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text| Niu Xiaotian
Edit| Shine under the snow and pass the jade pass
Chengdu Aircraft Industry Co., Ltd. (Chengfei) was acquired? And it's 100% owned. Recently, a news detonated domestic public opinion, Chengfei Company, which can design and produce J-20 fighters, was acquired by AVIC for 17.4 billion yuan, with a 100% controlling stake.
You know, the price of a single J-20 fighter is more than 100 million US dollars, sitting on one of the most advanced fifth-generation aircraft in the world, holding a money-making artifact, why only sell at such a low price? What is the deep background of the little-known AVIC Survey, which can swallow such a giant enterprise group as Chengfei.
Why should a state-owned enterprise that can produce the world's most advanced fifth-generation aircraft be "sold at a low price" at such a low price? Is there any unknown secret hidden behind this acquisition case, which can be called "ants swallowing elephants"?
The past and present of Chengfei Group
Aviation serves the country and aviation power, "let the blue sky of the motherland no longer lonely, let the motherland's land be quiet and peaceful", this is the goal of Chengdu Aircraft Industry Co., Ltd.
In April 1956, according to the construction agreement signed between the mainland and the former Soviet Union, the second batch of agreements to assist the construction of the mainland aviation industry was established, and the state-owned 132 plant was one of these construction projects. And this factory is the predecessor of Chengfei.
In October 1958, the construction of Plant 132 was officially started, and it was initially completed in 1964. In November of that year, the J-5A aircraft produced by Chengfei successfully flew for the first time, and the mainland's first self-designed and trial-produced high-subsonic fighter was born here.
With the experience of the first successful trial production, Chengfei was out of control since then, and in 1966, the mainland's first fighter trainer, the J-5 aircraft, successfully flew for the first time.
Since then, Plant 132 has become the most important design and manufacturing plant for mainland fighters, and various types of aircraft have been continuously delivered to the Air Force, fulfilling the oath of "aviation to serve the country and aviation power".
In 2002, the J-10 began to be handed over for military inspection, and domestic third-generation aircraft began to equip the mainland air force. At the beginning of 2011, the J-20 successfully made its first flight and the Weilong was born, marking that Continental has the world's most advanced fifth-generation aircraft and has independent intellectual property rights.
The J-20 is a medium- and long-range, heavy-duty fifth-generation stealth fighter independently developed by the mainland, with excellent medium- and long-range air supremacy combat capabilities and good precision strike capabilities on the ground and sea. It has both offensive and defensive capabilities, and has excellent information warfare and air-to-ground superiority.
This is currently one of the world's top fifth-generation aircraft, and few countries in the entire world can design and build it themselves. The emergence and continuous improvement of the J-20 has provided a huge boost to the mainland's national security.
It can be said that the value and significance of a J-20 cannot be replaced by a mere 17.4 billion, so as a leading enterprise of Chinese fighters, why should it "sell" itself at a price of 17.4 billion?
Moreover, as a state-owned enterprise, is it possible for Chengfei Group to involve the loss of state-owned assets at such a low price? What is the ability of the acquirer, China Avionics Survey, to swallow Chengfei, an elephant in the aviation industry?
Aiming for a backdoor listing?
Although the enterprise of AVIC is not as famous as Chengfei, and there are no loud products, the company's strength and status cannot be underestimated.
As a backbone enterprise under the Aviation Industry Corporation of China, AVIC mainly produces airborne equipment, such as induction sensors, resistors, automotive comprehensive energy consumption reducers, etc., as well as a series of test instruments, which are quite influential in the industry.
However, no matter how powerful AVIC is testing, it is still very different from Chengfei's status in the industry. It can be said that in front of Chengfei Group, China's entire military industry chain is a junior-like existence.
At this time, AVIC measured that Chengfei was pocketed at a price of 17.4 billion yuan, which is tantamount to ants swallowing elephants. The success of this transaction is mainly due to two aspects:
First, AVIC and Chengfei Group, both belonging to the Aviation Industry Corporation of China, have the same parent company on the head, and the two are equivalent to sister companies. Therefore, AVIC Survey's acquisition of Chengfei, for the parent company Aviation Industry Corporation of China, is simply left hand to right hand, in fact, there is not much difference.
In addition, both belong to state-owned enterprises, no matter what price is sold, all assets still belong to the state, and there is no loss of state-owned assets, so it is naturally impossible to talk about shady trading. Those who take the opportunity to spread similar news must be harboring evil intentions.
Second, Chengfei was acquired, and there was also a backdoor listing. AVIC is originally a listed company, and after all the assets of Chengfei are injected into AVIC Survey, it is equivalent to realizing the purpose of backdoor listing, which can avoid cumbersome approval procedures and directly enter the capital market.
Once Chengfei is successfully listed on the backdoor, it will certainly have a series of deep impacts on the mainland's military industry chain, and promote the mainland's aerospace industry and defense industry to a new level.
With the help of AVIC Measurement shell, Chengfei will surely obtain richer funding sources and safer capital guarantees after its successful listing, which will greatly help promote research and development and consolidate its leading position in the mainland aviation industry.
What is the significance of going public?
The mainland has established a complete military industry, and the production lines of various fighters are relatively complete, once Chengfei is listed, with its dominant position in the industry, it will inevitably have a subversive impact on the entire industrial chain, and may even reconstruct the industrial chain.
With the help of the capital market, Chengfei can also more effectively integrate resources and provide resource utilization, concentrate better resources, promote the rapid development of mainland fighters, and achieve the effect of 1+1>2 and better economies of scale.
With money, Chengfei can accelerate the continuous progress of research and development, improve the company's technical level, and thus drive the development of the entire military industry. Having money is not omnipotent, no money is impossible, and Chengfei, who is not listed, is facing the dilemma of shortage of funds, which will undoubtedly seriously drag down the progress of research and development.
As one of the most advanced fighter manufacturers in mainland China, if it cannot continue to innovate and launch new fighters in a timely manner, it will not only affect the company's reputation, make R&D personnel feel useless, but also may have a serious adverse impact on national defense and security.
After all, the external environment facing the mainland is far from the time to sit back and relax, which requires advanced fighters to maintain the safety of the motherland's airspace internally, deter small people externally, and ensure that all kinds of cows, ghosts, snakes, and gods dare not take a step beyond the thunder pond.
When the United States is still working hard to study new fighters on the basis of having the world's most advanced fighters, it is doomed that the mainland's military industrial enterprises cannot stand still.
In the past, there was a saying in the manufacturing industry that "it is better to build than to buy, and it is better to buy than to rent", but decades of development have proved that if we cannot break through the relevant technology, what we can buy is only what the technological power wants to sell us, even if we have money, we will never be able to buy the most advanced technology.
There is no need to talk about the military-industrial sector, even the non-military-industrial sector. At that time, Europe, the United States, Russia and other countries engaged in the International Space Station, China wanted to participate in it with funds and sincerity, but in the end, it was a hot face and a cold ass, although it invested a lot of money, it still could not contact the core technology.
This is the case with the International Space Station, the same is true of the global navigation system, when Europe engaged in Galileo global navigation, the continent was enthusiastically involved and wanted to build this system with Europe, and the result was still the same, and Europe regarded it as a big wrongdoer with stupid money.
In the end, there was no way, the mainland itself engaged in the Tiangong space station, Beidou navigation, and then there was nothing to do in Europe. In a few years, the International Space Station will not be operational, and if you want to carry out scientific research in space, only China's Tiangong remains, and if you want to enter, you must first apply and then study Chinese hard.
These would never have been possible without your own technology, but now that you have your own technology, it all becomes a reality. That's why we develop high technology, we don't want to continue to be sweatshops in Europe and the United States, we also want to live a rich and dignified life.
Did 17.4 billion sell at a loss?
Although as far as the aviation industry group is concerned, no matter how much money Chengfei Group sells, there is no asset loss problem, but as an outsider, is Chengfei really only worth 17.4 billion?
In the end, whether it is only worth this price, we cannot only look at how much a J-20 is sold for, but we must consider how much profit Chengfei itself makes, and how much the value of the company's assets is worth.
First of all, the mainland's military enterprises are state-owned, which dooms them to exist not only to make money, but more importantly, to undertake the heavy responsibility of developing and manufacturing advanced weapons, as is the case with the Chengfei Group.
The significance of Chengfei's existence is to research and manufacture the most advanced fighters, and then use the armed forces at the most favorable price to ensure the mainland's national security. A J-20 seems to have a high price, but its cost is not low, coupled with the huge research and development expenses invested in the early stage, perhaps this price is just capital preservation.
In any case, it is definitely impossible for Cheng Fei to make a lot of money on the J-20, after all, making money is not Cheng Fei's first priority. But if a company does not make money, where will it have the funds for research and development? In the field of new technology research and development, one step at a time is slow, once the research and development is delayed due to insufficient funds, it will be more difficult to catch up later.
In any way, such an outcome is not what the Chinese people are happy to see. As a result, this is the "backdoor listing" transaction, after entering the capital market, Chengfei can greatly reduce the worry of lack of research and development funds.
From all aspects, although Chengfei's stall is large, its profits are not particularly high, so in terms of the company's own assets, it is likely to be equivalent to 17.4 billion.
However, we must look at the essence of the problem, on the surface, Chengfei 17.4 billion sold "selling body", but after completing the transaction, it is easier to obtain financing from the capital market to support research and development, but the benefits in this regard cannot be measured.
After the completion of the acquisition, if Chengfei can absorb more funds, I believe that with the accumulation of previous technology, it will definitely achieve greater breakthroughs in the research and development of new fighters.
The fifth-generation aircraft has been installed, and the sixth-generation aircraft is also under development, I believe that Chengfei will catch the line of the capital market, and will continue to lead the sky in the future!