东京——广汽集团（GAC）表示，已同意收购一汽集团（FAW Group）在与日本丰田汽车公司合资企业中持有的50%股权，此举使中国拥挤的汽车行业中国有背景企业的重组更加引人注目。
TOKYO -- Guangzhou Automobile Group (GAC) said it has agreed to acquire peer FAW Group's 50% stake in a joint venture with Japan's Toyota Motor, bringing the restructuring of state-backed players in China's crowded auto industry into sharper focus.
将盈利的丰田业务注入亏损的广汽，将有助于改善其疲弱的财务状况。与此同时，由中央政府控制的一汽集团将获得广汽的相当大比例股权，成为其第二大股东。
The injection of a profitable Toyota business into the loss-making GAC will help its ailing financials. At the same time, the central government-controlled FAW is set to gain a substantial interest in GAC, becoming its second-largest shareholder.
广汽集团于周一晚间在上海证券交易所和香港联合交易所提交的公告中披露了这一举措。公告称，广汽将收购一汽在与丰田的50:50合资企业中持有的半数股权，而丰田汽车将保留其现有持股。
GAC announced the move late Monday night in filings to both the Shanghai and Hong Kong exchanges. It said it would acquire FAW's half of the 50-50 joint venture with Toyota, while the Japanese carmaker will retain its holdings.
广汽与丰田已运营另一家独立的汽车合资企业——广汽丰田汽车。公告中未提及合并事宜，但指出该交易“将促进两大合资体系的一体化与协作”，旨在“减少同一品牌体系内的重复投资，并稳定合资业务的盈利基础”。今年上半年，广汽报告净亏损44.6亿元人民币（约合6.66亿美元），较去年同期25.3亿元人民币的亏损几乎翻倍。丰田合资企业是其中难得的亮点。
GAC and Toyota already operate a separate automaking joint venture, GAC Toyota Motor. There has been no mention of a merger, but the filings said the transaction "will promote the integration and collaboration of the two major joint venture systems" with the aim of "reducing duplicated investment within the same brand system and stabilizing the profit foundation of the joint venture business." For the first half of this year, GAC reported a net loss of 4.46 billion yuan ($666 million), nearly doubling from a 2.53 billion yuan loss for the same period last year. The Toyota joint venture was a rare bright spot.
根据公告，一汽与丰田的合资企业过去两年每年净利润均超过40亿元人民币，今年上半年净利润超过10亿元人民币。
And according to the filings, FAW's operation with Toyota reported over 4 billion yuan in net profit for each of the last two years, and more than 1 billion yuan for the first six months of this year.
广汽集团在今年4月北京国际汽车展览会（Auto China）上的展台。今年上半年，广汽报告净亏损44.6亿元人民币（约合6.66亿美元），较去年同期25.3亿元人民币的亏损几乎翻倍。
GAC's booth at the Beijing International Automotive Exhibition (Auto China) in April. For the first half of this year, GAC reported a net loss of 4.46 billion yuan ($666 million), nearly doubling from a 2.53 billion yuan loss for the same period last year.
广汽集团表示，收购一汽丰田50%股权“可直接增加公司投资收益，提升净利润”，同时还能利用规模经济效应。
Taking the 50% equity interest in FAW Toyota "can directly increase the company's investment income and improve its net profit" while also allowing it to take advantage of economies of scale, GAC said.
广汽集团称将通过发行新的人民币计价A股股份支付交易对价。虽然发行规模尚未确定，但发行价已定为每股5.75元。这比9月11日停牌前的收盘价5.09元高出13%。
GAC said it will pay for the transaction by issuing new yuan-denominated A shares. While the size of the new issuance has yet to be determined, the price was announced at 5.75 yuan per share. This is 13% higher than the stock's closing price of 5.09 yuan on Sept. 11 before trading was suspended pending the announcement.
一汽集团将成为广汽集团第二大股东，仅次于广汽集团的母公司广州汽车工业集团（广汽工业集团），后者由广州市国有资产监督管理委员会（国资委）持有。
FAW will become GAC's second-largest shareholder after GAC's parent, Guangzhou Automobile Industry Group (GAIG), which is owned by the city of Guangzhou's State-owned Assets Supervision and Administration Commission, or SASAC.
周二，广汽集团A股开盘报5.60元，较停牌前上涨10%，触及上海证券交易所规定的每日涨跌幅限制。该车企在港交所上市的H股未停牌，开盘上涨1.8%至2.58港元。
GAC shares opened at 5.60 yuan on Tuesday, up 10% from the pre-suspension level and hitting the daily limit set by the Shanghai bourse. The automaker's H shares traded in Hong Kong, which were not suspended, opened 1.8% higher at 2.58 Hong Kong dollars.
近年来，随着电动化浪潮冲击全球最大汽车市场，外资车企与中国内地国企的合资企业纷纷受挫。丰田虽未能幸免，但其业务依然保持盈利，有别于许多竞争对手。
Joint ventures between foreign automakers and mainland Chinese state-owned companies have been hit by the onslaught of electrification in the world's largest car market in recent years. Toyota has not been immune, but its businesses have remained profitable, unlike many competitors.
广汽与一汽的这笔交易标志着国有企业低效领域改革迈出的又一步，北京为此已努力数十年。公告称，这笔由中央控股的一汽与广州市属的广汽之间的最新交易，深化了“国有资产和国有企业改革，推动国有经济布局优化和结构调整”。
The GAC-FAW deal marks another step in reforming the inefficient state-owned sector, which Beijing has been working on over decades. The latest transaction between the central government-controlled FAW and Guangzhou's GAC deepens "the reform of state-owned assets and state-owned enterprises while promoting the optimization of the layout and structural adjustment of the state-owned economy," the filing said.
该交易也被认为对丰田有利，因为丰田将能够整合其在中国的资源。
The deal is also deemed to be beneficial for Toyota, as it will be able to consolidate its resources in China.