At 3 pm on December 16, 2003, the Ssangyong Motor Debtor Group announced that in the bid for the sale of Ssangyong Motor’s equity in South Korea, China’s Blue Star Group beat other competitors and became the preferred target for Ssangyong’s equity sale.
Ssangyong Motors is one of the three largest automotive companies in South Korea. It manufactures SUVs, RVs, and premium cars and produces large passenger cars, special vehicles, and automotive engines and spare parts. Its predecessor was East Asia Motor Company, which was founded in 1954. It was incorporated into Ssangyong Group in October 1986 and was renamed Ssangyong Motor Company in March 1988. In 1997, Ssangyong Motor Company was Daewoo because of insolvency
Acquisition. When the Daewoo Group was dissolved in 1999, it was separated and became an independent listed company. The Ssangyong Motor Debt Banking Group of South Korea will bid for Ssangyong Motor’s shares held by the creditor’s group through competitive bidding.
South Korea's Ssangyong is the originator of South Korean production of off-road vehicles. In 2001, it began selling China-made Chairmen, Rexton, and Klein cars. It plans to sell 1,500 vehicles in China this year. While Ssangyong landed in China, it has targeted China's mid- to high-end off-road vehicle market. According to SsangYong's previous high-level analysis, after the Chinese auto market matures, the SUV will become one of the main types of cars in the Chinese auto market with advantages that cannot be replaced by other models.
China Bluestar (Group) Corporation is a large enterprise group managed by the Central Government. Bluestar Group is mainly engaged in chemical industry, with total assets of more than 20 billion yuan, annual sales of more than 10 billion yuan, subordinates more than 100 companies and scientific research institutions, holding "Blue Star Cleaning", "Star New Materials", "Blue Star Petrochemical" "3 listed companies.
The main business of China Bluestar Group is chemical industry. Why should we acquire the equity of Ssangyong Motor? In fact, the Bluestar Group has been involved in the automotive industry as early as two years ago and has made significant progress. In 2001, Bluestar Group received nearly 40 military support companies. Among these companies, there are 5 national fixed-point automakers and remodelers, with over 100 auto catalogs, and production and modification of various trucks, cars, and off-road vehicles. In addition to military vehicles such as radar cars, more than 30 other companies are also engaged in vehicle maintenance and auto parts manufacturing. These enterprises originally belonged to various headquarters and military regions, were distributed in 16 provinces, municipalities, and autonomous regions across the country, and had more than 20,000 recurrent military personnel and workers. They have made tremendous contributions to China’s national defense construction for decades. The purpose of Bluestar Group's acceptance of these enterprises is to change the situation in which it is scattered and independent development in all regions, and cannot form an overall advantage to participate in market competition, and to solve the employment placement problem of more than 20,000 reintegrated military personnel, and thus proposed an overall acceptance to the country. The proposals for resource integration, revitalization of stock assets, and development of automotive after-service industries have received support from the state and the armed forces. After achieving the overall acceptance, Bluestar Group has established China Automotive Engineering Group Corporation, using Bluestar to develop “Blue Star Cleaning†and “Ma Lan Ramen†chain operation experience and operating methods for more than ten years, and launched “Wan Jia Auto Repair Chainâ€. "The project" plans to build 1,000 direct-invented auto repair chains, 9,000 franchised stores, 31 first-class auto repair service centers and auto parts logistics distribution centers throughout the country in five years, forming "car sales, quick repair, "Maintenance, remote diagnosis, unified distribution, and information management," a specialized automotive after-service chain company. In the past two years, CRRC Auto Group Co., Ltd. has been stubbornly struggling in the turmoil of the market economy, and companies have undergone tremendous changes. In 2002, the total industrial output value and operating income of China Motors Automotive Group increased by 56.9% and 53.4% ​​respectively over the previous year. The auto repair chain system has developed rapidly and has begun to take shape. In addition, Bluestar's various chemical new material products also have a close industrial relationship with automobile production, such as engineering plastics, etc., which are widely used in the automotive industry. Together with the integration of tires and rubber companies, it has formed a car. Leading industry chain. The Bluestar Group's acquisition of Ssangyong Motor will further promote the improvement of its automotive industry chain by accelerating resources allocation through the market, and accelerate the development of its original auto parts, auto maintenance equipment production, and vehicle maintenance business. What is important is that the more than 20,000 reintegrated military personnel of the original military support enterprises will have a more stable and broad space for employment and development.
Bluestar Culture is an open culture, an innovative culture, and a culture of the sea. In recent years, Bluestar has actively carried out internationalized business, seized opportunities, made full use of two markets and two kinds of resources to develop itself, and had many successful moves in implementing the strategies of “bringing in†and “going outâ€. They extensively seek joint ventures and cooperation with world-renowned companies, introduce foreign capital and advanced technology, and establish joint ventures. Especially in the automotive sector, Bluestar Group's cooperation with Korean auto companies is more intense and frequent. On August 6th this year, Bluestar Group and Korea Mobis Co., Ltd. signed a joint venture agreement to provide Plastic Parts for Beijing Hyundai Motor Co., Ltd. and other domestic and foreign auto companies, among which Bluestar holds 40% of the shares in the joint venture. On October 29, CRRC Auto Group Co., Ltd. also invested in South Korea’s Xingyu Technology Co., Ltd. to form an auto parts manufacturing company. The acquisition of Ssangyong Motor Co., Ltd. is another major move of Bluestar Group to further strengthen its “go global†strategy, which will enable Bluestar Group to greatly enhance its ability to participate in international competition in the automotive field.
It is reported that the competition for the equity transfer of South Korea’s Ssangyong Motor Co., Ltd. includes GM, Ford, BMW, Renault and other nearly 10 large-scale automobile companies at home and abroad, and the competition is fierce. Why is China Bluestar able to win the bid in one fell swoop and become the preferred negotiating partner for the sale of Ssangyong Motor’s shares in Korea, becoming the first company to independently acquire foreign auto companies? All this benefits from Bluestar's high growth, unique corporate culture, rich experience in corporate restructuring, and unremitting efforts.
Blue Star's corporate philosophy is "to serve the country with Xingye," "to do things for people," and "to build a nation that is prosperous for the country's prosperous and powerful people." Bluestar can start small and eventually do something big. In 1984, Ren Jianxin, the leader of Bluestar, led seven Communist Youth League members to start their own businesses with a loan of RMB 10,000. Through the promotion and application of a technological result that has been soaked for years, they have realized industrialization and created a modern Chinese cleaning industry. In the past ten years, Bluestar has adjusted its industrial structure in a timely manner and has rapidly formed an operating pattern that is based on new chemical materials and integrated with oil-head and tail-spinning. It has taken the lead in the industry. Since 1995, Bluestar has adopted a two-wheel drive strategy of physical operation and capital operation. It has actively participated in the retreat and restructuring of state-owned enterprises. It has successfully merged and reorganized more than 100 state-owned difficult enterprises, invigorated nearly 10 billion yuan of state-owned assets, and invigorated it. A large number of state-owned enterprises. In this process, Bluestar has also accumulated rich experience in resource integration and mergers and acquisitions. After 19 years of entrepreneurship and development, the 10,000 yuan borrowing of the year has become 20 billion yuan of state-owned assets, and the 7-person squad has become a large-scale state-owned enterprise.
At the beginning of participating in the acquisition of Ssangyong, Bluestar said that it is necessary to learn with an open mind and cooperate extensively to contribute to the development of the Chinese automotive industry. Bluestar has repeatedly stressed that in the process of mergers and reorganizations, it is necessary to safeguard national interests and resolutely oppose the behavior of profit-seeking and vilification of competitors. This contrasts sharply with the practice of other companies.
If we truly understand Bluestar, we can easily understand why Bluestar, an unknown company in the automotive industry, can stand out among many competitors and become the preferred negotiator for the sale of Ssangyong Motor’s shares. The statement made by PWC, the Shuanglong Auto Equity Sales Agency, also confirmed our answer. The company stated that when deciding on the priority partner for equity sale, it not only considers the bid price, but also considers the development potential of the bid enterprise, the company's strategy, and the execution capability of the implementation strategy. Opportunities are always favored by those who are prepared. As the process of economic globalization continues to speed up, China's market access is further relaxed, and resources are allocated to the market, and efforts are made to create a level playing field for enterprises. Today, we have reason to believe that Blue Star, with keen thinking and good grasp of opportunities and strong will, Must have the ability to become bigger and stronger in the automotive industry, and even come from behind in the market competition.
This spectacular cross-border merger and acquisition is a rare opportunity for Bluestar to enter the mass production of automobiles. If the acquisition is successful, it can have a world-renowned brand of vehicle. For Ssangyong, it can achieve rapid entry into the Chinese market and expand market share. This will be a win-win merger and reorganization.
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