co., Ltd., Tan Xuguang knew that a dream of 100 billion yuan in sales revenue was waiting for him to complete.
Prior to the integration, Weichai Group had already set a goal of “strive for sales revenue exceeding RMB 100 billion in 2012 and enter the world’s top 500†as its development goal. Tan Xuguang believes that this large-scale merger and reorganization will shorten this The process, "the newly formed Shandong Heavy Machinery has the strength to achieve 100 billion yuan in revenue."
Although Shandong Heavy Industries has complex internal operations, decentralized operations, and large differences in corporate culture, the difficulties encountered in integration are likely to be a great test for Shandong Heavy Industry. In response, Tan Xuguang said: "Weichai Holding Group had revenue of 50 billion yuan last year, Shangong Group about 7 billion yuan, and Shanqi Group 2 billion yuan, and the three major groups accumulated about 60 billion yuan in revenue. Last year the three groups again At the same time, facing the background of the financial crisis, from the perspective of development, the products of these three companies will have 100 billion yuan in sales revenue in the future."
In addition, Weichai Holdings has previously successfully acquired and absorbed the merger of Hunan Torch Automotive Group Co., Ltd. and has extensive experience in mergers, acquisitions, restructurings and capital operations. These experiences are valuable assets for the new Shandong Heavy Industry. Tan Xuguang said that the newly formed group will focus on strategic planning, financial management, and the establishment of product development platforms. In particular, the newly formed group has 620 postdoctoral and postgraduate students in management, engineering, and finance, 4 state-level R&D centers, and 6 provincial R&D centers.
"This reorganization is the result of the synergy of the three companies' common industry and the formation of a unified value. The new group does not compete with its peers and is conducive to coordinated development." Tan Xuguang pointed out that first, Weichai Holding Group is famous for producing engines, so It will further strengthen the independent supporting position of its power system and build the world's largest power system manufacturing base. After the merger of Hunan Torch Automotive Co., Ltd. in August 2005, it already has a complete heavy-duty automotive industry chain. Its strategic positioning is to integrate power technology and general-purpose power companies.
Secondly, with SAAM as the main body, it will fully integrate the auto parts resources distributed in each group of companies, and quickly form a passenger car parts platform with a rational product layout, high system integration, and low logistics costs within the group. Samwa owns many parts and components companies mainly in Qingdao, Weihai, and Yantai, and the Hunan Torch was originally an auto parts company. After three years of integration, the Weichai Holding Group also owns a passenger car segment with air-conditioning products. Spark plugs, car gearboxes, etc. After the establishment of the new group, the two passenger car parts segments will be integrated once and strive to build China's largest passenger vehicle parts and components group.
Third, ShanGong Group will continue to maintain its leading position in the domestic bulldozer industry and strive to enter the ranks of the world’s most powerful enterprises with strong production capacity. It will actively develop bulldozers in accordance with the requirements of shareholders of listed companies and the strategic positioning of the board of directors. The new group will support the development of Shantui. Its development will also expand the scope of supporting the Weichai Power System and give play to the synergy between the two groups.
“There has never been an idea of ​​reorganizing Zhongtong Bus,†said Tan Xuguang, and in his opinion, the current priority is how to promote the successful implementation of the three strategies and complete the dream of 100 billion sales revenue as soon as possible, rather than the other.
On the second day of June 19, when Shandong Heavy Industry was unveiled in Jinan, he rushed to Shantui, a 200-kilometer-long Jinan-based company, and officially inspected the new plant and research institute of Shantui International Park.
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