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The concern of Germany's MAN company's shareholding in China National Heavy Duty Truck (Hong Kong) Co., Ltd. (3808.HK) (TRG Hong Kong for short) has entered the practical phase. China National Heavy Duty Truck Corp. announced that it had received a notice from its controlling shareholder, CNHTC Hong Kong. The "Convertible Bonds Subscription Agreement," "Share Purchase Agreement," "Technical License Agreement," and "Shareholders Agreement" reached between Hong Kong Heavy Truck and Man Corporation were already in October. Deal on the 7th. Chairman of Chung King Hong Kong's Board of Directors Ma Chun-chi announced that the company has officially signed a contract with German company Man on the 7th. Man will pay 560 million euros to get 25% of the shares of Cheung Kong Hong Kong plus one share.
Premium of 16% Mann shares stake in China National Heavy Duty Truck
According to the exchange rate at the time of shareholding, the price of the company's purchase of company shares was approximately HK$8.76, which was a premium of approximately 16.6% over the last closing price of the company before the suspension of trading of HK$7.51, which indicates its recognition of CNHTC. After the completion of the transaction, CNHTC Group retained 51% of the listed company's shares while securing technology and funds, and secured a controlling stake; Mann acquired more than a quarter of the shares of the listed company and became the second largest shareholder of the company. To ensure a relatively large shareholder status.
As the third largest truck company in the world, Man Company has long maintained the global technology leading advantage of diesel engines. This time with the China National Heavy Duty Truck Group again after 25 years of technical cooperation.
Heavy truck company can share engine technology
According to the agreement reached between the two: After the localization of the engine of the MAN III to Europe V, the Hong Kong-owned Jinan Truck Company can also use the technology for a long time, so that the future competitiveness of the CNHTC's independent products will be guaranteed.
Chairman of Chung King Hong Kong's Board of Directors Ma Chun-chi said that the biggest achievement of this cooperation is to realize the sharing of research and development methods and resources of both parties. Sinotruk will achieve 100% nationalization of new engines such as the D20 and D26 within two years. He believes that this is an unprecedented breakthrough in Sino-foreign cooperation in China's heavy truck industry.
China National Heavy Duty Truck has clearly configured HOW-A7 D20, D26 engine produced by the truck company, HOWO-A7 is China's heavy truck launched at the end of last year, a new heavy truck, the most important model for this year's China National Heavy Duty Truck, had previously equipped with the D10 and D12 engine. In addition, the lifting trucks of MAN TGA models are produced by commercial vehicle companies. He said that by the end of this year, the T-truck (A7) will upgrade the model to produce prototypes and will achieve mass sales next year.
According to reports, the preparatory work for the localization of the engine has been fully carried out, and the relevant technical documents stipulated in the agreement will be transferred in batches in the near future. "For the heavy truck that is a production tool, the engine is the most important component." An analyst said, "The most important gap between China's heavy trucks and internationally advanced heavy trucks is also reflected in the engine. Man is willing to put the engine. The contribution of technology shows its sincerity in this cooperation."
China's right to speak up
Sinotruk is the latest example of this year's external cooperation in the field of heavy truck. Prior to this, Jianghuai plans to set up a joint venture heavy truck company in China with Caterpillar subsidiary NC2GLobal LLC (hereinafter referred to as NC2) of the US heavy machinery manufacturer, with an investment of not less than 2 billion yuan. The RMB, the first heavy truck F700 of GAC Hino, has been put on the market. Beiqi Foton and German Daimler formally signed a truck joint venture agreement.
Different from the dominant position of foreign companies with passenger car joint ventures, China’s interests in heavy truck joint ventures have been guaranteed unprecedentedly. In this wave of heavy truck joint ventures, not only the original brand has been retained, but the foreign party is even willing to put its own advanced engine on the original brand of the Chinese car.
This situation is inseparable from the absolute advantage of independent brands in the heavy truck field. Heavy truck brands such as Dongfeng, FAW Jiefang, CNHTC, Beiqi Foton, Shaanxi Zhongqi, etc. have gradually narrowed their gaps in research and development capabilities and manufacturing processes with those of Europe and the United States. The price is only one-third of the foreign heavy trucks, occupying 95% of the entire domestic heavy truck market, while joint ventures and imported heavy trucks can only be allocated to a little market.
In the case of a severely damaged commercial vehicle market in Europe, the foreign heavy truck giants have placed their hopes on the huge Chinese market and thus can also “tolerate†the Chinese demands. For Chinese companies, the technology has also encountered a bottleneck. Required, through joint ventures to achieve local production, thereby reducing costs.