SAIC reorganisation approved

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    Windy
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    SAIC reorganisation approved

    Post by Windy on Mon May 30, 2011 2:32 am

    As of May 27th, the SAIC high level reorganisation which resulted in the suspension of share trading earlier in the year has been approved by the shareholders, the shares have actually been trading for the last couple of weeks since the plans were finalised. Virtually everything owned by SAIC Group is now held by the listed companies and thus the shareholders. A fairly significant event in the development of Chinas economy.

    Note the statement from Chen Hong: "For own-brand Roewe and MG, Chen Hong said, is confident to complete this year's sales goal of 230,000.".


    SAIC won the overall general meeting of shareholders approval of the program



    SAIC much market attention to restructuring carried out in the May 27th general meeting of the Shanghai Automotive temporary access to overwhelmingly passed. General Meeting of shareholders of the company to 16.53 yuan / share issue price, the Shanghai Automotive Industry (Group) Corporation (hereinafter referred to as "SAIC") and Shanghai Automotive Industry Co., Ltd. (hereinafter referred to as "industrial limited") non-public offering 1,761,000,000 shares of the resolution to acquire its business in the independent parts, services, trade services, the new energy automotive-related shares, and other assets, assess the value of 29.12 billion yuan.

    Shanghai Automotive chairman Hu Maoyuan that this restructuring is to comply with State-owned SAIC direction of SOE reform, further improve the system and improve the mechanism of important initiatives. By the overall market, the company will further improve the governance structure, full acceptance of shareholder oversight, and better reflect the market requirements, and enhance the vitality of the development. Meanwhile, to further improve the scientific and market-based performance evaluation and incentive mechanism, the interests of shareholders and management to better integrate and promote the company's long-term development.

    Hu Maoyuan said the experience from the global automotive industry chain from the manufacturing sector profit R & D and services to the extension of two ends. SAIC will seize this trend. The original company's services trade accounts for about 7% of revenue, though the first one in the country, but more than 10% from the global average ratio of view, there is still much room for growth. So SAIC in the "second Five-Year" plan, trade in services revenue to double, and the proportion of foreign business can reach more than 70%.

    Through this reorganization, Shanghai Automotive will also accelerate the construction of new energy automotive industry chain. Injection of assets, new energy power shortage of the major cruise for the first Wing Fei Dian Postscript と agent system beak Qi sad development and production test, the Department of "863" project to support one of the key enterprises; Chinese domain also contains the drive motor vehicle , electric power steering, electronic air conditioning, start-stop integration and other key components of the R & D and manufacturing operations. These assets into new energy sources will help Shanghai Automotive will be the key technique to successfully integrate with the vehicles and auto parts business, integration, thus speeding up the Shanghai Automotive to build complete industrial chain of new energy vehicles and speeding up the industrialization process.

    In 2010, Shanghai Automotive to 3.583 million in sales to continue to sit tight in the domestic auto industry the top spot, while global sales ranking jumped to No. 8. Hu Maoyuan said that the first 4 months this year, SAIC sold 1.38 million, 4 million goal for the year to complete confidence. He said that after calculation, into the asset is not diluted earnings per share, before restructuring 1.48 yuan / share, after the reorganization is 1.486 yuan / share.

    Prospects for the future development of the automotive market, the Shanghai Automotive President Chen Hong said that with the relevant policies of the exit, the future average annual growth rate of China's auto market will slow, but the Chinese auto market is entering the stage of household consumption, in addition to benefiting from macroeconomic and the rapid growth of income, public enthusiasm for car consumption has been stimulated, therefore, a longer period of time in the future, the domestic auto market will maintain steady and rapid growth.

    For own-brand Roewe and MG, Chen Hong said, is confident to complete this year's sales goal of 230,000. Chen Hong said the upcoming Roewe W5 has been on the armed police and PLA procurement directory. In the new energy vehicles, pure electric cars will achieve volume production in October next year. End of next year plug-in hybrid cars will achieve mass production, is on schedule and orderly way. In addition, 20% of fuel-efficient mid-sized hybrid Roewe end of last year as planned early this year and mass production.

    SAIC has completed the new energy vehicles layout of the whole industrial chain, the promotion of new energy vehicles in the industry according to plan.
    Source: http://finance.ifeng.com/money/roll/20110528/4082669.shtml
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    patpending

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    Re: SAIC reorganisation approved

    Post by patpending on Mon May 30, 2011 5:24 am

    For own-brand Roewe and MG, Chen Hong said, is confident to complete this year's sales goal of 230,000. Chen Hong said the upcoming Roewe W5 has been on the armed police and PLA procurement directory.

    I was wondering what the Port of London Authority was doing with Roewes. I googled "People's Liberation Army"...
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    Windy
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    Re: SAIC reorganisation approved

    Post by Windy on Mon May 30, 2011 11:23 am

    patpending wrote:I was wondering what the Port of London Authority was doing with Roewes. I googled "People's Liberation Army"...
    Wonder if they will get them serviced at the PLA's vehicle maintainance facility in Nanjing - the one that became Yuejin, then NAC, then MG!

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