The Volkswagen Group postponed the increase in shares of FAW-Volkswagen.
On November 19, the chairman of the Volkswagen Group Management Board, Volkswagen Group (China) President and CEO Heizman said in an interview with the "First Financial Daily" reporter: "Based on financial considerations, we decided to postpone the FAW - Volkswagen's share increase, this decision is not canceled, it is postponed, the time is 2-3 years."
A securities analyst said in an interview with the "First Financial Daily" reporter that the Volkswagen Group postponed the increase in shares of FAW-Volkswagen. In the short term, this is a major negative for the overall listing of FAW shares. Become uncertain again.
Volkswagen has no money. Since September 18, Volkswagen has reported that the EA189 series engine has installed cheat software, resulting in the vehicle's exclusion of nitrogen oxides under normal driving conditions, which is 40 times higher than the US legal standards. Volkswagen has been accused. The gasoline engine is also equipped with cheat software, and the V6 diesel engine developed by Audi also has such problems.
Although Volkswagen denied the installation of cheats on the V6 diesel engine, according to figures released by Volkswagen, at least 11 million Volkswagen vehicles worldwide are involved in emissions fraud.
In response to government penalties, financial aid, legal proceedings and vehicle recalls that may result from emissions fraud, in early November, Volkswagen raised the reserve for the “crisis†to 8.7 billion euros, which was previously accrued by the company. The funds are 6.7 billion euros. According to the investment bank ISI, the cost of responding to this crisis may eventually reach 29 billion euros.
In an interview with this reporter, Heizman said that the Volkswagen Group's assessment of FAW-Volkswagen has made good progress and will soon end. However, due to the impact of the diesel emission incident, the financial funds of the Volkswagen Group are constrained, and the public's decision to delay the above is also based on this consideration. At the same time, Heizman also stressed with this reporter that the impact of the diesel emission incident on China only "postponed the increase of shares of FAW-Volkswagen", all the investments promised in China were not affected, and decided in the future. Approximately 30,000 Chinese employees will continue to be added within a few years.
Heizman said that according to the new round of decision-making by the public board of directors, regional and automobile brands will be given more power, and China, as the largest and most important market in the world, needs Volkswagen China and FAW-Volkswagen, Shanghai. Volkswagen together maintains the leading position of the public in China.
FAW's IPO short-term bearishness According to the IPO plan of FAW, the company will include all the automakers owned by FAW Group, and the most valuable asset in the capital market is FAW-Volkswagen's assets.
FAW-Volkswagen Automotive Co., Ltd. was established in 1991. After the inclusion of Audi in 1995, FAW-Volkswagen's shareholding structure was changed to: FAW 60%, Volkswagen 30%, Audi 10%, and maintained to this day. It is also a rare joint venture in China's auto joint ventures with a Chinese shareholding ratio far exceeding that of the foreign party.
With the continued development of FAW-Volkswagen, Volkswagen has repeatedly expressed its hopes of increasing shares of FAW-Volkswagen. It is reported that FAW Group and Volkswagen have agreed in principle to make adjustments. It is reported that the shareholding structure of China and Germany is likely to be adjusted from the current 60:40 to 51:49. Both Chinese and foreign parties have officially stated the above figures.
It is also based on this consideration that the capital market unanimously believes that the clear date of the FAW-Volkswagen shareholding structure is the starting point for the official start of the IPO of FAW. Therefore, after the Volkswagen Group released the news of the FAW-Volkswagen shareholding, The above analysts believe that in the short-term, this is a major negative for the IPO of FAW, because it is impossible to judge, the specific equity demand of Volkswagen, even the relatively transparent time nodes have become blurred.
However, in terms of long-term development, even if the Volkswagen Group wants to postpone the share increase plan, it will definitely sign a specific share repurchase plan with FAW to ensure the smooth progress of the IPO of FAW.
However, after the overall IPO of FAW, how does Volkswagen increase its capital, FAW-Volkswagen, there are two views in the industry. First, Volkswagen has signed a specific repurchase agreement with FAW in advance, and does not affect the overall valuation of FAW shares in the capital market. In the future, when Volkswagen increases its capital, FAW-Volkswagen, FAW will certainly continue to control FAW-Volkswagen, but before Volkswagen officially increases its shareholding in FAW-Volkswagen, the listed company will calculate the investment income from this part of the equity. Another point of view is that the Volkswagen Group will achieve the reciprocal relationship with FAW-Volkswagen's equity through the form of FAW shares.
The above analysts believe that the latter view may not appear, because the best quality asset of the entire FAW shares is FAW-Volkswagen, and if the public "abandon the direct shareholding of FAW-Volkswagen, and instead invest in FAW shares", it is It is not cost-effective to use lean meat for fat.
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