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166 million! BYD completes acquisition of Shaanxi auto company

2024-04-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)10/24 Report--

A few days ago, the industrial and commercial change occurred in Xi'an Xiwo bus Co., Ltd., the former shareholder Xi'an Hi-Tech Group Co., Ltd. withdrew, and BYD Automobile Co., Ltd. was added as a shareholder and wholly owned. At the same time, the legal representative of the company has also changed from Wang Tao to Wu Heng.

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According to Xi'an Public Resources Trading Center, Xi'an Xiwo bus Co., Ltd. disclosed the 100% equity transaction in March 2022 to Xi'an Hi-Tech Group Co., Ltd., with a listing price of 165.8826 million yuan, and completed the equity transfer in November 2022. The transferee is BYD Automobile Co., Ltd.

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According to the data, Xiwo bus Co., Ltd. (hereinafter referred to as "Xiwo bus") was established in April 1994 with a registered capital of 2.18 billion yuan, jointly funded by Xi'an aircraft Industry Group and Volvo bus Company. it is the first joint venture in China to produce luxury tourist buses and high-end inter-city buses. Before 2000, the cumulative sales of Xiwo passenger cars exceeded 1600, which was the leader in the field of luxury and high-end passenger cars in China at that time.

However, with the rise of other modes of transportation, Xiwo bus has gradually lost its former advantages. In September 2011, Volvo bus Company withdrew, and Xi'an aircraft Industry Group became the sole controlling shareholder. It is understood that before Volvo bus Company withdrew, Xiwo bus led the domestic luxury and high-end bus market by virtue of B10M, B7R, B12M, 9800 and other popular luxury bus models, while after Volvo bus withdrew, Xiwo bus entered a trough of development and experienced several equity changes.

In October 2017, Sivo bus reached a strategic cooperation with Kaiwo New Energy Automobile Group Co., Ltd., which increased its capital by 90% in July 2019 and took full control of Sivo bus. Two years later, in December 2021, Kaiwo New Energy vehicle, which already has the production qualification of Jinlong bus, chose to withdraw, and Xi'an Hi-Tech Group became the sole shareholder holding 100% of Xiwo bus. The actual controller is the Management Committee of Xi'an High-tech Industrial Development Zone.

In the pre-disclosure and official announcement, this property rights transaction project includes not accepting the joint transfer; the intended transferee's registered capital is not less than 4 billion yuan (the paid-in capital is not less than 4 billion yuan); the transferee should promise to build a new energy vehicle production base in accordance with the industrial land use planning of the high-tech zone, with an investment scale of not less than 5 billion yuan, and many additional conditions such as vehicle production qualification. In the view of people in the industry, the transferor hopes to find a better home for the target enterprise. after all, from the perspective of brand history and financial situation, Sivo bus is a high-quality asset.

According to an audit report issued by Xin Yonghe Accounting firm (Special General Partnership) Xi'an Branch, as of September 30, 2021, Xiwo bus had total assets of 245 million yuan, total liabilities of 86 million yuan, and asset-liability ratio of only 35%. Although Xiwo bus has a net loss of 106 million yuan in the current period, according to the asset evaluation report issued by Zhengheng Real Estate assets Evaluation Company, the net asset after the final evaluation is 166 million yuan, with a value-added rate of 4.41%. This has also become the listing price of the equity transfer project of Xiwo bus.

BYD's takeover of Xiwo bus means that it will further strengthen the production scale of new energy buses in Xi'an. Since the acquisition of Qinchuan Automobile in 2003, BYD has continuously expanded its investment in Shaanxi and formed a relatively complete industrial chain layout, including motor and power battery factories.

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In 2014, the BYD Xi'an plant was put into production with an annual production capacity of 300000 vehicles, and the second phase of the new energy vehicle project with an annual production capacity of 300000 vehicles was launched in 2018. In 2022, BYD Xi'an Phase III plant located in Zhouzhi County officially launched the final assembly ceremony. After the completion of the third phase construction, the total production capacity of BYD Xi'an base will reach the planned 900000 vehicles. However, compared with the hot sales of the passenger car market, BYD's performance in the bus market is relatively mediocre. According to KuaiBao, BYD's production and marketing, BYD's bus sales for the whole of 2022 were 4870, down 15.63% from the same period last year; in the first three quarters of 2023, it was 2808, down 29.09% from the same period last year.

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In the field of commercial vehicles, the group's green transportation, such as pure electric buses, taxis and trucks, has been successfully operated in 6 continents, more than 70 countries and regions and more than 400 cities around the world. Industry insiders said that BYD, which took Sivo bus into the bag, has obviously further strengthened its new energy vehicle territory, as BYD passenger vehicles enter the global market for new energy, new energy commercial vehicles will also expand to the internationalization of the industry in this process.

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