This year's government work report will "vigorously promote the construction of a modern industrial system and speed up the development of new quality productive forces" as the top task of the government in 2024. For the automotive industry, further consolidate and expand the intelligent network, new energy vehicles and other industry leading advantages, that is, an important aspect of improving new quality productivity.
As a representative enterprise in China's auto parts industry, Wanxiang Qian Chao (000559) plans to reorganize WAC, a promising auto parts asset of Wanxiang USA, to fully mobilize global high-end market resources, lay out the global auto parts industry chain, and build multinational international enterprises with global integrated operation.Seagames2030China has achieved industrial transformation and upgrading and high-quality development.
On May 5, Wanxiang Qian Chao disclosed that it plans to buy 100% of Wanxiang America Corp. (referred to as WAC) held in Wanxiang USA by issuing shares and paying cash, and plans to issue shares to no more than 35 specific investors to raise matching funds. After the completion of this transaction, the listed company will hold 100% stake in WAC.
According to the plan, the target of this transaction is WAC, which is 100% controlled by Wanxiang USA, which intends to integrate the auto parts assets of Wanxiang USA, including Neapco HoldingsSeagames2030, LLC 、 Wanxiang Automotive ComponentsSeagames2030, LLC, Wanxiang Automotive Components Europe, LLC100% equity, etc., as of the date of signing of this plan, the above integration work has not been completed.
WAC is mainly committed to the R & D, production and sales of high-end automotive transmission and steering systems, and is the core parts supplier to the world's major automotive manufacturers. The main production and R & D bases are located in the United States, Mexico, Poland, Turkey and other places, the main customers include Ford, BMW, GM, Strandis, Mercedes-Benz, Volkswagen and other global mainstream vehicle manufacturers and world-renowned first-class suppliers of auto parts, enjoy high customer reputation and brand reputation in the industry.
At the same time, from the perspective of financial indicators, WAC performance is also very excellent. According to the unaudited simulated consolidated financial statements, the operating income of WAC in 2022 and 2023 is $1.29 billion and $1.336 billion respectively, and the net profit is $121 million and $98 million respectively.
Wanxiang Qian Chao is an independent integrated supplier of bearing and chassis integrated system parts. After years of development, the company universal joint, hub unit, transmission shaft for China's manufacturing champion, a number of products for the Chinese manufacturing industry specializing in the new giant. Centering on the development route of "technology money tide", Wanxiang Qian Chao takes bearings and chassis as "double hard cores" to build national green factories and lighthouse factories, which has become the benchmark of the global auto parts industry.
Industry insiders pointed out that after the completion of this restructuring, Wanxiang Qian Chao is expected to expand its R & D and production base globally with the help of WAC's many years of multinational operation experience and the core advantages established by European and American markets, such as technology, quality, brand, management, customer resources, etc., in order to achieve better localized services and global supply chain management, and achieve industrial synergy. At the same time, the merger of WAC will also contribute to the growth of Wanxiang's long-term profitability, which is expected to further improve the investment value of the company and benefit the returns of minority shareholders.
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