· China's auto joint venture stocks have a timetable

The issue of joint venture shares that had been temporarily smashed two years ago was once again on the agenda.

"The bottom line of the Chinese joint stocks of automobile joint ventures is no less than 50%. The US side strongly questioned how long we can last." Miao Wei, Minister of Industry and Information Technology, revealed at the closing ceremony of the 2016 China Automobile Forum on April 25, but the stock ratio was released. The opening has entered the countdown stage, "the long is 8 years, the short is 3-5 years will be released."

Miao Wei proposed that auto companies should seize the time to enhance the competitiveness of local brands in order to cope with the competition of foreign-invested and even wholly-owned car companies in the future.

The ongoing BIT (Bilateral Investment Agreement Negotiation) between the Chinese and US governments involves the issue of the ratio of car companies.

The limitation on the ratio of joint-venture shares is clearly defined in the "Automotive Industry Policy" of 1994. The policy of this edition also clarifies that "foreign enterprises of the same type of complete vehicle products shall not establish more than two joint venture cooperative enterprises in China." In the 2004 edition and the 2009 edition of the automobile industry policy, the above two qualification policies were continued.

These two restrictions are considered to “protect” Chinese local auto brands and have won time for their growth, with the industrial policy “market for technology”. But this protection policy is constantly being challenged.

On November 19, 2013, Shen Danyang, spokesman of the Ministry of Commerce, pointed out at the regular meeting of the Ministry of Commerce that “the future will further liberalize foreign investment restrictions in the general manufacturing sectors such as steel, chemicals and automobiles, including relaxing foreign investment. Restrictions on registered capital, equity ratio, business scope, etc."

Auto stocks have sparked controversy over the opening of the topic, and most domestic auto companies have protested. Dong Yang, executive vice president of the China Association of Automobile Manufacturers, believes that local brands still need protection and shelling "who is releasing a share than who is a big traitor." A small number of private car companies, including Li Shufu, chairman of Geely Automobile, publicly expressed their support.

During the National “Two Sessions” in March 2014, Miao Wei made a clear statement that the steel, chemical fiber and other fields will release the joint-stock ratio in an orderly manner, and the automobile industry will release it later. “It will be protected for a while.”

Two years later, the Ministry of Industry and Information Technology is still insisting on this attitude, but the pressure is also increasing.

At the policy level, the ratio of joint-venture stocks will be released, and whether it will hit local brands in a short period of time, it is necessary to judge the actual situation. China's mainstream joint venture car companies were established around 2000, and most of the joint ventures are 30 years. At the same time, some of the car companies that are about to expire in the joint venture have already chosen to renew their contracts. As early as 2002, SAIC signed an agreement with Volkswagen to extend the joint venture contract for 20 to 2030. In October 2014, FAW and Volkswagen extended the FAW-Volkswagen joint venture contract for 25 years. In the same year, Brilliance and BMW also extended the joint venture contract for another 10 to 2028. In the future, even if the stock ratio is released, China can still have certain initiative and voice in the negotiations. Multinational car companies with two joint ventures may be pressured by adjusting product launch strategies to achieve the goal of adjusting the share ratio.

Since last year, from the breakthrough of the SUV market segment, the development of local brands has shown a collective upward posture. All major car companies have regarded the development of their own brands as a fundamental strategy.

Some companies have actually broken through the 50:50 bottom line. The company structure in the 2015 annual report of Beijing Automotive Co., Ltd. (hereinafter referred to as BAIC) shows that Daimler holds 10.08% of BAIC shares, and BAIC holds 51% of shares of Beijing Benz (Beiqi and Daimler joint venture car companies). . After conversion, it can be found that Daimler actually holds more than 50% of the shares of Beijing Benz.

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