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FAW Xiali, a popular car brand in the late 1990s, was once everywhere, with a 40% share of the taxi market that year, which shows FAW Xiali's sales and reputation in that year. However, with the development of time, the sales of FAW Xiali declined year by year, and finally announced the suspension of production. The predecessor of FAW Xiali is Tianjin Automobile Xiali Co., Ltd., which was established in 1997. In 2002, China first Automobile Group signed a restructuring agreement with Tianjin Automobile Industry, so it was renamed Tianjin FAW Xiali. FAW Xiali, which has been the top seller for 18 years in a row, has been huge since 2013.
Xiali, once one of the representatives of the national sedan chair, encountered the rapid development of the domestic car market, but now it is about to bid farewell to the whole vehicle business. On the evening of September 16, Tianjin FAW Xiali Automobile Co., Ltd. (issued the "report on Major Asset Sale and issuing shares to purchase assets and raise matching funds and related transactions", defining the specific plan of the latest restructuring.
On the evening of April 9, as the net assets of FAW Xiali at the end of 2019 were negative, FAW Xiali was treated as a "delisting risk warning" since the 10th, and the stock abbreviation was changed from "FAW Xiali" to "* ST Xiali". According to the annual report released by FAW Xiali in 2019, the operating income in 2019 was 429 million yuan, down 61.85% from the same period last year; the net profit attributed to listed companies was-1.481 billion yuan, down 4068.32% from the same period last year; the net profit after deducting recurrent profit and loss belonging to shareholders of listed companies was-1.561 billion yuan, down 23.57% from the same period last year.
Recently, FAW Xiali announced that the company plans to change its name from "Tianjin FAW Xiali Automobile Co., Ltd." to "China Railway Materials Co., Ltd.", and the securities abbreviation will also be changed to "China Iron objects" accordingly. The business scope has been changed from "manufacture and after-sales service of cars, automobile engines, auto parts and internal combustion engine parts" to "railway transport infrastructure equipment sales, rail processing, high-speed rail equipment, accessories manufacturing and sales, etc." With the change of the company name and securities acronym, the asset reorganization of FAW Xiali has officially come to an end, and "FAW Xiali" has officially become history. Xiali, founded in 1997.
A few days ago, Tianjin FAW Xiali Automobile Co., Ltd. issued a forecast of results for the first three quarters. According to its announcement, FAW Xiali expects the net profit and loss attributed to shareholders of listed companies to be 670 million yuan to 730 million yuan in the first three quarters, down 27.21% and 33.20% compared with the same period last year. Of this total, the loss in the third quarter is expected to be 120 million to 180 million yuan, down 50.76% and 67.17% compared with the same period last year. In fact, FAW Xiali has suffered a loss after deducting its net profit in 2012, and FAW Xiali has never made a profit again. According to data, from 2014 to 2018, FAW Xiali buckle.
Tianjin FAW Xiali Automobile Co., Ltd. released its third quarter results report in 2019, which showed that revenue in the third quarter of this year was 65 million yuan, an increase of 69.29% over the same period last year. The net profit belonging to shareholders of listed companies was-149 million yuan, down 59.16% from the same period last year. In the first three quarters of this year, FAW Xiali achieved a cumulative revenue of 353 million yuan, down 62.52% compared with the same period last year. The net profit belonging to shareholders of listed companies was-701 million yuan, an increase of 30.15% over the same period last year. In fact, FAW Xiali has no real net profit since it was deducted in 2012.
On September 17, Tianjin FAW Xiali Automobile Co., Ltd. (hereinafter referred to as "FAW Xiali") issued the report on the sale of major assets and the issuance of shares to purchase assets and raise supporting funds and related party transactions. According to the report, the overall plan of the transaction includes four parts: free transfer of shares of listed companies, sale of major assets, issuance of shares to purchase assets and raising supporting funds. According to the report, FAW car Co., Ltd. plans to transfer its 697620651 shares of FAW Xiali to China Railway Materials Co., Ltd. In addition, FAW Xiali plans to sell its holdings except Xin'an Insurance 17.5.
FAW Xiali signed a joint venture agreement with Boxun Automobile, a new power car-building company, and the two sides will jointly form a joint venture company to produce and sell new energy vehicles. On the evening of April 29, FAW Xiali announced that FAW Xiali intends to contribute with assets and liabilities related to the whole vehicle, such as land, plant and equipment, and Nanjing Bojun New Energy Automobile Co., Ltd. with cash, the two sides set up a joint venture. It is reported that in the joint venture, Boxun will invest more than 1 billion yuan and have an absolute controlling stake, while FAW Xiali will mainly contribute to production qualifications, and the future debt of FAW Xiali will be borne by the joint venture company. According to the agreement, the joint venture company is registered.
On the evening of March 11, Tianjin FAW Xiali Automobile Co., Ltd. (hereinafter referred to as "FAW Xiali") disclosed the "announcement on the Progress of the implementation of Major Asset reorganization" and announced that the enterprise name and legal representative had been changed. The announcement shows that on February 21, the Ministry of Ecology and Environment has changed the enterprise environmental protection information, the enterprise name has been changed to "Tianjin Bojun Automobile Co., Ltd." (hereinafter referred to as "Tianjin Boxun"), and the legal representative has been changed to "HUANG XIMING". On September 7, 2019, FAW Xiali announced that it planned to contribute to the vehicle-related land, plant, equipment and other assets and liabilities.
On December 8, FAW Xiali announced that its controlling shareholder, China first Automobile Co., Ltd. (hereinafter referred to as FAW Xiali), will transfer its holding stake in FAW Xiali to China Railway Materials Co., Ltd. (hereinafter referred to as China Railway Materials) free of charge. According to the announcement, all the existing assets and liabilities of FAW Xiali were placed in subsidiaries designated by the controlling shareholders of the company, and at the same time, by issuing shares to purchase assets, it purchased a controlling stake in China Railway Wusheng Science and Technology Development Co., Ltd. (hereinafter referred to as China Railway Wusheng). This transaction constitutes a major asset restructuring of the listed company. According to Qixinbao, China Railway Wusheng Technology Development Co., Ltd. was established in 2018.
After Nanjing Boxun and Tianjin FAW announced their intention to establish a joint venture company on April 29 this year, the joint venture process was once again accelerated, and the two sides formally signed an agreement with September 27 to formally establish a joint venture company. Tianjin FAW Xiali Automobile Co., Ltd. announced on the evening of September 27th that it would set up a joint venture, Tianjin Bojun Automobile Co., Ltd., with a registered capital of 2.54 billion yuan. Among them, FAW Xiali contributed 505 million yuan with assets and liabilities related to the whole vehicle, such as land, plant, equipment, etc., with a shareholding ratio of 19.9%. Nanjing Bojun New Energy vehicle contributed 2.034 billion yuan in cash.
Today, FAW Xiali officially released its 2019 half-year report, which showed that in the first half of this year, FAW Xiali achieved revenue of 268 million yuan, down 62.45% from the same period last year, and a net profit loss of 551 million yuan, compared with a loss of 637 million yuan in the same period last year. Affected by the continuous downturn of the automobile market, the tightening of national emission standards and the weakening of the company's products, differences in positioning and configuration, weakening of sales channels and other factors, the company's sales volume continues to decline. According to statistics, in the first half of this year, FAW Xiali produced a total of 1126 Weizhi and Junpai cars, down 93.34% from the same period last year, and sales of 3929 cars, down 6% from the same period last year.
The new power of car building, which is constantly financing, has rescued some of the self-owned brands with poor performance to some extent. On April 30, FAW Xiali officially announced the establishment of a joint venture company with Nanjing Bojun New Energy vehicles to jointly produce new energy vehicles. The announcement said that in order to achieve complementary resources and jointly develop the new energy vehicle market, FAW Xiali plans to contribute with assets and liabilities related to land, plant and equipment related to the whole vehicle, and Nanjing Bojun New Energy Automobile Co., Ltd. with cash contribution, set up a joint venture company in the company location to produce new energy models. FAW Xiali uses its own assets to solve the follow-up development of the company.
Boxun Automobile, which established a joint venture with FAW Xiali and obtained production qualification, encountered serious operational difficulties. Huang Ximing, founder of Boxun Automobile, said in a letter on June 13 that due to the actual losses and adverse effects caused by the company's operating problems to all parties, it will strive to lead Boxun Motor out of its predicament.
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In September last year, Baiteng Automobile plans to buy FAW Wali's passenger car production qualification for 1 yuan, and will be saddled with FAW Wali's high debt of not less than 800 million yuan. A few days ago, some shareholders asked on the relevant platform whether the FAW Xiali Baiteng car funds were paid as scheduled, but FAW Xiali Dong Mi revealed in response to the questions raised by the shareholders that part of the money returned by Nanjing Zhixing (that is, Baiteng parent company) on behalf of Huali had not yet been received. It means that Baiteng has not yet been qualified to build a car. Subsequently, the media revealed that Baiteng made a reply to the matter: "on payment-related matters, Baiteng has always maintained active communication with FAW Xiali, and carried out this."
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