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Kam Heng Automobile listing myth

A group of experienced businessmen of Chinese state-owned enterprises reform, experience from the state-owned enterprises to private this 20 years, knows one of the mysteries, the last one to promote private enterprises listed overseas, they undermine the old system, but also to create a new rule.
A lot of people imagine that the automotive industry tycoon, has billions of assets at every turn over large, but not to light their car look how shiny bright light, in fact these giant a lot of surprising results: the first half of 2005, 18 Automobile overall profits of listed companies fell 43.62 percent. Car FAW, Shanghai Automotive profit dropped the most serious, respectively, are 68.6% and 66.7%.
One such look, the days of the automobile enterprises better life really small, on the contrary, there is some unknown small businesses, they keep a low profile operation, safely Dangdang to make a profit, they are "gold rush" in the "smart jeans vendors" .
From Liaoning Jin Heng Automotive Safety ladies handbag Technology Co., Ltd. (hereinafter referred to Kam Heng car, 8293.HK) belong to this type of recessive suppliers, he has its own technology, but also has 8 years of corporate history, is China's largest automotive safety VENDOR airbags, but also in the Chinese auto parts maker listed on the Hong Kong Capital Markets go one.
Kam Heng car in 2004 fully rely on production and sales of automotive safety air bags, make a business of 182.3 million yuan, profit 52 million yuan, gross margin increased handmade jewelry to 39%, 28.8% net interest rate than the 2003 increase hermes of 10 percentage points.
This is enough for all vehicle manufacturers and large auto enterprises jealous. 2005 January-May, the entire Chinese automotive industry on sales of only 12.18% the same period last year fell 0.34 percent, industry to reduce the profits of 820 million yuan.
Less than one year of the listed auto parts maker very special, individual shareholders of up to 13, all on domestic automobile enterprises to do business, unlike the mainland at another auto parts maker Norstar (2339.HK), more than business depend on foreign markets. It is only a product, operating a little conservative, but relatively stable.
Say there is data in China is 1.56 million per year required airbags, localization of production less than 400,000, more than 100 imported 10,000 required, and Jin-Heng Automobile current capacity is only 107,000, less than a supply market into one. But already the Chinese are the oldest of the airbag, they said should be expanded to annual capacity of 200,000.
Jin-Heng in 2002 car sales 93.16 million yuan, profit 7.92 million yuan. But in 2003, which is listed on the previous year, the company suddenly doubled turnover reached 189.7 million yuan, net profit margins around 14.5%, more than the previous year a lot of.
Early December 2004, Kam Heng car listed in the Hong Kong GEM, 9597 issued shares, of which 8100 million new shares, 1497 shares of the old shares, raising net 81,700,000 Hong Kong dollar. Published in 2004 listed the near future performance, the company turnover reached 182.3 million yuan, profit 52 million yuan, profit margin reached 28.8 percent, over the previous year also doubled.
It is understood that the company's cost of sales in 2003 are 140 million in 2004, only 1.1 million; in 2003 to pay 995 million tax settlement in 2004 only less than 50,000 of tax money. These two is almost 40 million yuan of profits.
The company explained: Kam Heng occupy more than 60% of automotive revenues from mechanical airbag products, one of the key components of generator has been made, the cost greatly reduced. By the end of 2003, the company through a series of operations, has been turned wholly foreign-owned enterprises can enjoy preferential income tax.
However, in 2005 the first and second quarter, Kam Heng Automotive operating income and net profit both fell sharply, especially in net profit in 2004 decreased by 48.85%, 39.3%, but also give the market a very unstable feeling. Reflected on the results for the first half of 2005 the administrative expenses of the same period last year rose more than twice. Company explained that the increase in administrative costs, reduce the first half of 2005 revenue 11,700,000 yuan. This explanation is very vague.
However, these are not important, we would like to tell a story of 8 years. Business strategist, founder of capacity rather amazing impressive.
While another group of investors, such as , from state-owned enterprises to private enterprises for more than 20 years experience, the last one to promote private enterprises listed overseas. These experienced a change in Chinese state-owned enterprises businessman, knows one of the mysteries, they undermine the old system, but also to create a new rule.
Alternative evaluation methods based on the performance of wealth, they at the Hong Kong Capital Markets in order to 8-year-itch and silent waiting, in exchange for a performance figure, publicly affirmed, we can readily see the value of their public performance, This is the result of their adventure.
1997, Li Feng, Xing Zhan Wu, Dong-Lin Yang, Li Hong four promising automotive market potential, decided to leave, Taiyuan, aviation, investment switch auto parts, they select airbag. January 1997, Kam Heng Motor Company in Liaoning Jinzhou Economic and Technological Development Zone set up a register, the initial registered capital of one million yuan. Taiyuan Huantong holding 70% stake in Jinzhou motor 10%, 10% stake in Liaoning Huaxing, Jinzhou Electronics 10% shareholding. After the three are state-owned enterprises. Taiyuan Huantong eight directors from the common holders.
Kam-hang in 1998 for the FAW Car Company successfully bulk supply red car airbag systems, commercial sales begin. The same year, also Shenlong Fukang's Dongfeng Motor signed airbag feasibility of joint development documents.
October 6, 1998, to 100,000 yuan Jinzhou motor to transfer its ownership to 10% stake in Jinzhou Wande, jinzhou the electronics industry in order to transfer 80,000 yuan Kam Heng Automotive 8% stake in Jinzhou Wande give. Second month, a company called Daheng Taiyuan Taiyuan Huantong acquired 70% shareholding, the price is 3,500,000 yuan, which has 5 times the transfer of investment income.
The new major shareholder of Taiyuan Daheng by Li Hong, Wu Xing Zhan, own 40%, 30% and 30% of the shares. Jinzhou million was much more complex in 1990 or shock absorber factory in Jinzhou Transformer Factory, and later experienced a shock absorber factory in Jinzhou - ten thousand a Shock Absorber Co., Ltd. - Jinzhou Shock Absorber Factory factory - a ten thousand industrial (Holdings) Limited turned the process, of course, are purely state-owned enterprises, when family members are graduates of Liaoning Institute of Technology . After November 2001, the state-owned enterprises gradually been two private enterprises - in Kam Tang Nobuyasu Company and Bank of China Company eaten, each holding 75% and 25%, in control of Kam Tang is and high east, the holding 20% and 80%. Nobuyasu Bank experienced a number of the evolution of the company, shareholders are the latest Jade Zhang, Zhang pillow industry, Zhou Yuquan Road access companies, road access is a major shareholder, holding 55.8 percent, from Qing Lin and holders of 40% and 60% .
To watch, Jinzhou million was fully privatized, and are not really control enterprise managers, but high-east, he personally held indirectly Jinzhou Wande 60 percent stake.
Upon completion of the transaction, in October 1998, the major shareholder of Taiyuan Daheng out 2.8 million yuan, Jinzhou million 1.2 million yuan was invested on the Kam Heng auto replenishment. Taiyuan Daheng car at Kam Heng percentage 70%, Jinzhou million a 27.6 percent stake, Liaoning Huaxing abandon the investment, holding down 2%, Jinzhou Electronics also abstained, shareholding reduced to 0.4%. 1999 Kam Heng Shenlong Automobile Company for the development of airbag systems, and gradually achieve bulk supply business into orbit.
July 2000, state-owned enterprises and Jinzhou in Liaoning Huaxing Electronics should be out, and Jinzhou have to eat ten thousand of their 2.4% stake in Liaoning Huaxing sold 2% stake in 160,000 yuan, Jinzhou Electronics sold only 0.4 percent of the 20,000 million, almost no income. Since then, Jinzhou Wan Kam Heng shareholders amounted to 30%.
This is a conservative state-owned enterprises and private enterprises to hit the ground running back. The practice of the sea by boat and after a series of operations, can see a number of Chinese enterprises during the last 10 years of change: change in ownership.
August 2000, Kam Heng car registered capital from five million yuan to enlarge to 1,500 million, an increase of 1,000 million, invested 250,000 yuan in Taiyuan Daheng, Jinzhou million was invested three million yuan, Jinzhou Wande suspension funded companies 1,500,000 yuan, Shanxi Jin Heng 2,450,000 yuan-funded, state-owned high-tech companies funded Shanxi fifty million individual investors Wu Xing Zhan 1,200,000 yuan, 300,000 yuan funded Dong-Lin Yang, funded 800,000 yuan.
The Kam Heng car after the big reorganization, Taiyuan Daheng holding 25% stake in Jinzhou Wande 30% stake in Jinzhou Wande Suspension 10%, 5.3% shareholding individuals, Shanxi holding 3.3 percent of high-tech companies Shanxi Jin-Heng Xing United warfare Wu, Dong-Lin Yang composed of 26.4% stake holding parties.
Co-founder Li Feng, XU Jian-zhong, Li Hong, Wu Xing Zhan, Dong-Lin Yang Jin-Heng in Shanxi jointly owned company. Li Feng are holding, the holdings reached 50.7 percent, and the remaining percentage is 16.4%, 14.8%, 9.5%, 8.6%. Zhan-Wu Xing Jin Heng Automobile personal holding 8%, Dong-Lin Yang Jin-Heng car ownership is also 2%.
At this time, a new company in Jinzhou Wande suspension occurred, it is jinzhou Fry BVI companies and register at the Wonder Development Corporation in accordance with the 75%: 25% hold. Wonder Development by Miss Zhou Yuquan and co-owned, family-owned companies should be.
October 2000, more than two months from the last capital increase, has been a qualified joint-stock company Kam Heng car registered capital by retained earnings and reserves ways to increase capital doubled to 30 million yuan. And according to 1 yuan per share, 3,000 shares issued Domestic Shares. One can go to the capitalization of the operation of enterprises has been taking shape.
December 2000, Taiyuan Daheng put shareholders sold 15% stake in XU Jian-zhong, he wanted to quit. To January 2001, Taiyuan Daheng registered capital of 2,000,000 yuan from the surge to 1,500 million yuan, Li Feng, XU Jian-zhong, YANG Dong Lin, Li and Xing-Wu warfare 5 individuals jointly funded 13 million yuan, Mr Li to pay up to 7.35 million yuan. do not, in Taiyuan Daheng shares all at once reduced to 2%, Li Feng, etc., composed of 5 people Makers Daheng 98% shareholding in Taiyuan. Consequences do not guess that by the end of 2001, also put transferred to a 2% stake in XU Jian-zhong. At this time, another version of the story completed, Li Feng, XU Jian-zhong, YANG Dong Lin, Li and Xing-Wu holds Taiyuan Daheng war 49%, 18%, 15%, 9%, 9%.
This person, through ownership of 5 Daheng Taiyuan, Shanxi Jin-Heng, Xing Zhan Wu, Dong-Lin Yang individuals, holding a total of 51.4% Kam Heng car control. By high-east, control jinzhou have ten thousand, ten thousand a suspension Jinzhou Jin-Heng car holding a total of 40%, 5.3% holder , Shanxi high-tech company holds 3.3%.
A stake in a very wonderful game, so that the founder of Li Feng, etc. there is gucci wallets no equity from 5 people to have complete control over the company and straighten out the relationship between equity. 2000 car at Kam Heng development is critical, the company not only get the FAW Car of the Order, but also with the United States signed BREED airbag SRS-40 technology transfer agreements, procurement agreements, outside the procurement side steering wheel, gas generator. Kam-hang of the car from scratch with the technical foundation.
Kam Heng vehicles begin to build a standardized vehicle Impact laboratories, special road-testing laboratories, gas components testing laboratory in 2001, its bilateral electron car airbag through the National Science and Technology Commission, production of high-tech products appraisal has become our country's first independent intellectual property and real vehicle matching the car security products. In 2002, trying to start large-scale production, when the annual output reaching 32,000 sets.
Kam Heng customers begin to have FAW, Shenlong, Chongqing Changan Automobile Factory, etc. 9. Zhengzhou Nissan after the increase, Changhe Automobile, Beijing Jeep a total of 19 handbags uk clients. Most of these clients are fendi purses local brands, mostly small and medium-sized depot, yield little.
But in 2002, Kam Heng car has been done turnover of 93.16 million yuan, net profit of 7,920,000 yuan. Dongfeng Peugeot Citroen and FAW is the biggest customer, accounting turnover of 49% and 35%.
November 2003, Jinzhou suspension was put ten thousand owned Kam Heng car transferred to the 10% stake in Jinzhou Wande, the same day, high-tech companies in Shanxi put 3.3 percent stake held by the transfer to Taiyuan Daheng the price is 2,000,000 yuan. At first, high-tech investment in Shanxi fifty million, 3-year return on investment has been quite good. On the occasion, Taiyuan-based holding Daheng side holding Kam Heng Automotive 54.7%, Jinzhou million a 40 percent stake, 5.3 percent held by individuals .
A total of 13 individuals in the investment structure, they belong to two camps. Li Feng holding 22.2%, 7.8% XU Jian-zhong, YANG Dong-lin 5.9%, 6.7% Li Hong, Wu Xing war 12.1% high-east, 1.3% Jade Zhang, Zhang pillow industry 1%, 2.1% Zhou Yuquan, LIN Qing
7 investors through the Jinzhou Wan Kam Heng holds 40% stake in car, another central figure 5 Daheng holders through Taiyuan Kam Heng automotive, and independent investment in people is also one of .
In other words, the biggest individual shareholding is not a co-founder Li Feng, but never appeared in the high east. No one thought that 13 individual enterprise ownership structure, 13 individuals distributed control of a annual turnover of less than 1 billion company.
Kam Heng This is the second phase of the restructuring auto. From a decentralized to a collection of collections to the dispersion process.
March 28, 2003, county investments are incorporated in Hong Kong to issue a one dollar of equity shares 10000. October 2003, Li Feng, Xing Zhan Wu, County has been invested in the holders of a. In September, praised the establishment of the Group at BVI, 1 U.S. dollars issued a 5 million shares, Li Feng is the only shareholder, holding a. October, Kam-hang (BVI) incorporated in the BVI, a 0.1 Hong Kong dollars issued 10,000 shares. Li Feng, Xing-Wu warfare, the holder of a . November, Kam-hang (BVI) from Li Feng, Xing Zhan Wu, County acquired all the rights and interests of all investment. County have become Kam Heng Investment (BVI) a wholly-owned subsidiary. 12 month, praised the Group for the 500 shares into smaller shares, per share 0.01 U.S. dollars, Li Feng 13 people received praise AG 9900 shares.
This is the beginning of World War II, they should all share the relationship between the two companies once again staged at outside. County in November 2003 were 36.4 million yuan of investment funded the acquisition of all rights and interests of Kam Heng car. December 16 the same year, praised the Group to Li Feng, Xing Zhan Wu, Jin-Heng acquisition (BVI) the entire share capital, so that praise Kam Group, a wholly-owned controlled Constant (BVI), Jin-Heng (BVI) are wholly owned by county investment, County investments are wholly owned by Kam Heng car.
December 23, 2003, Kam Heng car registered capital of 30 million yuan from a further increase to 31.5 million yuan, has been the letter are wholly foreign-owned enterprises.
2003, Kam Heng car set up with Hafei Hafei - Kam Heng Automotive Safety Systems Co., Ltd., Jin-Heng 90% stake; the same year with the joint venture, Shenyang Jinbei JinBei - Kam Heng Automotive Safety Systems Co., Ltd., Jin-Heng 50 % stake; it with Shanxi Jin Infineon Technologies Development Corporation, Taiyuan Aviation Instrument Co., Ltd., formed in Shanxi Jin Heng automobile gucci wallet parts company, accounting for 35% stake, and Xing Wu and war in Hong Kong of the wing joint investment company also holds a long 25%. Three joint ventures prada uk which became Kam Heng car 3 in the Mainland subsidiary company.
February 2004, as listed on the main body of Kam Heng Automotive Safety Technology Holdings Limited, registered in the Cayman Islands to set up, after a series of equity transactions, it is 100% owned Kam Heng (BVI). And its shareholders, will hermes bag be turned into a BVI registered with WAG, DIRECT SINO (The two are overseas institutional investors, mainly shareholders), and praised the Group - Group and equal praise at Kam-hang (BVI) among the many a listing of the main.
Here, a series of options to complete the third phase of reorganization, they can basically go to the long-awaited Hong Kong stock market. December 9, 2004, Kam Heng automotive market.
In fact, this 3-year consecutive profitable enterprises to wait for another six months, such as publication of annual results in 2004 alone, 52 million yuan of net profit, may be on the completion of a leap, more easily landed in Hong Kong Main Board. But why so anxious to go to GEM? And four months later, suddenly, they need to "switch board", nor fruitless, something to sort of a small joke.


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