Comments: Weichai's full acquisition of Shaanxi Heavy Duty is the only win-win way


According to a report from the China Business Daily today, according to a report from the Shaanxi Provincial State Assets Supervision and Administration Commission, the Shaanxi Provincial Government has agreed in principle that Weichai Power shall be 100% controlled by Shaanxi Heavy-Duty Truck Co., Ltd. (hereinafter referred to as “Shaanxi Heavy Duty Truck”) and believes this is It is an important strategic choice for Dashan Heavy Industry. In response to this news, the authors respectively called Shandong Province SASAC, Shandong Heavy Industry, and Weichai Power's high-level individuals this morning to receive positive responses. The author believes that since Weichai Power reorganized the Hunan Torch five years ago and obtained a controlling stake in Shaanxi Heavy Duty Truck and Fast Transmission, after a lot of running-in, compromises and trade-offs, Weichai Power has fully acquired Shaanxi Heavy Duty Truck for both parties. Although not the best result, it is also the only win-win approach.

Shaanxi's mother-in-law, the son of Jiaodong

If at the beginning of the restructuring of the former China National Heavy Duty Truck Group (hereafter referred to as CNHTC) ten years ago, someone told you that one day Shaanxi Automobile will one day return to the embrace of China National Heavy Duty Truck. You will definitely think this is a fantasy. If someone wants to tell you that Shaanxi Automobile will be controlled by a company under the company of Sinotruck on a certain day, you will definitely dream! The story of the Arabian Nights is not often seen. “People who love to dream” is full of people. The most famous “love dreamer” in Chinese history is called Luo Guanzhong. In the opening remarks of "The Romance of the Three Kingdoms," he wrote: "When you say that there are major events in the world, they must be together for a long time, and they must be divided for a long time."

After four consecutive years of rapid growth in the Chinese heavy truck industry in 2004, the status of the "Stal Three Brothers" quietly changed. In the beginning of the reorganization of China National Heavy Duty Truck Group in 2000, Chongqing Heavy-duty Truck Group Co., Ltd. (hereinafter referred to as: Chongqing Heavy Duty Truck) was the most powerful, followed by the newest China Heavy-duty Truck Group Co., Ltd. (hereinafter referred to as China National Heavy Duty Truck). Shaanxi Automobile Group Co., Ltd. (hereinafter referred to as Shaanqi Group) is the worst. However, four years later, China National Heavy Duty Truck Group became the largest supplier of heavy-duty trucks in China. Chongqing Heavy Industries Co., Ltd. has retained its position as the “second child” due to its deep foundation. Although Shaanqi Group is ranked third, it has enough cards. Challenge Chongqing Heavy Duty Truck.

The reason why 2004 is a watershed for the Chinese heavy-duty auto industry is not only because of the quiet change in the status of the "Steyr Three Brothers", but also the traditional medium truck manufacturers such as FAW Jiefang, Dongfeng Automobile, and Jiangsu Chunlan; Foton Motor The manufacturers of light trucks such as JAC, JAC and Yuejin, and even some unknown manufacturers of modified vehicles have also joined the heavy truck industry. At this time, the two military systems of North Benz and Chongqing Tiema belong to Mercedes-Benz. The pedigree of heavy-duty companies has completed the reorganization, and there has been a great deal of phoenix rebellion.

The heavy truck industry in China in 2004 is also experiencing the second wave of joint ventures and cooperation. (The author calls Luoman, Steyr, Taitra, Mercedes-Benz, and Nissan, which were introduced in China from 1978 to 1989, as the No. 1 in China's heavy truck industry. Wave joint venture cooperation tide). Because in 2003, there were three domestic truck companies that had signed joint venture cooperation agreements with foreign companies. They are: On June 9, 2003, Sinotruk and Swedish Volvo signed an agreement to form Jinan Huawo Truck Co., Ltd. in accordance with the ratio of 50:50 to Jinan Truck Company and Volvo under China National Heavy Duty Truck. The two sides invested 1.6 billion yuan to introduce Volvo's FL6 medium truck, FH9 and FH12 heavy truck products. At the same time, the two sides also initialed an agreement to jointly set up an engine company to produce Volvo D12 diesel engines with FAW Group. On the same day, Dongfeng Motor Co., Ltd. and Nissan of Japan signed an agreement in Wuhan. Both parties established Dongfeng Motor Co., Ltd. according to the ratio of 50:50. In accordance with the double agreement, the newly established Dongfeng Motor Co., Ltd. consists of passenger car companies and commercial vehicle companies, including commercial vehicle companies will introduce Japan's Nissan Diesel new generation of heavy truck technology. On October 27th, 2003, Shaanxi Automobile Group and German MAN Commercial Vehicle Co., Ltd. signed an agreement in Munich, Germany. Shaanxi Automobile Group exclusively introduced the Man F2000 heavy truck technology in China. Interestingly, prior to the signing of this agreement, on September 19, 2003, the first batch of Shaanxi Auto DeLong F2000 had started mass production. Even better, half a year later, on May 18, 2004, Shaanxi Automobile Group and German MAN Commercial Vehicle re-signed the agreement to introduce German Mann’s F2000 heavy truck technology at the Great Hall of the People in Beijing, but this time the two parties announced the agreement. The specific content of the agreement. The technology transferred from Germany to Shaanxi Automobile Group includes F2000 chassis technology, axle technology and cab technology.

At this point, Chongqing Heavy Duty Truck became the most talented person. Not only was it not the position of the boss, but also the new boss and the youngest have found the foreign supporter. Although Italian Iveco Company and Chongqing Heavy-Auto Co., Ltd. have come to you and criticized me, but due to the romantic nature in Italy, as early as March 1, 1996, it signed a joint venture agreement with Nanjing Automobile Group to form Nanjing Iveco Automobile Co., Ltd. to produce Iveco light bus. . Four years later, on September 20, 2000, Italy Iveco signed an agreement with Changzhou Changzhou Passenger Car Group Co., Ltd. to form Changzhou Iveco Bus Co., Ltd. to produce large and medium-sized Iveco passenger cars. According to the national automobile industry policy, the same foreign commercial vehicle company may not have more than two vehicle joint ventures in China, so the Italians and the Chongqing people have to look at each other despite their intentions. Even worse, Chongqing Shouqi faced a shortage of funds after its establishment and accepted the olive branch of the Hunan Torch. In August 2002, Chongqing Sinotruk and Hunan Torch set up Chongqing Hongyan Automobile Co., Ltd. in accordance with the ratio of 45:55. Chongqing people did not have a controlling stake. Even if they were Italians, they both had to accept that “hate. Meet the unmarried situation. Compared with the positive decisiveness of the Germans, Italians are not willing to sell technology as if Germany did not make joint ventures. Later, under the support of the new Chongqing Municipal Government, Chongqing Zhongqi took a decisive road and derived many stories that are both happy and sad. Since it is not the subject of this article, the author wrote another article.

Compared with the Chongqing people's hard-nosed words, Shaanqi Group's situation is obviously much better, even though Shaanxi Automobile Group's two finest assets have also taken out a joint venture with the Hunan Torch. Compared with the speed at which CNHTC and Chongqing Heavy Duty Motors were restructured into Group Co., Ltd., the Shaanxi people reaffirmed the wisdom of the CPC Central Committee's policy of starting the western development in 2003 on the issue of the restructuring of Shaanxi Automotive Manufacturing Plant. After the second child was decentralized, he quickly completed the restructuring, while the youngest of the “Shaanxi Automobile Manufacturing Plant” started his hard work for another year. In January 2002, Shaanxi Automobile Manufacturing Plant, Shaanxi Donglong Enterprise Group Co., Ltd., Chongqing Kafu Auto Parts Co., Ltd. and Chongqing Hongyan Automobile Spring Co., Ltd. jointly formed four Shaanxi Automotive Group Co., Ltd. Among them, Shaanxi Automobile Manufacturing Plant accounted for 95.72% of the equity. It is not known that the Shaanxi Provincial State-owned Assets Supervision and Administration Commission did not integrate the Shaanxi Automobile Gear Plant and the Shaanxi Automobile Manufacturing Plant for any consideration. Instead, Shaanxi Province’s local Baoji Vehicle Plant was kicked into Shaanxi Automobile. In this regard, when the Shandong provincial government received China National Heavy Duty Truck, it did not bother Weifang Diesel Engine Factory and Weifang Municipal Government to intentionally set up the "Concentric Power Group Company," and insisted on the Weifang Diesel Engine Factory, which has relatively good economic returns and strong independence. Incorporate China National Heavy Duty Truck. Of course, the Shaanxi Provincial State Assets Supervision and Administration Commission did not complete the work, Hunan Torch Investment Co., Ltd. completed, because in September 2001 its joint venture with the Shaanxi Automobile Gear Plant, with a share of 51:49 in the ratio of the formation of Shaanxi Fast Gear limited liability company. In August of the following year, the Hunan Torch and Shaanxi Automobile Group formed a joint venture to jointly establish Shaanxi Heavy Vehicle Co., Ltd. with a share of 51:49. In March 2003, Shaanxi Heavy Duty Truck, Hunan Torch and Shaanxi Automobile Group jointly formed Shaanxi Hande Axle Vehicle Co., Ltd., in which Shaanxi Heavy-duty Automobile Co., Ltd. held 94% of the equity, Hunan Torch Co., Ltd. accounted for 3.06% of the equity, Shaanxi Automobile Group took up 2.94%. The equity. In fact, Hande Axle is a second-tier company established by Hunan Torch and Shaanxi Automobile Group with a capital ratio of 51:49 and a capital increase of 20 million yuan.

The reason why the author regards 2004 as the watershed of China's heavy truck industry has two reasons: the listing of Weichai Power and the collapse of the Delong System. Is there an analogy between the two? This event marks the first time that China's heavy truck industry has mastered its own bloodline! Before this, if you do not want to look at the faces of those bank governors, you have to wrestle the outsiders, such as the Delong-Hunan torch. In short, China’s heavy truck industry has too little autonomy and initiative in financing.

March 2004 was a very busy month for the vice governor of Shandong Province. On March 7, 2004, Shandong Dayu Automotive Engine Co., Ltd. and Shanghai Automotive Industry Corporation (Group) Corporation and General Motors China Corporation The signing ceremony of the share transfer agreement was held and the dream of Shandong's own manufacturing of passenger cars once again shattered.

On March 11, 2004, Weichai Power Co., Ltd. successfully listed on the main board of the Hong Kong Stock Exchange and raised 1.2 billion yuan of funds. It seemed to be a hope for the “Shandong Stock” that was a bit sad at the time. The five listed companies in Jinan, the capital of the provincial capital, were simultaneously struggling with the four listed companies in the jurisdiction of Qingdao.

On March 29, 2004, the signing ceremony of the cooperation framework agreement for the CNHTC, FAW, and Volvo engines was held in Beijing. The agreement has a total investment of RMB 2 billion and the joint venture company's registered place is Jinan.

On March 31, 2004, the official opening ceremony of Jinan Huawo Truck Co., Ltd. and the first Volvo truck off-line ceremony were held in Jinan. At this time, the joint venture agreement between Sinotruk and Volvo was less than 10 months. On the same day, 4,341,000 shares of Hunan Torch Co., Ltd. were pledged to the Mingde Road Branch of the Industrial and Commercial Bank of China in Urumqi. If you add the legal person shares of the Hunan Torch pledged to the bank two times before, on March 31, 2004, Delong Investment has accumulatively increased the number of corporate stocks that have pledged the Hunan torch to three different banks to 108.094 million shares. Twenty-four million shares of legal persons in the pledged Hunan Torch have remained.

In March 2004, God and Tan Xuguang played a joke this month. The listing of Weichai Power in Hong Kong allowed Tan Xuguang to get a large number of cash notes and newspaper headlines; 18 days later, Tan Xuguang felt that the spring in Jinan was not warm at all and the family came to a “Nordic Beauty”, but nothing happened to you. thing! Lao Ning would let this "Nordic beauty" sleep with a "north-old hooligan" and would not allow you to sneeze. He also said that if you stay outside the bridal chamber, you can watch this "Nordic beauty". This is not too much. Something! On the one hand, China National Heavy Duty Truck requested Weichai Power to fully cooperate with the development of HOWO heavy truck; on the other hand, Volvo's engine project did not allow Weichai Power to participate. Actually, I really want to know how Tan Xuguang spent his day on March 29, 2004. If I had to use one sentence to describe Tan Xuguang's mood at the time, it would be “a strong smile” and a handful of green radishes must be held in hand. This kind of Shandong Weifang’s specialty has the greatest effect: refreshing and ventilation.

Heaven is always fair. He gives you the things you want most, and then takes away what you care about most! When you are distraught, he will give you a new opportunity! So don't be shy when you're most desperate. It's your own eyes soaked by sore tears that you can't see new hope. It is said that Jesus Christ was resurrected three days after being crucified, but I want to say that God was too eager to care for Tan Xuguang. He only let Tan Xuguang suffer for two days, because the third day is April Fools' Day. The Hunan torch so quietly went to Tan Xuguang's side. China's best quality heavy truck resources were put into the sky pot. Tan Xuguang only needs to wash his hands. Because this local food in Weifang neither needs a knife and fork, nor does it require chopsticks, it is OK to eat it directly.

Shandong's mother-in-law send a gift

The Baidu Encyclopedia explained the term “overcast pot” in the following way: “The Chaotianguo originated from the folk morning market during the Qianlong period of the Qing Dynasty and was said to be related to Zheng Banqiao. When Zheng Banqiao was in charge of Weifang, he was very concerned about the suffering of the people. , He micro-services to get to know the people, see the farmers gathered in Jixian County did not eat hot meals, then someone set up a large iron pot in the market, cooked hot meals for passers-by, pot boiled chicken, pig belly and intestines, meat Meatballs, dried bean curd, etc. The soup is boiled and the customers sit around the pot, and the hotpot is served by the chef's skillet, adding parsley and soy sauce, and a thin cake, which is free to use. For 'overcast pot'."

In the final analysis, the so-called "overcast pot" is a pot of chopped aromas! You can simply understand Chaotian pot as a combination of Beijing roast duck and boiled fire, of course, you can also think of it as a deformed pancake roll green onions. The Hunan torch, which is cooked in the "overcast pot," is not the pig's large intestine, meatballs and tofu, it is a pot of sea cucumber, shark's fin, abalone, lobster! However, DeLong's clever idiots accidentally made a pot of Northeast Stew. The most important thing is that they are still raw.

So let's look at what is cooking in the Hunan torch. First and foremost is the Zhuzhou Xiang Torch Spark Plug Co., Ltd. This company which was founded in 1961 is the place where your engine is definitely a second-rate engine if you don't use the “Torch” brand spark plug. In 2004, although the Delong Department's funding chain was broken, the production and operation of the Hunan Torch was hardly affected because of Shanghai GM, Shenyang Mitsubishi, German Volkswagen, Chery Automobile, JAC, Zhejiang Geely, Harbin Dongan, and Changan Automobile. General Motors Wuling, Mianyang Xinchen, Chongqing Longxin and other famous automobile and motorcycle manufacturers all use the “Torch” brand spark plugs.

The second is Dongfeng SUV Co., Ltd. This enterprise is simply a company that manufactures "Hummer" SUVs. Note that this company is different from the Chengdu company that later wanted to acquire U.S. General Hummer, because the army had already decided to purchase a large quantity of " Hummer's off-road vehicle equipment, 60-70,000 vehicles, has huge profits. In this company, the Hunan Torch holds 60% of the shares

The Shaanxi people did not consider Weifang Power's entry into the Hunan Torch, but the Shaanxiese people's calculations hit the sound: The money invested by the Hunan Torch was in the hands of Lao Tzu; the heavy truck technology of Mann in Germany was already set by Lao Tzu; Steam and Hande are both on the site of Laozi, "the amount of land on the site has the final say." Weichai Power entered the torch of the main torch. Perhaps it was another shipment of money to Lao Tzu. I was glad that I would play with you. I was not happy that Lao Tzu took you two slaps and beat you up.

There is also a deeper reason: In 2005, it was also a new generation of heavy-duty trucks in China's heavy truck market. HOWO of China National Heavy Duty Truck sold more than 10,000 vehicles in its first year of listing. After Shaanxi Auto Group's National Day 2003, The F2000, which was introduced to the market, sold only more than 2,000 vehicles in 2005. This strong contrast is certainly related to HOWO's high localization rate and mature technology. F2000 heavy-duty trucks have many imported parts, high selling prices, and Shaanxi Automobile Group's technical control is not good, but the more important reason is that these two models are standard The engines are all provided by Weichai Power. Since Weifang Diesel Engine Factory, the controlling shareholder of Weichai Power, is a wholly-owned subsidiary of China National Heavy Duty Truck, Weichai Power's tilting of China's heavy-duty trucks in engine product prices and technical support is greater. Much more. After Weichai Power entered the main torch and obtained a controlling stake in Hande Axle and Shaanxi Heavy Gas, it must be able to help Shaanqi Group in terms of engine price and technical support for vehicle product development.
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