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Closing a door opens a window. While China's OEMs have slowed down their overseas strategies, auto parts and components companies are gaining a lot. The number and scale of overseas M&A deals has grown steadily. In 2015, overseas acquisitions of spare parts companies hit a record high. This year, the pace has not slowed, and more and more automotive parts and accessories companies are active in the overseas M&A market.
"Sea Amoy" is not now <br> <br> in effect this year, Deloitte China released the "2016 China Automotive Industry Foreign Investment Report" pointed out that since 2013, China's auto parts enterprises to invest a total of 22, about the total transaction $14.2 billion. According to the report, the financial crisis coupled with the economic downturn has forced many international parts and accessories companies to seek buyers through the financial pressure and provide opportunities for Chinese parts and accessories companies.
However, overseas mergers and acquisitions are carried away with "snacks and swallows", but the results need time to verify. Due to the short time, the success of overseas mergers and acquisitions of auto parts and components cannot be concluded. However, in the field of IT, home appliances and auto OEMs, the failure of overseas mergers and acquisitions is not uncommon.
Recently, a survey led by the Ministry of Industry and Information Technology showed that the domestic spare parts enterprise system basically meets the needs of the automotive industry. However, weak independent research and development capabilities still do not possess core competitiveness. Some key, sophisticated, and highly profitable products rely on imports. The main assembly and key component technologies are still subject to foreign advanced parts and components companies. Taking the power electronic control system as an example, most of the basic components are still dominated by foreign companies. At least for now, spare parts companies' overseas mergers and acquisitions in previous years have not yet been "blossomed."
Calls for mergers and acquisitions underway <br> <br> China Auto Parts Research Association executive vice president of Dong Jianping believes that restructuring and reshuffling should come first. The data shows that as of 2015, there are about 100,000 domestic parts and components companies, and about 13,000 companies above designated size (the main business income is 20 million yuan). Similar to automobile OEMs, the number is large, but it is large but not strong, and the industry concentration is low. In 2015, the domestic component R&D investment accounted for only 2%.
Dong Jianping suggested that domestic spare parts companies should integrate superior resources, merge duplicate assets, and remove excess backward production capacity. The integration can start with the spare parts company under the large vehicle group, and then spread to the whole field. At the same time, local spare parts companies should increase investment in R&D and enhance their innovation capabilities. On this basis, further global resources integration and layout.
Xu Changming, director of the Information Resource Department of the State Information Center, believes that China’s auto consumption will accelerate in the next few years, and that excellent local automakers will fully uphold positive R&D, placing more stringent demands on spare parts companies, and the contradiction between supply and demand will become increasingly prominent. Whether it is overseas mergers and acquisitions, mergers and acquisitions, or independent research and development, is the time for domestic parts and components companies to answer the volume. Xu Changming believes that overseas mergers and acquisitions can be implemented, but at the same time it is necessary to use domestic resources as much as possible, to achieve a two-pronged approach, to improve quality while continuously reducing costs, and not to use low prices to control costs.
"Hai Tao" ability is indispensable?
The reality is that mergers and acquisitions have stagnated and overseas mergers and acquisitions are on the rise. The spare parts company of China Automotive Group focuses on traditional powertrain systems such as engines, transmissions, interiors, seats, and air conditioning systems in an attempt to break foreign monopolies. Engines and transmissions have become "Sweet Potatoes," and outstanding local car companies have started to set up systems to meet future development needs and make up for shortcomings.
Privately-owned parts and components companies hope to enhance their strength through overseas mergers and acquisitions in order to obtain recognition from joint-venture car companies. At present, in order to enter the supporting system of the joint-venture vehicle manufacturers, private parts and accessories companies still need more than 10 years of accumulation, overseas mergers and acquisitions to shorten this time.
In fact, private parts and accessories companies have been cautious about overseas mergers and acquisitions and have continuously improved their capabilities. From hiring professionals, set up strategic mergers and acquisitions department. From the target project's search, due diligence, business negotiation, financial audit, asset assessment, legal affairs processing, global anti-monopoly review and domestic ministry's declaration, etc., all are carried out according to rigorous process. Whenever there is a dispute, it is better to shelve it and not risk it.
As the domestic spare parts system can not meet the development needs, Changan, Chuanxi, Geely and Chery have been continuously expanding international resources.
In the long run, international mergers and acquisitions of parts and components are an important way out. Overseas mergers and acquisitions will help auto parts companies improve their core competitiveness. The premise is that they cannot be "recruited".
