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November 13, 2020, is a sad day.
On this day, Brilliance Automobile Group, a domestic automobile brand that has been in existence for many years, was filed for bankruptcy and reorganization.
, as the parent company of "BMW Brilliance", this nationally renowned company now counts, has debts of up to 132.8 billion!
BMW Brilliance bankruptcy news, the source network
reported that the actual debt ratio of Brilliance Auto is about 71.4%, that is to say, even if all assets are liquidated, the company will eventually have a gap of about 100 billion!
Brilliance is going to die thoroughly this time.
In fact, many people in the car circle were not surprised by Brilliance's thunder explosion, and even many people were waiting for this day, because Brilliance Group had already "sorrowed" before.
On October 23, Brilliance Group had a book value of more than 50 billion , but even the small 1 billion after the maturity of the private placement bond "17 Huaqi 05" was "unwilling to pay."
Brilliance's book capital was 51.3 billion
Not only that, the credit rating of Brilliance Group was also downgraded as early as July this year.
Tangtang AAA companies have even fallen to the B level in some securities companies, and they have been executed 19 times and frozen funds amounting to hundreds of millions of yuan. In the final analysis, Brilliance is also the largest state-owned enterprise and tax giant in Liaoning. It is backed by the Liaoning SASAC. It was also the first listed in the United States in the United States. These eye-catching titles are hanging, how did they fall here? Z1z
is more unfeeling, even if Brilliance goes bankrupt, is it still necessary for to pull BMW, one of the three German luxury car giants, to die together? The story of
is a bit long, but in a nutshell: the disaster of Brilliance today, in the final analysis, was actually "harmed" by BMW!
01. From Jinbei Zhonghua to Brilliance BMW
who has made it?
,"
Everyone now says that Brilliance Auto's survival depends on BMW "backing". Looking at 2019 alone, BMW Brilliance has a profit of 7.62 billion, while the parent company's Brilliance Auto has only 6.6 billion in earnings. This is also the case for
. It is said that if did not have a blood transfusion from BMW Brilliance, Brilliance Automobile would have lost more than one billion! can see that Brilliance has today all the credit of BMW.
is not the case.
Although BMW was due to policy regulations, had to pay 50:50. Investment ratio and a domestic automobile company set up a joint venture to enter the Chinese market , but why did you pick Brilliance at that time?
is not always because it loses too much, it doesn’t have the technology?
In fact, Brilliance Automotive settled in Shenyang, Liaoning , The predecessor was also known as the “eldest son of the Republic”, and its sales were once as famous as the Red Flag!
In 1958, under the tremendous pressure to prop up the backbone of the national automobile brand, Shenyang Jinbei was ordered to build the factory, and initially designed and built two Tons of heavy trucks. In the 1980s, they conducted technical cooperation with Japan's Mitsubishi and others to continuously launch new products into the market.
By 1987, Jinbei Automobile Company reorganized more than 50 auto parts companies. Finally, due to lack of funds, decided to try a shareholding system The transformation, this time, finally ushered in its "true son"- Yang Rong.
In 1988, Jinbei IPO, the price per share is only 1 yuan! If someone can go back,
is afraid of stealing Heads and bankruptcies have to buy, , but in an era when most people don’t know what stocks are, almost no one wants to exchange money for "green paper."
dignified the original stocks of domestic car companies, but no one paid any attention during the new launch. After the subscription period of 100 million shares ended, half of the shares were not sold. President
really... think about it and feel that he has missed a big business of several hundred million!
but Yang Rong didn’t. This might even be the name " The mysterious middle-aged man who fraudulently took his Hong Kong Huabo Finance Company borrowed to buy 46 million shares and entered the car industry.
In 1991, he led the establishment of Jinbei Bus, attracted Hainan Huayin International Trust and Investment Company to invest 15%, and then bought its shares in , once owned 40% of its shares. In order to list on the New York Stock Exchange, Yang Rong registered and established Brilliance China in Bermuda. Not only did he transfer 40% of his holdings to Brilliance China, he also used 27.1% of Brilliance China’s shares to let the state-owned assets partly transfer its 11% equity. Also transferred to Brilliance China. As a result, Brilliance China has an absolute 51% stake in Jinbei Bus and only 49% of state-owned assets, which perfectly meets the requirements for listing in the United States. With this seemingly ordinary operation of
, actually "upgraded Yang Rong's equity from 40% to 51%" in disguise!
Because theoretically, 27.1% of the shares in Brilliance China cannot play a decisive role at all. What really speaks out is Yang Rong's own absolute control of 72.9% of Brilliance China! Then through Brilliance China, control the 51% of Jinbei Bus shares.
In this round, Yang Rong won!
But perhaps in pursuit of "the first listed stock in China", Yang Rong has pulled up a new "team", including the People's Bank of China (yes, the central bank, which is dubbed by the public as the central bank) to form a private fund Meeting- China Financial Education Development Foundation, was the chairman of the foundation at that time Shang Ming, the deputy governor of the central bank, and Yang Rong himself served as the vice chairman. After
injected all of its Brilliance China shares into the foundation by Yang Rong, the true shareholder of Jinbei became the foundation. Although
after a series of dilutions, this equity is only 55.85%, but it is enough to completely control domestic enterprises, and since then, Jinbei began to become the memory of a generation.
In the nineties, the streets and alleys of the Northeast were all Jinbei vans
. In 1997, Yang Rong prepared to create the Brilliance Chinese brand . For this reason, he even directly invested 100 million yuan in research and development. The designer invited the Italian, the engine factory directly The acquisition of Shenyang Mitsubishi Engine Factory even publicly challenged the whole country:
"By 2006, the only Chinese auto brand that dared to challenge foreign companies was Brilliance China!" With the courage of
, who would dare to compete?
Even Dumai, the president of Renault at the time, praised when he saw the Brilliance Factory: "The revolution of the world began in Paris, and the revolution of Chinese cars began with Yang Rong." It is a pity that the first batch of Chinese cars rolled off the assembly line in 2000. , Brilliance China has not obtained the vehicle sales qualification, so it can only be used by internal employees.
This is actually quite an aggrieved thing, but is Yang Rong the one who wronged himself? He had planned it long ago.
In 1999, Brilliance and Tianye Automobile, a domestic production pickup truck leader, jointly established ZTE Automobile. In return, Tianye Automobile matched Yangrong and connected with the other half of Brilliance's life-BMW!
is the so-called golden wind and jade dew when they meet, they win but countless people. BMW and Brilliance were such a match at the time.
At that time, the dilemma of BMW was how to aggressively enter the Chinese market.
Due to national policy protection, I don’t know the price of imported BMW cars. Everyone knows that the freight and customs duties are two or three times more expensive. This seriously raises the threshold for buying BMW cars. The best solution for
is to build a joint venture to make imported brands become "domestic cars."
is also a German luxury brand Audi chose FAW, and French Citroen is holding Dongfeng. Seeing that the new car is about to take over the market, BMW's eagerness can be imagined, and this is the contact with Field Motors. Z1z
field pickup trucks, picture source network
, you need to know the field car of Ligen Baoding. Its predecessor was an ordnance repair shop in the founding period. The first pickup truck in China was hatched here. This is what BMW values, but there was another one in Baoding at that time. Dark horse-Great Wall Motor.
At that time, Wei Jianjun took the Great Wall Dilpica to kill all quarters. Tian Ye was almost unable to fight and could only hand in blood transfusion with Brilliance, and he could only give in to the huge cake of BMW.
At this time, BMW saw a more suitable "beloved"—-Brilliance Automotive.
China's first stock listed in the United States, backed by the Northeast China Industrial Base, rich in wealth, and a full set of German production lines to ensure quality, Brilliance Zhonghua and Brilliance Jinbei have become well-known in China.
is simply the chosen one!
is true to the truth. In the era when the policy strictly stipulated that the proportion of foreign-invested factories should not be higher than 50%, many foreign auto brands felt that they had suffered huge losses, but Brilliance and BMW were evenly matched. It hits it off.
More than that, Yang Rong also fell in love with GM and Renault!
also don't know what kind of operation it is. Jinbei and GM and Sanjiang Renault of Xiaogan in Hubei have successfully associated themselves, and Brilliance Renault has also become a new pillar. Of course, these series of cooperation are "just appearance", and what is hidden deeper is the familiar five words-market for technology.
National policies serve this purpose, and national enterprises are also working hard for this. This is a process that any initial economy must go through. Japan and South Korea are like this, so are we.
is like two children copying homework, one is dumbly copying, the other is thinking about the answer, and one day, the answer sheet handed in by the two will be heaven and earth.
Poussin produced the first batch of automotive talents for China
Source @汽车之家
However, after , these things have nothing to do with Yangrong, because Yangrong’s Brilliance era is over.
In 2002, Yang Rong insisted on landing the Brilliance Luofu project in Ningbo instead of Dalian in Liaoning, so he was dismissed from his post. He also found out that he was arrested for economic crimes by the Liaoning Procuratorate and fled overseas.
Although Yang Rong continued to file lawsuits with Liaoning Province, the state-owned assets of are firmly established. No matter how great his contribution to Brilliance, he is only a "manager."
Brilliance Empire, which has a market value of 24.6 billion, has 158 related companies and 5 listed companies. Z7z was once regarded as a "Brilliance Labyrinth" by the media. Since then, has no relationship with its founder, Yang Rong.
And Brilliance Automotive also opened the Qi Yumin era.
02. Brilliance's prosperity turns into decline, who is to blame?
,,
In December 2005, with snow and wind, Qi Yumin, the then deputy mayor of Dalian, was ordered to be transferred to the chairman of Brilliance Group. On the day he took office, Shenyang City was foggy, just like Brilliance he was about to take the helm.
Hong Kong media even asked offensive questions: "Brilliance's leadership changes once a year, how long are you going to do it?"
, a man from Shaanxi, smiled and used practical actions to tell everyone the answer-14.
Where others can't sit, he sits, and sits turbulently. On the fifth day of
, Qi Yumin gave the Brilliance sedan a big price cut, and other car companies that were hit by criticized him as a spoiler. He claimed to be "returning to the original value", and even bluntly said that Brilliance before this was "working behind closed doors and pricing behind closed doors", and now he wants to get everything back on track.
"Yang Rong culture" remained too much. The mountain that several chairman of the board of directors dared not move was built in front of the Brilliance Building and was said to have cost millions. He blew up overnight and planted green trees.
learned that the money in Brilliance's account was only enough to pay employees' salaries. Qi Yumin visited various bank terminals in five days and borrowed 700 million yuan, which relieved his urgent need.
So far, the mountain that stood in the way is gone, and the prejudices in people's minds are gone.
At this time, Qi Yumin, who succeeded in getting acquainted with foreign countries, shouted the slogan "Innovation must fight counterfeiting", aims to get rid of fake innovations and wants to learn real technology!
created a phenomenal view of queuing purchases as soon as Zhonghua Junjie went public. The price ranged from 80,000 to 120,000, which helped Brilliance win 40,000 orders in five months.
At that time, Junjie, which won many domestic brands first,
In just nine months in 2006, the total sales of Brilliance Group exceeded 150,000, a 74% increase in sales!
However, there is still one biggest pit in Brilliance's adherence to its own brand-the realization of its own technology.
Looking at the technological progress of domestic cars, there are roughly two types:
started by "learning from", gradually developed its own technology;
started with cooperation, and then developed its own technology. When BMW Brilliance was first established, Brilliance invested US$500 million in exchange for BMW’s comprehensive technical injection and a team of technicians arrived in Shenyang. Here, BMW promised to help Brilliance make technological breakthroughs.
It seems that Brilliance will be very comfortable taking the second road, and has indeed achieved the extreme on the road of building BMW.
BMW Brilliance and BMW (China) model comparison
BMW Brilliance Tiexi Plant is the second largest plant after BMW's German headquarters. The production line and quality control of
are also subject to BMW's requirements, so there is no need to worry too much about the quality, plus tariffs and displacement taxes are exempted, buying a 400,000 imported BMW for 320,000 is not a dream!
then appeared such a group of people, when they bought BMW Brilliance, they chose to pick the standard.
can easily save tens of thousands of yuan, why not do it?
What did Brilliance do to face these?
relies on the big tree to enjoy the coolness. In recent years, although other joint venture brands have been fighting over the right to speak, BMW Brilliance has always been in harmony.
Even Brilliance Auto feels very honored to be able to introduce BMW technology.
Qi Yumin even bluntly said: “BMW’s advanced engine technology has been invested in Brilliance, making Brilliance Auto the only auto company that has exchanged technology with the market so far, fulfilling the long-cherished wish of China’s auto industry to exchange technology with the market.”
For the self-owned brand Zhonghua V7, the product advertising billboard has the BMW logo. The Chinese brand with the
1.6T engine with BMW logo
not saying "domestic price, BMW quality" has not been recognized by the market. Even if it is recognized, it seems that everyone is not buying Brilliance, but BMW? In the self-owned brand camp, Geely, Great Wall, and BYD also have to use their own technology to "eat champignons", but Brilliance is sitting on the shoulders of giants and picking fruits directly.
Qi Yumin also preached : "I dream of a product whose chassis is tuned by Porsche; its styling, interior and exterior decorations are made in Italy; its engine is a cooperation with BMW. Three resources are integrated. , Is a good car coming out?” What’s the answer? We can take a look at the sales volume of Brilliance Auto:
, as the mainstay of the brand’s sales, has monthly sales of only about 250 units;
also wants to go high-end luxury The brand's Huasong 7, after 3 years of research and development, costing 2.6 billion yuan, it was hit by Waterloo as soon as it was launched, and it was even dubbed the "pull car". It was once the biggest joke of Brilliance Auto. Discount to sell!
Huasong 7's current price is
. In 2017, the unwilling Brilliance also sold its old brand Jinbei to Renault at an ultra-low price of one dollar per share, causing a national uproar.
Brilliance Renault was born in operation, but everyone can see that is going to build another Brilliance BMW!
However, Renault, which entered the Chinese market too late, did not show superhuman strength, and the Guanjing brand failed to stir up any waves.
At this time, Brilliance could only do nothing.
Because the core technology is blank, the release of Brilliance’s new car can only rely on the “sale” of other brands of technology, not to mention that it is impossible for others to sell the latest technology. Even if it is an old technology, it depends on whether Brilliance can get it. Look at the face. Since
, in the face of the changing car market, the speed of Brilliance's car manufacturing has been quickly pulled down. Z8z
Brilliance, which has a history of more than 30 years of car-making, the Chinese brand now has only five poorly available models, one of which is a taxi version.
You must know that these new power car companies have only built cars for 5 years, but there are 2-4 cars on sale!
Brilliance, the "second road" that relies on BMW to achieve technological breakthroughs, seems to have come to an end.
What is frosty is that in 2018, the National Development and Reform Commission issued a policy of opening up the joint venture share ratio when the contract of the joint venture car companies expired:
In 2018, the restrictions on foreign shareholding in special vehicles and new energy vehicles will be cancelled;
Ratio limit;
In 2022, the restriction on the ratio of foreign shares in passenger cars will be abolished, and the restriction on joint ventures not exceeding two will be abolished.
After a five-year transition period, the auto industry will completely remove restrictions on foreign investment.
In other words, with the opening of the policy, large foreign companies such as BMW, Audi, and GM have entered China to "settled". It is no longer mandatory to establish a joint venture with a Chinese company. In the future, Chinese people can buy "cheap and authentic domestic pure Kind of BBA".
The major car companies suddenly mourned, crying that there would be no way to survive, but in the eyes of many people, the cancellation of the greenhouse policy will surely become an opportunity for domestic brands to grow into towering trees.
Qi Yumin also seized this opportunity. For this reason, he made a controversial choice when he was about to retire-agreeing to sell the shares of BMW Brilliance to BMW.
In October 2018, at the 15th anniversary celebration of BMW Brilliance, the BMW Group and Brilliance Automotive announced two major events:
extended the joint venture agreement of BMW Brilliance to 2040.
At the same time, the BMW Group plans to complete the acquisition of a 25% stake in BMW Brilliance by 2022. This requirement of
was approved by 63% of shareholders at the Brilliance Shareholders' Meeting on January 18, 2019.
BMW and became the first foreign brand to "turn positive" after China opened up restrictions on the shareholding ratio of joint ventures.
03. The death of Brilliance, how is BMW?
Brilliance, became the first person to eat crabs; Qi Yumin, became a target of public criticism, and suffered endless reproaches, but in this matter, Brilliance has long been out of choice.
Qi Yumin said in the "Dialogue": "The prerequisite for BMW negotiations is 75% equity."
BMW’s tough attitude is fully demonstrated, because for BMW, perhaps continuing to cooperate with Brilliance is the most comfortable choice. But the technology is our own. Recreating a Huaxing BMW and Huamu BMW is easy!
At this time, Brilliance has suffered enough but there is no way out. The only thing Qi Yumin can make is to fight for the best interests of Brilliance. A man who was nearly 60 years old in
fought more than 80 days and nights, and finished his life’s negotiations. Finally, bought the shares at a sky-high price of 35 billion. BMW Brilliance also received nearly 3 billion euros in investment, including third plant, R&D center and BMW X5.
At the same time, Brilliance finally got the key technology it wholeheartedly wanted- BMW promised to fully support the development of the Chinese brand in the four links of R&D, manufacturing, quality and sales.
In 2019, which is three years away from 2022, Qi Yumin has already made the best choice he can do. If Brilliance Auto can make good use of this crucial three years, the Chinese brand may have A line of life!
But can Brilliance hold on? As a major taxpayer in Liaoning Province, the government can say that Brilliance is demanding. Some people even claim that Brilliance should be protected even if it is underpants, but Brilliance is already in debt at this time.
In 2019, Qi Yumin retired and Yan Bingzhe, who was also the deputy mayor, took over.
Faced with such an enterprise that seems to be living before the new energy wave in 2014, Brilliance Automotive finally "woke up" to build a smart travel platform with online car-hailing platforms and big data companies.
also registered Brilliance Travel Service Co., Ltd. with a registered capital of 100 million in June 2020.
But this step is not only too big, but also too fast. As a result, Brilliance Automobile, which has a large scale of hundreds of billions of dollars, has crushed a small debt of 1 billion.
On the other hand, BMW, although the i3 and i8 in the electric market were not going well, it never stopped. While Brilliance was facing difficulties, it quickly pulled on the Great Wall to do things.
The newly established new energy joint venture brand is named Beam, trying toIt shines again in the Chinese market!
At this time, it seems that the poem is about to be confirmed: Thousand sails on the side of the sunken boat, Wan Muchun in front of the diseased tree. The death of
Brilliance has become a pity, perhaps "BMW is the crime", but it is probably those old bones who are trying to lie down to make money that really start to tremble.
For this, the president wants to say good, I wonder if you like it?
Article material and pictures are from the Internet, invaded and deleted
