This may be the most successful overseas investment by Chinese automakers: After six months of capital appreciation by PSA Peugeot Citroé¾™n, Dongfeng Motor Group's share valuation in the French automaker rose by nearly 42%.
In February of this year, Dongfeng Group invested 800 million euros (about 6.133 billion yuan), twice (the share price is 6.77 euros per share, the transaction price is 7.5 euros per share) to acquire the 14.1% stake in Peugeot Citroen, now the group The valuation of the shares held has exceeded 1.1 billion euros (about 8.432 billion yuan). At that time, the French government also adopted the same approach, and became the same shareholder (14.1% each) as the Peugeot family and Dongfeng Group.
Although this valuation is still theoretical (because Dongfeng Group and the French government do not intend to sell their respective shares), it has a strong symbolic meaning. "For Dongfeng Motor, this action is equivalent to one. Gambling. Therefore, it is quite necessary for the leader of the company to show the first positive results in a timely manner,†said Georges Dieng, an analyst at Natixis.
In the process, Dongfeng Group did not suffer any losses. The semi-annual report released recently showed that the fair value of the shares held by the automaker in the Peugeot Citroen Group increased by 248 million euros (about 2.1 billion yuan).
Although Dongfeng Group's Japanese partners Nissan and Honda's performance in China have suffered setbacks, its joint venture with Peugeot Citroen Group, Shenlong Automobile Co., Ltd., has given the group a sigh of relief.
In the first 10 months of this year, sales of Shenlong Automobile Co., Ltd. surged by 24.6%. According to Bernstein, a Wall Street investment research firm, the performance of Dragon Motors has accounted for 18.5% of the joint venture between Dongfeng Group and all overseas automakers, and this figure was only 13.5% a year ago.
Of course, the success of Dongfeng Group in the capital market may cause all kinds of envy and hatred. “The progress at the moment proves that the timing of the involvement of the Dongfeng Group and the French government coincides with the “selling period†of the Peugeot Citroen Group.†Eric Bergerolle, columnist of French Business Week Challenges, responded to Peugeot The attitude of the family head Thierry Peugeot in this equity acquisition was evaluated by the fact that many minority shareholders had fierce criticism of the “Grafting of Sino-Frenchâ€.
“If the Dongfeng Group and the French government don’t make timely funding, the Peugeot Citroen Group will be killed. The result is that everyone is starting to benefit from this capital appreciation, even though the road ahead is still very long.†Another columnist Nicolas Meunier commented.
In any case, the cooperation between Dongfeng Motor Group and Peugeot Citroen is accelerating. Recently, a 10-member strategic management team in Paris has developed detailed plans for future cooperation between the two parties, including the introduction of more economical powertrains (eg hybrid, pure electric), research and development of utility vehicles (freight or Passenger vehicles) and the overall advancement in the Asian market – these plans are likely to play a huge role in the future.
It is reported that Shenlong Automobile will build three other joint ventures in 2015, including a public R&D center in Wuhan. At that time, the P&C base of the Peugeot Citroen Group in Shanghai will also be relocated here.
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