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In recent years, with the rise of trade frictions such as anti-dumping, many listed companies have adopted overseas methods to avoid risks. Jingu shares (002488) announced this week that due to the US anti-dumping and anti-subsidy investigation on Chinese steel wheels, in order to avoid the trade risks of export to the United States, it plans to set up a wholly-owned subsidiary in Asia, Asia Wheel Holdings Co., Ltd. , set up a factory in Thailand through Asian wheels.
The case of Jingu is only a microcosm of the anti-dumping wave of Chinese companies. According to the report of the Ministry of Commerce, China’s export commodities have been the focus of anti-dumping investigations by WTO members for more than a decade, and have been particularly prominent since the financial crisis. According to public information, the reporter has learned that since 2011, Antai Technology (000969, stocks) (000969), China Fiberglass (600176, shares) (600176), Boshen Tools (002282, shares it) (002282), the sea Bright shares (002203, shares it) (002203), Japan Group (002593, shares it) (002593) and many other listed companies set up subsidiaries overseas, build production bases, while avoiding anti-dumping risks, but also easy to resolve excess capacity Explore the potential of overseas markets. In general, Southeast Asia, which is convenient in location and relatively low in cost, such as Thailand and Vietnam, has become the first choice for these companies to go overseas.
Coping with the exporting winter
Recently, a news led by Foshan Ceramics Association to set up a production base in Thailand has attracted the attention of many ceramic industry people. In response to the harsh winter of exports, the Foshan Ceramics Base project in Thailand began preparations, starting construction in March and attracting foreign investment. Dai Yimin, president of the Foshan Ceramics Association, said that Thailand can be used as a production base to directly radiate the entire Southeast Asian market. At the same time, it can also be used as an export destination to evade anti-dumping in Europe and the United States.
Foshan ceramic industry has frequently encountered anti-dumping containment in recent years. In particular, the EU will impose a five-year tariff of up to 70% on Chinese ceramic tiles, which will cause Foshan ceramics to suffer exports in the EU. Some companies have been overwhelmed and have taken the lead in overseas. Set up factories or cooperate with foreign companies to avoid risks.
As the world's leading fiberglass producer, China Fiberglass is one of the most violent companies in the world for anti-dumping. Its holding subsidiary, Jushi Group, has encountered anti-dumping frictions such as the EU, Turkey and India. China Fiberglass said that it has set up more than 10 production and trading overseas companies such as South Africa, France, Italy, Canada, Spain and India, and has a global sales network. In response to the impact of foreign anti-dumping on exports, China Fiberglass decided to build a glass fiber production line in emerging market countries such as Egypt to evade international trade protectionism. Zhang Shuqiang, general manager of China Fiberglass, has publicly stated: "The establishment of a factory in Egypt can not only effectively avoid adverse effects such as anti-dumping and trade protectionism, but the local low energy prices and labor costs will enable the company's products to continue to consolidate and expand the global market share."
A related company person who did not want to be named told reporters: "In the face of the downturn in the overseas economic environment, the probability of barriers to foreign trade encountered by listed companies continues to increase. Some companies have already recovered their influence by actively operating legal weapons, but they have to face The long period of defense and the uncertainty of the results. Instead of being subject to people, it is better to take the initiative to adjust the direction and evade anti-dumping by means of overseas investment."
Sea peripheral plants need to control risks
The reporter noted that the umbrella effect of overseas bases on the export business of listed companies has already become apparent. Since the second half of 2011, anti-dumping cases against the United States, Brazil and other places, the companies on the Sun Group, Hailiang shares and other companies have said that they can reduce friction through overseas bases, it can be said that there is no fear of being prepared.
The Japanese group said: "The United States has decided to apply 110.58% to 193.54% of the anti-dumping temporary tax rate for Chinese steel wheel products, including 125.98% anti-dumping temporary average tax rate for the production and export of products of the above-mentioned group and subsidiaries. The Shanghai Group has now reduced the adverse impact of trade friction on the business development of the US market by increasing the production capacity of the Vietnam production base.†Hailiang also said that the company will actively respond to relevant legal matters and anti-dumping against the Chinese copper tube. Hailiang (Vietnam) Copper Co., Ltd., a wholly-owned subsidiary, exports copper pipes to Brazil to reduce the impact of anti-dumping cases.
In the view of many export-oriented companies, overseas factories can not only avoid trade barriers, but also enjoy local preferential policies and low-cost facilities. In order to intensify the trend of international trade protection, Hailiang has set up a number of overseas subsidiaries, such as Vietnam Hailiang, Hong Kong Hailiang, Hailiang (Vietnam) Copper, and US Hailiang, while vigorously developing the domestic market. The production and sales of products have gradually shifted to overseas, and they have also enjoyed preferential tax policies, effectively reducing the cost of labor and energy. Jingu also made it clear that the establishment of a factory in Thailand can also enjoy a series of preferential policies.
However, it is worth noting that there are many risk factors for listed companies to squad overseas. Antai Technology, which suffered from the anti-dumping of diamond saw blades in the United States and decided to settle in Thailand, said that the stability of the local political situation and social environment in Thailand poses certain risks to the smooth operation of the project. At the same time, as other diamond tool companies in China set up factories in Thailand, the future exists in the United States. The risk of launching an anti-dumping investigation against the Thai diamond tool industry.
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