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Pangda Initially Publicly Issue the A-share to Officially Launch the Stock Markets of Shanghai

Source: Author£ºadmin Hits£º7211 Time£º2011-5-10 17:51:16
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At 9:28 on April 28th, when Pang Qinghua (the Chairman and General Manager of the Pangda Automobile Trade Co., Ltd). and Li Enjiu( the member of leading Party group of Tangshan Municipal People’s Government and former vice mayor of Tang Shan city) knolled the opening gongs together, that meant the Pangda A-share was officially listed on the Shanghai Stock Exchange, the shares: Pangda, stock code: 601258. Until now, the Pangda has formally become the first automobile dealer of A-share market launched by IPO. The A-share listed of Pangda is the first time that Chinese automobile dealer groups launched the A-share market by IPO, which has far-reaching significance for Chinese capital market. The issue price of 45 Yuan is estimated that the Pangda has suddenly become the automobile dealer company with largest global market value.

The guests who attended the market arrived on time in Shanghai Stock Exchange Building at 8:30. After that, the host announced the beginning of lion dotting, and the exciting show had won bursts of applause. On 9:00 precisely, the VIPs and ritual girls led the guests into the trading hall and waiting for the arrival of the important moment.

The honored guests who attended the listing activities of Pangda were as follows: Pang Qinghua, Chairman and General Manager of Pangda; Liu Xiaodong, Deputy General Manager of Shanghai Stock Exchange; Guo Runwei, Heibei Authority Secretary of China’s Securities Regulatory Commission£» Hong Qi, president of the China Mingsheng Banking Corp, LTD; Wang Meiying, Deputy Director of Hebei Provincial Department of Commerce£» Li Enjiu  the member of leading Party group of Tangshan Municipal People’s Government and, former vice mayor of Tangshan; Lian Xiaoqiang, President of Fujian Daimler-Benz; Wang Lizhi, General Manager of FAW Jiefang Automobile Co.; Ltd.; Xu Yannan, Factory Director of FAW Qingdao Factory; Tian Qingjiu, Deputy General Manager of FAW Jilin Automobile Co., Ltd; Daoran Cheng, General Manager of Dongfeng Liuzhou Automobile Co., Ltd.; Xiong Weiming, General Manager of SAIC-IVECO Hongyan Commercial Vehicle Co., Ltd.; Chen Bingbo, Executive General Manager of Dongfeng Honda Automobile Co., Ltd.; Song Jia, Deputy Director of Changan Automobile Co., Ltd.; Xu Yulin, Deputy General Manager of Guangzhou Automobile Passenger Vehicle Company; Feng Deji, General Manager of Chery Automobile Sales Co., Ltd.; Yun Qingtian, General Manager of China’s Heavy Truck Sales Company; Zhang Guanghua, Executive Vice President of China Merchants Bank; Xu Ningyue, Vice-president of Bank of China; Sun Deshun, President of the Bank of Communication Beijing Branch; Shen, Jinjun Vice Chairman of General Association of Chinese Car; Zhao, Chairman of UBS Securities in China; Lu Hongqiu, Secretary of County Committee of Luan Country.

The host announced the commencement of the event at 9:15. Qinghua Pang gave a speech that generally introduced the develop history of Pangda and the distinguish business performance achieved. Qinghua Pang hoped to cooperate with everyone to write the legendary story of wealth accumulation during the future development of Pangda at the end of speech. Zhao Ju, Chairman of UBS Securities in China had said in the speech that he was proud to assist this A-share financing of the company. As partner of Pangda, the UBS Securities was looking forward to continuing assist the company to make greater achievements in the capital markets. Li Enjiu, the member of leading Party group of Tangshan Municipal People’s Government and former vice-mayor of Tangshan, congratulated the listing of Pangda.He hoped the Group can take the listing as a new starting point to further expand the develop space and accelerate the pace of development in order to reward the love of community with distinguish results.

Li Enjiu and Pang Qinghua knolled the opening gongs together at 9:28.

Chairman and General Manager Pang Qinghua had deepest feelings for the listing. He thought the direct benefits for the listing of the Group is to raising a lot of liquidity, and secondly to break the single financing model which would have a long-term implication for the future development:
1. Provide fund guarantee for development and expansion.
2. Improve the financial structure and reduce asset-liability ratio.
3. Standardize the operations to improve the management level.
4. Enhance the discourse power of main machine plants.

Pangda listing received a large outpouring of favorable comments. Shen Jinjun, Vice Chairman of China Automobile Dealers Association said on the micro blog: Pangda listing bell had just sounded marking the Group has successfully listed in the A-share in Shanghai market. As a special guest at this time, I am in the excited and agitated mood, and I am excited for the Pangda has developed into a largest Chinese automobile group and successfully listed from a county-level company. It is the epitome of development; and I am also excited for the continuous increasing contribution to the Chinese automobile industry and Chinese economy along with the increasing of the state of industry, and the ultimate beneficiaries will be the consumers for they will enjoy the best service. Shen Jinjun said that the listing of Pangda of A-share and the combination of capital market and traditional automobile distribution industry were the landmark major events during the development of this industry, which can be described as entering another new period of development.

Chen Dihong, Deputy General Secretary of China Automobile Dealers Association said that the listing of Pangda in Shanghai Stock Exchange had established the political and economic state of China Automobile Dealers industry in Chinese society.  It has landmark significance and great encouragement to the national automobile dealers, the automobile sales was positioned as a modern service trade industry with sustainable and healthy growth space as well as bright future.

Zhou Yongjiang, Deputy Vice-president of China Marketing Association said that Pangda has finally set an example for the competitive market and knolled at the Shanghai A-share! I feel this would bring more responsibility and stress for the future of Pangda, and proposed brand new topic for the future management control and development of the company.

Wang Wei, General Manager of automotive operations of the Transportation Finance Division, Minsheng Bank said, listing is a vital financing channel for distributors to break single-financing shackles. Wei Wang showed support to the listing of cooperate partner; Pangda possesses plenty of featured businesses and balanced structure as well as strong anti-risk ability, so we will have more in-depth cooperation and play a greater role in the financing, there will also be some new relationships.

On the A-share listed initial public symposium of Pangda, the representatives from government, bank, automobile Dealer industry and major automobile manufacturer were invited. The symposium began at the passionate performance of eight girl drummers and there was suddenly thunderous applause. Qinghua Pang, Chairman and General Manager said, “Pangda is about to landing the A-share market and become the world’s largest automobile dealer, the future involves heavy responsibilities. The people of Pangda will redouble efforts to inspire popular confidence and reward the society with distinguish operating results and make its due efforts and contributions for Chinese automobile development.”

There was warm atmosphere of the symposium, six guests of Suzuki, the Subaru China President and Konishi Masahide, Chairman of Chinese Mitsubishi Motors Sales Co., Ltd.; Ni Zhikai, General Manager of Fiat Financial Company; Hika Chan of the Mercedes-Benz (China) Business Office and Bob, the President of Jaguar and Land Rover (China) had launched the symposium ceremony together with Qinghua Pang. As the countdown ending, “Pangda 601258” rotated in the glittering crystal ball, flowers scattered all over the site and the guests cheered. Everyone toasted and exchanged greetings to each other and wished the successful listing of Pangda together.

In recent years, the automobile dealer groups is in an active period of listing for financing to tickle the shortage of funds in turns for large scale of network expansion, the automobile dealer groups has become the very important channel controllers of the chain of auto industry. Pangda began to list as early as 2004 and submitted the listing application material to the SFC in May 2008 and passed the IPO meeting in January 14th, 2011.

The Pangda possesses good operating results with the rapid development of Chinese auto market and the excellent operating condition of Pangda. At the end of 2010, the company has established 926 sales outlets in 23 provinces, cities and autonomous regions of China and Mongolia. Its subsidiaries and affiliates as well as branches of subsidiaries is over 1197, including 216 automobile markets of all kinds, and 11 professional markets, 699 automobile special shop, 397 4S shops (340 passenger cars, 57 commercial vehicles) as well as 302 non-4S special shops. With 83 kinds of automobile and engineering plant brands for sale that covers overwhelming majority of brands and forms the automobile marketing network with rational layout, complete branding and quality service.

The auto sales of Pangda during 2008~2009 was 222 thousand, 358 thousand and 470 thousand respectively, which occupied 2.4%, 2.6% and 2.6% of the overall national sales. 20 brands ran by the company in 2010 had ranked first of the national same industry. The 23 billion of operating income in 2008 had increased to 53.7 billion till 2010, the parent company profits from 2008 to 2010 was 0.6 billion, 1 billion and 1.24 billion respectively. Since 2005, the original parent company had ranked top 500 Chinese enterprises for six years, and ranked 181 in the 2010.

The high-end automobile sales increased significantly year on year since 2011. Pangda has prospectively acting for high-end brands such as Audi, Mercedes-Benz, etc., and achieved franchise right of Mercedes-Benz commercial vehicle, Land Rover, Lexus, Acura, Volvo etc., that occupied first-strike advantage. Pangda has become strategic partner of the famous sports car brand “Aston Martin” and become its major distributor & agent in China. ONE-77, the “40 million of worldwide limited editions” of Aston Martin were all sold out during the Shanghai Motor Show, becoming the catalyst of the listing share price for Pangda. Qinghua Pang indicated that, the Pangda will further develop the second and third market as well as central and western regions in addition to layout the high-end brands. For the consumption of major cities is saturated and the growth rate has slowed down a lot, however the consumption in some cities in the Midwest is increasing fast with great market capacity.

Pangda with five major service modules that comprising by the passenger bus, commercial vehicle, truck. Minibus, business car dealership and maintenance, has been consider as the flagship in automobile sales industry with longest development history, largest scale, highest gross profit as well as supreme risk-resisting property against others. This issuance and listing is the essential opportunity of the company to facilitate the realization of historical leap of Pangda. The prospectus of the company has shown the investment project of IPO fund raising will be used for two aspects as expanding the branches and increasing working capital. The implementation of “building and reconstructing the operating network project” will further optimize and improve the distribution network layout, and better satisfy the customer demands for product and service through the build and reconstruction of the distribution network, while gradually strengthen the influence to the purchasing behavior of the customers of its own brand rather than the automobile brand, enhance the customer loyalty, core competitiveness of the company to further enhance sales volume, expand market share and achieve the company’s sustainable development and lay a solid foundation for the realization of stratagem development objective.