"‘The situation in which BAIC held 33% of the limited shares of BAIC has become history,’ said a Beijing Auto Holding representative during an interview with this reporter on March 5. This statement came at a time when BAIC was going through a critical phase of its brand-building journey, as Beijing Automotive Manufacturing Co., Ltd. (BAIC) was set to serve as the foundation for the revival of the Beijing brand—a key independent brand under BAIC’s umbrella. On February 29, according to the “Beijing Auto Manufacturing Factory Co., Ltd. Restructuring Framework Agreement” signed between Beijing Auto Holding and Beijing Automotive Assembly Plant (Beiqi Co., Ltd.) on December 27 of the previous year, BAIC Limited completed the industrial and commercial registration of its shareholding rights. The company restructured BAIC Limited through capital increase and became its controlling shareholder, ending the awkward situation where BAIC Holdings wasn’t the largest shareholder despite focusing on building its own brand. In addition, Beiqi Foton officially became the largest shareholder of Beiqi Foton, and Beiqi Holding successfully clarified the equity relationship between its two major key companies, marking significant progress in its efforts to build a strong, independent brand. The restructuring of BAIC Limited's shares was completed. On December 27, 2007, Beijing Auto Holding and Beijing Automotive Assembly Plant signed the agreement to reorganize Beiqi Co., Ltd. through capital increase. After this restructuring, Beijing Auto Holding would change its shareholding accordingly. Following the timeline outlined in the agreement, prior to December 31 last year, the parties conducted asset assessments and negotiated the cash contributions from BAIC Holdings and the share transfers from the assembly plant. By January 31 this year, both parties had signed a shareholders’ agreement and revised BAIC’s articles of association. Finally, by February 29, BAIC completed the industrial and commercial change registration. A few days ago, Beijing Auto Holding confirmed that “Baiqi Holding’s 33% limited shareholding in BAIC has become history,” indirectly confirming the latest progress in the agreement, which means that BAIC’s limited equity reform was soon completed. In fact, while many focused on recent major news from Beijing Auto Holding, few noticed that Beijing Automobile Limited, rarely mentioned in the media, has been central to the successful implementation of its own brand strategy. At the end of 2006, Xu Heyi took over as head of Beijing Auto Holding. He laid out a strategic plan for BAIC Group’s development, with the establishment of an independent brand platform being a core part. According to this vision, BAIC aimed to establish two independent brands: “Fukuda Automobile” and “Beijing Brand.” Beiqi Foton and BAIC were to serve as two key production bases for these brands. Beiqi Foton focused on commercial vehicles, while BAIC Shunyi Factory was positioned as a base for self-owned brand cars, mid- to high-end off-road vehicles, and military vehicles, especially responsible for reviving the “Beijing” brand sedan. However, at that time, the largest shareholder of Beiqi Foton and Beijing Auto was not Beijing Auto Holding. Subsequently, BAIC began adjusting the equity structure of the two companies. The equity of Beiqi Foton was smoothly adjusted, and after completing the relevant procedures, on December 6, 2007, Beifang Foton Motor Co., Ltd. transferred shares from Beijing Automotive Industry Holding Co., Ltd. to the State-owned Assets Supervision and Administration Commission, making Beijing Auto Holding the largest shareholder of Beiqi Futian with 36.43%. The rationalization of BAIC’s equity structure was not smooth. Although the 33% shares held by Beijing Automobile & Motorcycle United Manufacturing Co., Ltd. in Beijing Automobile Manufacturing Co., Ltd. were transferred to BAIC, it was not the largest shareholder. Instead, Beijing Automotive Assembly Plant remained the largest shareholder with 67% of the shares. It is reported that the rationalization of BAIC’s limited equity relationship started as early as a year ago. In early 2007, Beijing Auto Holding transferred its two independent models—China Warriors and Cavaliers, developed by the original Beijing Jeep joint venture—along with related assets to Beijing Automobile Industry Co., Ltd. According to sources, the reason for the one-year transfer of these products and assets to BAIC was due to differences in asset valuation. Beijing Auto Holding valued the assets at 120 million yuan, while BAIC Limited assessed them at only 40 million yuan, creating a huge gap. Subsequently, the framework agreement for share addition was signed on December 27, with plans to complete the industrial and commercial registration on February 29. However, the final asset assessment data remained undisclosed. According to a source from Beijing Auto Holding, the “Three Mainstays and One Subsidiary” are the key “capital” for BAIC: the “Three Mainstays” include the Warriors and Knights brands, related technologies, and an independent brand base established in Zhuzhou, Hunan. The “One Subsidiary” refers to the future model and technical support of the Beijing Automotive Research Institute. According to staff at the Beijing Automotive Research Institute, the main R&D products are currently targeted at BAIC. “Beijing” brand rejuvenation is on the horizon. A researcher at the Beijing Automotive Research Institute told the reporter that they are working overtime to finalize the concept car for the Beijing brand, which will be unveiled at the Beijing Auto Show this year. These concept vehicles are expected to be fully settled in BAIC in the future. At the end of 2006, Xu Heyi planned the strategy for the rejuvenation of the “Beijing” brand passenger car. The BAIC Research Institute developed a two-phase “Beijing” brand vehicle R&D plan: the first phase involves using “Beijing·Warriors” military vehicles and SUVs as breakthroughs to develop hybrid technologies, new energy vehicles, and automotive electronics. The second phase includes the development of economical and premium passenger cars under the “Beijing” brand. According to Xu Heyi’s initial plan, BAIC aims to launch its first self-owned brand sedan by 2010. Recently, at the Beijing Benz-Dyke Pui Rui listing conference, Beijing Automotive and Beijing Benz-Dyke Chairman Xu Heyi confirmed that the “Beijing” brand will be officially unveiled at this year’s Beijing International Auto Show. Therefore, the importance of the equity relationship of BAIC cannot be overstated. As a key production base for BAIC’s independent brand, it bears the heavy responsibility of reviving the “Beijing” brand passenger car. Since its establishment in 2001, BAIC Motor Co., Ltd. has achieved a production capacity of 100,000 cars and a five-fold increase in net assets. In 2007, BAIC Motor Co., Ltd. exceeded 40,000 units in production and sales for the first time, exporting 13,000 units. It has become the fastest-growing company among the four automakers under BAIC Holding. In addition to its impressive scale, BAIC has a long history. Beiqi Automobile Co., Ltd., founded in 1958, is the second large-scale automobile manufacturing company built after China’s Changchun First Automobile Factory. Its seemingly unusual name was intended to retain the legacy of “Beijing Automobile Factory,” named after a personal inscription by Zhu De. The “Beijing” brand once carried great prestige and honor. In the 1960s and 1970s, only the Beijing 212 jeep, used by officials at or above the county level, was produced here. In the entire vehicle business, Beiqi Holding’s development concept is to “strengthen Beiqi Futian, enlarge Beijing Hyundai, do fine Beijing Benz, and make special Beiqi Limited.” Industry analysts believe that with the completion of the last piece of the vehicle business, BAIC’s limited equity relationship, and the launch of the “Beijing” brand, BAIC’s own branded vehicle platform will take shape, propelling BAIC Group into a more comprehensive and competitive position in the market. Recently, following Fuqi, there were reports that Beijing Auto Holding had acquired Changhe Automobile. Although both sides denied it, it reflected the need for Beiqi to break local boundaries and expand nationally. At the same time, on March 3, Dongan Power (600178) announced the resumption of trading, determining the Dongfeng cash contribution, and forming a joint venture with Bank of China Science and Technology and Hafei, indirectly confirming that Dongfeng has no intention of acquiring Changhe. Industry insiders believe that the possibility of BAIC acquiring Changhe in the future cannot be ruled out."

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