Chongqing state-owned enterprises are expected to have another "transnational marriage." Yesterday, sources said that the world’s top 500 international auto parts giant, the German ZF Group, is expected to establish a joint venture with Qijiang Gear Transmission Co., Ltd. in the near future to jointly build a production base in Handan. Minjiang Gear insiders said that this cooperation negotiation is nearing completion.
Foreign company throws a holding plan
ZF Group is a global supplier of automotive parts and components, specializing in the supply of transmission, steering, chassis system components, with annual sales of 9.9 billion euros, ranking among the top 15 auto parts suppliers in the world; and Chongqing, which was established in 1928. Qijiang Gear Factory is a well-known domestic manufacturer of gears for automobile gears and heavy-duty vehicles. It has ample right to speak in this field.
“ZEF is indeed negotiating a joint venture with Minjiang Gear, and it will soon have results.†Officials from Jiangxi Gear City stated that there are currently multiple options for the cooperation between the two parties. One of the programs is that the foreign party controls 51% of the shares of the joint venture company. "But what will eventually be adopted and it has not yet been finalized." City SASAC officials confirmed yesterday that the cooperation negotiations between ZF and Hanjiang Gear are in progress. In progress, but the progress of the SASAC is not yet disclosed.
Both parties have been "love" for more than 20 years
“In fact, Hanjiang Gear has a deep relationship with ZF. The joint venture negotiations between the two parties began more than 20 years ago.†According to Wang Hao, Marketing Director of ZF (China) Investment Co., Ltd., 1985, Teeth first introduced ZF's mechanical transmission manufacturing technology to produce heavy-duty transmissions. Since then, the two sides have begun to cooperate.
Wang Hao said that after ZF entered China, he always wanted to seek local production and plans to establish a transmission production base in the Asia Pacific region in China. “In this case, the cooperation between ZF and ZF has become a good choice for cooperation. For this reason, both ZF and CFA have shown a positive attitude. The two sides have maintained high-level mutual visits and have conducted joint venture negotiations several times. Nearly completed, but none of them signed the agreement.â€
“The focus of the dispute between the two parties is mainly on the issue of controlling shareholding.†According to relevant persons inside the company, ZF has been demanding a shareholding and the caries do not need to retain research and development capabilities and only produce. "And we are hoping to gain greater voice and autonomy."
Industry: The possibility of success
Although the reporter is still unable to know more detailed details of the joint venture, it happened that, recently, Shanghai Electric (Group) Co., Ltd., the controlling shareholder of Qijiang Gear Transmission Co., Ltd., issued an announcement on the Chongqing United Assets and Equity Exchange, publicly packaged and transferred in its hands. There are 51% of the shares of Qijiang Gear Transmission Co., Ltd. and 24.48% of the shares of Qijiang Haoyao Forging Co., Ltd., and the listing price is 2.5696 billion yuan.
“This is likely to pave the way for the joint venture between ZF and Ganjiang Gear.†The relevant person in Yanjiao believes that the joint venture between Zhejiang Gear and ZF is in line with the city's plan to set up Fortune 500 companies in the next five years. The total number of Chongqing has reached the 200-odd investment plan. "The probability of a successful joint venture is expected to be high."
News background
Qijiang gear has been 80 years old
Qijiang Gear Transmission Co., Ltd. was formerly known as Yongjiang Gear Factory established in 1928. It is a well-known domestic manufacturer of gears and heavy-duty vehicle transmissions. The market covers all luxury passenger car factories in the country and major heavy-duty truck manufacturers. At present, the passenger car transmission market with more than 10 meters occupies 90% of the market, and is the deserving leader.
In December 2002, under the Delong system, the Hunan torch was launched. In June 2005, due to the crisis in Delong, the red-hot Hunan torch was withdrawn, and Shanghai Electric had become a strategic shareholder of the new party for RMB 21,232 million.
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