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After the reorganization, the China Heavy-Duty Truck Group (hereinafter referred to as China National Heavy Duty Truck) has ushered in a new stage of development. On November 28, China National Heavy Duty Truck (Hong Kong) Co., Ltd. officially listed in Hong Kong. Chairman Ma Chunji of the company's board of directors said at the ceremony that listing in Hong Kong is the starting point for the company to go to the international capital market. The next step will be to promote the internationalization of the company's operating mechanism and the internationalization of the market.
It is reported that this is the first listed red chip stock in China's manufacturing industry and the largest red chip listed on the Hong Kong Stock Exchange this year. Analysts believe that under the help of the more than 9 billion Hong Kong dollars raised by China National Heavy Duty Truck, China National Heavy Duty Truck (STC) may continue to consolidate its status as the boss in the domestic heavy-duty truck market, and it has also added new impetus to the development of the international market.
Raise more than HK$9 billion
China National Heavy Duty Truck’s listing is mainly conducted by China National Heavy Duty Truck (Hong Kong) Co., Ltd. In the first half of this year, Sinotruk Group has transferred its core assets to China National Heavy Duty Truck (Hong Kong) Co., Ltd., and China National Heavy Duty Truck (Hong Kong) holds the weight of China. Steam (000951.SZ) 63.78% stake. In addition, Sinotruk (Hong Kong) also owns Sinotruk's engine assets, axle assets, commercial vehicle companies and a technology center with more than 700 patents.
The issuance of this offering was booming. The issuance of a multiple of 311 times the number of purchases and the freezing of funds reached 274 billion Hong Kong dollars, ranking eighth in the Hong Kong stock market's history of freezing funds. The aggressive subscription resulted in the high price of the company’s shares at a price of HK$12.88 per share. The funds raised have exceeded HK$9 billion and will be mainly used for product development and equipment enhancement.
CNHTC's IPO fund raising quotas are all the way up, from the initial market forecast of HK$5 billion to the subsequent HK$7.8 billion, and finally adjusted due to a significant increase in the profits of China National Heavy Duty Truck this year. The maximum amount of capital raised (without over-allotment rights) is 9.04 billion Hong Kong dollars.
However, the performance of China National Heavy Duty Truck after the listing on the first day was not satisfactory. On November 28, China National Heavy Duty Truck Group opened 8.39% lower at HK$11.8 and then fell all the way. It dropped by a maximum of 16.15% to HK$10.80, and closed at HK$10.86, a 15.68% fall from its issue price of HK$12.88. As the worst new stocks listed on the first day of this year's H-shares, securities analysts believe that this is mainly due to the A-share market decline and valuation pressures compared with rival Weichai Power. However, as of the close of November 28, the total market value of China National Heavy Duty Truck reached HK$23.91 billion, becoming the leading automobile stock in the Hong Kong market, with the market value significantly surpassing Dongfeng Group and Weichai Power, second only to Denway Automobiles, which owns Guangzhou Honda assets.
Before Hong Kong’s listing, the share price of China National Heavy Duty Truck Group, which has been listed on the domestic A-shares, once surpassed RMB 80. This is the highest-priced domestic vehicle company in the domestic A-share market, which shows its position in the heavy-duty market.
Consolidate the status of heavy trucks
China National Heavy Duty Truck (Hong Kong) Co., Ltd. together with its parent company, China National Heavy Duty Truck Group, is China's largest heavy-duty vehicle manufacturer. Since 2001, the company has undergone reforms and restructuring and its production and operation have developed rapidly. In the past seven years, the annual production and operation have increased by more than 60%. Last year, 60,000 heavy trucks were produced and sold. From January to October this year, 85,000 heavy trucks were produced and sold, once again successfully leaping to the position of the largest domestic heavy truck market. It is expected that it will exceed 100,000 units in the year and its production and sales volume will be among the top five in the world. However, according to the statistics of the China Association of Automobile Manufacturers, in the first three quarters of this year, the sales of China National Heavy Duty Truck Group was only less than 2,000 units less than the oldest FAW Jiefang. The leading advantage is not obvious. "With the help of 9 billion Hong Kong dollars, China National Heavy Duty Truck will be even more powerful and stand taller than the major competitors FAW and Dongfeng." Insiders of China National Heavy Duty Truck said.
The target of producing and selling 100,000 vehicles this year has already made China National Heavy Duty Truck's production capacity stretched. Expansion of production capacity is an inevitable move. However, due to historical debt, Sinotruk's funds are not abundant, and the huge amount of money raised by Hong Kong listings is just fine. Solve its urgent needs.
According to the disclosure of the prospectus, the listed funds raised 600 million Hong Kong dollars to expand domestic and foreign markets, 1.2 billion Hong Kong dollars to increase the engine production capacity of Heavy Steel Hangzhou Engine Co., Ltd., and 800 million Hong Kong dollars to expand the casting capacity of Sinotruk Jinan Power in Zhangqi District of Jinan. The HK$700 million expansion of the Jinan Truck Company’s truck production capacity includes the construction of a new production base, HK$600 million for the Jinan Commercial Vehicle Company’s truck capacity and HK$700 million for research and development.
The goal of China National Heavy Duty Truck is not just to be the boss in China. Chairman of the Board of Directors Ma Chunji stated that the company will be transformed into an export-oriented company. It is expected that by 2012, exports will account for two-thirds of the output. Cai Dong, president of China National Heavy Duty Truck, said that from January to September this year, heavy truck exports 10,000 vehicles, and it is expected that exports will increase significantly in the future. Currently, the production capacity of China National Heavy Duty Truck is 70,000 vehicles and 100,000 engines. It is estimated that in 2012 it will increase to 150,000 vehicles and 188,000 engines.
Sales of major heavy truck companies in the first three quarters (Unit: 10,000 units)
Manufacturer sales increase year-on-year
China National Heavy Duty Truck 7.81 76.15%
FAW liberation 7.63 58.08%
Dongfeng 6.65 33.50%
Beiqi Foton 4.36 107.01%
Jianghuai Gefa 0.7991 306.46%
Anhui Hualing 0.8237 120%
Source: China Association of Automobile Manufacturers, for reference only
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