When the breath of spring began to permeate, Beitai seemed to remain in cold winter. As one of the largest auto parts manufacturers and exporters in China, Beitai is feeling depressed due to the “liquidation†incident. Although it turns out that this is a misunderstanding, the difficulties that companies face are real.
“This is the axle component that is processed for the Beijing Automotive Limited SUV model. These axles are for the ZTE vehicle model.
“At the Beitai Plant in the Yizhuang Development Zone in Beijing, Cui Wei, the minister of production at the workshop, pointed to auto parts in front of the “China Business†reporter. For those familiar with Beitai, this practice is “abnormalâ€. Because, since the beginning, Beitai parts have been exported almost 100%. "Our short-term goal is to strive for more than 50% or even more domestic business within the next two years. “Northern Thai officials told reporters.
What made Beitai make such a big change? This matter has to start with the “winding up†turmoil.
In mid-January, Hong Kong-listed Beitai issued an announcement titled “Announcement of Price-Sensitive Informationâ€. Since the beginning of December 2008, changes in the foreign exchange market may lead to huge losses in the contract, which is expected by Beitai. A loss of 24 million U.S. dollars. After Beitai issued the above announcement, those banks that signed forward foreign exchange contracts with Beitai began to ask Beitai to repay the loan in advance. Misfortunes are not alone. Soon afterwards, Beitai began to apply for a claim from the Shanghai Industrial Investment Group, a partner that began cooperation in 2000, and asked Beitai to refund an advance amount of 326.6 million yuan in advance, related fees and interest.
In order to avoid sharp fluctuations in the stock price, North Thailand had to apply for a suspension. After more than 20 days of suspension, Beitai voluntarily submitted a provisional winding-up petition to the High Court of the Hong Kong Special Administrative Region in mid-February. North Thai side explained that the liquidation was an active and temporary act. The purpose was to have enough time to communicate with banks and other partners.
However, according to a long-term concern from the securities analyst of Beitai, “From the operating situation of Beitai in 2008, the total profit decreased by a lot compared with 2007. In addition, China’s spare parts companies are increasingly being subjected to the Shockingly, some banks and investment institutions are demanding early repayment because of concerns about the prospects of parts and components companies. In fact, it is reasonable."
In fact, "the root cause of the loss of forward foreign exchange contracts comes from the international financial crisis; the appreciation of the renminbi has brought great pressure on such export-oriented enterprises as Beitai; what is even more critical is that the global auto industry's critical situation has caused demand for vehicle parts for auto parts companies. Reduced quantity, depressed prices, "For this reason, Beitai executives believe that "Northern Thailand will put the main battlefield in the country in the future."
However, such a transition is not easy. Jia Xinguang, a well-known analyst in the automotive industry, believes that “China’s auto industry has performed better in this financial crisis than in Europe and the United States despite the huge consumption potential brought by China’s huge population base. However, China’s auto parts have many different parts and components. Production companies will also make it easier to break through."
In addition, China's auto parts market is also suffering from the impact of international component giants. As there is no technical advantage and there is no independent brand, Chinese auto parts companies can only imitate the production of other people's products. As auto companies, especially joint ventures, implement globalized procurement, there are few domestic auto parts companies in the launch of some new models. contribution. Although Beitai’s senior officials have always stressed that Beitai has accumulated overseas technology research and development for many years, he also admitted that “Northern Thailand has a lot worse than those of Delphi, Bosch and BorgWarner.â€
There is news here that Beitai is preparing to introduce strategic investors to improve the company's operations. “Northern China is indeed in contact with Delphi, but there are still many Chinese companies currently negotiating with Delphi on acquisition matters. The final acquisition result will also depend on Delphi’s intentions.†Beitai executives do not have full assurance.
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