On August 9th, some media reported that Daimler’s cooperation agreement for a 12% stake in Beiqi has been approved by the National Development and Reform Commission and can be formally announced within a month. This means that Beijing Auto's listing has basically eliminated obstacles, and Beijing Auto's listing plan has entered the final stage.
Listing preparation is coming to an end
"According to the provisions of the agreement to promote the cross-shareholding of BAIC and Daimler-Benz, only when the adjustment is completed, the Beiqi Co., Ltd. can apply for listing." During the Shanghai Auto Show this year, Han Yonggui, Deputy General Manager of Beiqi Group and President of Beiqi Co., Ltd. accepted The words spoken during the interview have finally found footnotes.
Today, the cooperation agreement for Daimler-Benz’s shareholding in 12% of Beiqi’s shares has been formally approved, which means that preparations for the listing of BAIC shares have basically cleared the way and can proceed to the next stage.
According to the previously disclosed plan, Beijing Automotive Group and Daimler Benz reached a cross-shareholding agreement, Germany's Daimler Benz acquired 12% shares of Beijing Automobile Co., Ltd., a subsidiary of BAIC; BAIC and Daimler Benz increased holdings of Beijing Benz and Beijing Benz sells the company's equity to 51%.
The importance of cross-shareholdings with Daimler for BAIC is that the assets owned by BAIC include parts of Beijing Hyundai and Beiqi's own-brand passenger cars. With the addition of Daimler-Benz, the financial situation can be greatly improved.
Listing plan changed many times
Beiqi's listing has been bumpy and long-delayed. Beiqi's overall listing plan started in 2008, when the Beijing municipal government set an overall listing target for BAIC. When Beiqi Passenger Vehicle's own brand was about to be established in 2009, and the automobile R&D base and other work were ready, the BAIC Group's listing financing had planned to complete the listing financing in 2009 when it failed to succeed.
Since then, Beiqi’s listing plan has been in the “upcoming listing†state. In 2011, because of the complicated relationship between assets, BAIC had to abandon its overall listing plan and changed to a one-four-for-one split listing. According to the plan, Beijing Automotive Group divided its assets into four joint-stock companies, including vehicle assets Beiqi, commercial vehicle assets Beiqi Foton, spare parts assets Hainchuan shares and car sales assets Penglong shares, of which Beiqi Foton is listed, other The three companies will be listed separately, with no restrictions on time to market.
As for which main board is listed on the market, BAIC has always been uncertain. In 2007, Beijing Automobile Industry Holding Co., Ltd., the predecessor of Beijing Automotive Industry Co., Ltd. for the first time stated its listing method, the location was chosen in Hong Kong. However, in March 2008, Xu Heyi stated that BAIC had already confirmed that it would first list its A shares on the mainland. In the following years, BAIC has been designing a listing plan in this direction. Today, BAIC has returned to its initial decision, first after the H-share A shares.
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