Chengdu Aircraft Industry Group Co., Ltd., referred to as Chengfei Group, is one of the largest military aircraft manufacturing enterprises in China.
Some time ago, Chengfei Group successfully achieved a breakthrough in the financing of military enterprises through the "merger" of 17.4 billion yuan with the listed company China Avionics.
The dilemma of Chengfei Group is that as a military state-owned enterprise, its profit margin is not largeChina's procurement of military products is different from that of the United States, and it is a non-market behavior of "buying oneself" within the country.
U.S. industrial enterprises such as Loma can bargain with the United States, while the profits of the Chinese industrial group such as Chengfei are strictly controlled, and many cutting-edge military projects also rely on state support, otherwise they can only raise their own funds, resulting in insufficient funds.
Chengfei's classic projects such as J-20 stealth fighters, with an annual output value of more than 70 billion yuan, are also facing financial pressure, and Chengfei has also cooperated with Pakistan to produce Thunder Dragon fighters and obtain financial support.
In this context, the "merger" of 17.4 billion yuan between Chengfei Group and the listed company AVIC came into beingThis "merger" obviously has the nature of a backdoor listing of a military enterprise, and the composition of Chengfei Group's shares has not changed, and the holding is still within the enterprise, and it has obtained direct listing and financing channels.
This breakthrough broke the situation that private enterprises are difficult to finance the military industry, and also provides a typical sample for the reform of the military system, Cheng Fei uses the image of the giant tree as a metaphor for the military industry, and also indicates that the military private enterprises will open up new growth space in the new era.
Through this "merger", Chengfei Group was born, which also provided a feasible path for private enterprises to intervene in the military industryThis "annexation" model may be promoted in the reform of the military industry system, so that more outstanding private enterprises can intervene in the military industry and obtain financing support.
According to historical news, the "merger" listing of Chengfei Group is of great significance to the reform of the Chinese industrial system, as a state-owned military enterprise, Chengfei has been facing the situation that it is difficult for private enterprises to intervene, which mainly stems from the closed nature of our industrial industry, and there are many obstacles for private enterprises to participate in military construction.
Cheng Fei's "merger" listing has created a precedent for private enterprises to intervene in the military industryThrough the innovative measure of "merger" and listing, private enterprises can achieve indirect control of military wages and capital through "merger" with military state-owned enterprises, which provides the possibility for private enterprises to use their own technological advantages to participate in military research and development.
At the same time, this will also accelerate the market-oriented reform of the military industry, and under the conditions of market economy, the intervention of private enterprises can better play the efficiency advantages and technological innovation advantages of the military industry.
Market competition will also promote the technological upgrading of military products, which will break the rigidity of the military industrial system and promote the transformation of the military industry from a state-owned monopoly to a market-oriented direction.
Chengfei's initiative has created a new model for private enterprises to intervene in the military industryThis points out the direction for the reform of the Chinese industry, with the deepening of the reform, private enterprises through a similar "merger" to participate in the military industry may become the norm, Cheng Fei with the image of a pioneer, opened a new chapter in the reform of the military industry, but also made it possible for private enterprises to intervene in the military industry.
In 1961, Chengdu Aircraft Manufacturing Company was born in Chengdu, Sichuan, which marked a new stage of development for China's aviation industry.
After more than 60 years of development, Chengfei has grown into the most important military aircraft manufacturer in ChinaIts advanced production capacity and technology research and development level are leading the development of China's civil and military aviation manufacturing industry.
In the 60s of the 20th century, in the context of the rupture of Sino-Soviet relations, China began to independently develop fighter aircraft.
At that time, Chengfei, which was just starting out in the aviation industry, undertook the task of developing the J-7 fighterEngineers overcame many difficulties and finally successfully tested China's first self-developed fighter jet, the J-7, in 1964This not only consolidated the technological foundation of Chengfei, but also enabled China to end its long-term dependence on imports and enter the ranks of independent research and development of fighter jets.
At the end of the 70s, Chengfei undertook the research and development task of "Project 10", which marked the second stage of development of China's aviation industry.
After arduous efforts, Chengfei finally successfully flew China's first third-generation aircraft J-10 fighter in 1988The entry into service of the J-10 has made China the third country after the United States and Russia to master the technology of third-generation aircraftIt also makes Chengfei one of the world's advanced military aircraft manufacturing enterprises.
In the 21st century, Chengfei Group undertook China's two major aviation projects: large transport aircraft engineering and stealth fighter engineering, in 2012, the Y-20 large transport aircraft was officially put into service, and China has become the third country after the United States and Russia to master the design and manufacturing technology of large transport aircraft.
Four years later, China's first stealth fighter J-20 was officially unveiled, marking China's entry into the ranks of countries developing stealth fighters.
Today, among the advanced fighters produced by Chengfei Group, the production and performance of the J-20 have attracted the most attention, and the J-20 uses advanced stealth technology and radar systems, and its ultra-long-range combat capabilities will greatly improve the combat effectiveness of the Chinese Air Force.
In order to meet the needs of the Air Force, Chengfei adopted the advanced pulse production mode on the J-20 production line, which greatly improved the production efficiencyAccording to reports, Chengfei has now been able to achieve an annual production of 120 J-20s, and is expected to reach a high production of 500 in 2025.
For more than 60 years, with the spirit of "self-reliance and hard work" and world-class technical standards, Chengfei has sent one advanced fighter plane after another independently developed by China to the blue sky.
The development process of Chengfei has witnessed the great leap of China's aviation industry from weak to strongIts independent innovation ability is leading the aviation manufacturing industry to the ranks of the world's aviation powers.
As an important leading enterprise in China's national defense industry, Chengfei Group shoulders the dual mission of strengthening the military dream and making in ChinaFor more than 60 years, Chengfei people have always adhered to independent innovation, constantly broken through the bottleneck of core technology, and successfully developed a series of world-class fighters, transport aircraft and unmanned aerial vehicles, making significant contributions to the defense of the world.
At the same time, Chengfei is also actively expanding the civilian industry, and the ARJ21 regional airliner developed by Chengfei fills the gap of China's self-designed large passenger aircraft.
Chengfei Group will continue to be committed to building a world-class aviation technology enterpriseIn the context of the deep integration of a new generation of information technology and aviation manufacturing, Chengfei is accelerating the construction of digital factories and industrial parks to enhance digital and intelligent manufacturing capabilities.
At the same time, Chengfei is also continuing to strengthen scientific and technological innovation and in-depth collaboration between industry, university and research, and win greater international discourse for China's aviation industry with advanced technologies and products.
From J-7 to J-20, Chengfei has witnessed the glorious history of China's aviation industry with 60 years of development, and in the context of the new era, Chengfei Group is leading China's aviation industry to a brighter future with a new attitude and mission.
When the news was reported that AVIC wholly acquired Chengfei Group, many military fans were stunned, as China's most powerful military aircraft manufacturing enterprise, how could Chengfei be acquired casually? What is the meaning behind this?
A closer look at the acquisition process shows that this is a layout of "changing the soup but not the medicine".The actual controller is still AVIC, and AVIC is a subsidiary of AVICOn the surface, one company acquires another, but in fact, it is all state-owned.
So, what is the purpose of such a layout? At the end of the day, Chengfei urgently needs capital power to boost the upgrading of the military industry.
In the past few years, our army is in a critical stage of large-scale equipment renewal, a large number of old equipment needs to be retired from active service at the right time, and the production capacity of the new generation of equipment needs to be improved, especially key models such as the J-20
Taking J-20 as an example, this fifth-generation stealth fighter integrates more than one million parts, and to achieve mass production, it needs to be upgraded synchronously by supporting factories.
It is reported that Chengfei has planned to build a new 120,000 square meter plant, which is expected to increase the annual production capacity of J-20 to more than 100 aircraft, far exceeding the current level of 40-50 aircraft.
At that time, our army's fifth-generation fighters will not only lead in quality, but also be on a par with US forces in quantity, and the last numerical advantage of the F-35 will also disappear, and all of this stems from the huge amount of capital injected into Chengfei after its listing and financing.
Of course, some people are worried about whether the listing will leak the technology, but the core of the equity is still in the hands of AVIC, and foreign investors can only understand the financial data, but cannot access the core secrets.
The listing of Chengfei is an important step for our military industry to enter the marketIn the deep blue sea of capital, more nutrients can be obtained, so as to cultivate a "double harvest" of quantity and quality, so that the horn of our army is once again high-pitched, pointing straight to the sky.
As early as the 90s of the last century, China put forward the idea of reforming the science, technology and industry for national defense, and in 1999, the Military Commission issued the "Guidelines for the Economic Construction of the Army" to officially push the military enterprises to the market.
Under the market-oriented reform, the first industrial enterprises in the joint-stock system transformation, such as AVIC, AVIC electromechanical system and other enterprises completed the joint-stock system transformation, which laid the foundation for its subsequent development, military enterprises also began to participate in international competition, through the export of military products to obtain profits.
For example, Pakistan is an important export market for China's industry, China not only exports Thunder fighters to Pakistan, but also helps Pakistan establish the Givana Military Industrial Park, which is the epitome of China's industry's "going out".
In the 21st century, the reform of the Chinese industry has reached a new level, and the report of the 18th National Congress of the Communist Party of China put forward that it is necessary to actively develop the integration of military and civilian industries, and support military enterprises to participate in international competition and open up markets in a market-oriented manner.
Chengfei's listing is an important step in this contextThrough market-oriented operation, Chengfei can obtain more capital and open up the international market through exports, which will help improve the quality and quantity of our army's equipment and enhance its competitiveness on the battlefield.
It is foreseeable that with the deepening of reform, the first-class industrial enterprises will integrate into the torrent of market competition, while keeping in mind the mission of national defense, they can also draw nourishment from the market, realize self-extension, and ultimately boost the people's army to the world-class goal.
AVIC recently spent 17.4 billion yuan to acquire 100% of the equity of Chengdu Aircraft Industry (Group) Co., Ltd., which attracted attention from the outside world.
As the development unit of China's leading stealth fighter J-20, the acquisition of Chengfei Group can't help but remind people of whether it means that China's aviation industry is integrated again.
In fact, this is exactly the purpose of Chengfei GroupOver the years, Chengfei Group has been facing the dilemma of insufficient fundsAs China's first stealth fighter comparable to the F-22, the J-20 has invested heavily in its R&D and production process.
The J-20 production line alone cost 18 billion yuan, and our first-class industrial enterprises have traditionally directly received state financial support, which is fundamentally different from market-oriented commercial companies.
Therefore, through the backdoor listing with AVIC, Chengfei Group can use the capital market to raise funds and provide financial support for the mass production of the J-20.
The integration of the industrial chain is also an important goal of this acquisition, and AVIC, as an important enterprise in the field of military industry, can form a strong industrial synergy with Chengfei Group.
After the completion of the acquisition, AVIC will become the largest shareholder of Chengfei Group, and in the future, AVIC and Chengfei Group will carry out in-depth cooperation in radar, avionics, power system and other fieldsThis also means that China's aviation industry will be further integrated to form a more complete industrial chain pattern.
Behind the acquisition of Chengfei Group by AVIC, it actually reflects the new changes in our industryIn the past, China's leading industrial enterprises mainly relied on state financial funds to support R&D and production, but as military spending is more constrained, this operating model is facing challenges.
Therefore, in recent years, China's leading industrial enterprises have also begun to explore financing expansion through market-oriented operation methods, and the acquisition of Chengfei by AVIC can be regarded as the continued development of this trend.
Compared with relying solely on state appropriations, entering the capital market can not only bring more financial support, but also promote the optimization of management and operation of military enterprises to achieve industrial upgrading.
In the medium and long term, this acquisition will also have a profound impact on China's industrial system, with the increase in the proportion of market-oriented financing of military enterprises, its decision-making and operation will be more market-oriented, which will help improve the efficiency of capital use.
At the same time, through the listing, it will also enhance the transparency of enterprise information and improve the level of governance, which will promote the transformation of China's leading industry from the past financial capital drive to market driven, and better meet the needs of national defense construction.
Therefore, the acquisition of Chengfei Group by AVIC is an important measure for the integration of the industrial chain, and will further enhance the combat effectiveness of China's Air Force.
From the perspective of Chengfei Group, this backdoor listing will also provide strong support for its future developmentLet's wait and see the new performance of Chengfei Group in the capital market! (*From the Internet, infringement contact deleted).