· Parallel import of car pilots to start the relevant companies

The Shanghai Municipal Commission of Commerce and the China (Shanghai) Pilot Free Trade Zone Management Committee jointly issued the Notice on the Pilot Project of Parallel Imported Cars in the China (Shanghai) Pilot Free Trade Zone on January 7th, marking the Shanghai Free Trade Zone. The parallel import vehicle pilot was officially launched. Insiders pointed out that the liberalization of parallel imported cars will help break the monopoly of multinational manufacturers, and the price of imported cars will be affected. The launch of the pilot is expected to bring benefits to companies such as Takahashi and SINOMACH.
The automobile anti-monopoly further deepened the requirements of the Shanghai Municipal Commission of Commerce in the notice. The pilot enterprises should fulfill the obligations of product recall, quality assurance, after-sales service, automobile three-package, and average fuel consumption accounting according to law, and do not allow the import of used cars and illegally modified vehicles. It is also responsible for eliminating quality defects using the original manufacturer's approved program. The Shanghai Free Trade Zone will establish a free trade zone import auto trading center on the basis of the Waigaoqiao auto trading market. China Merchants Securities believes that this will help to explore and improve the standardized parallel import vehicle operation management system including overseas procurement, new car sales, spare parts supply, maintenance, three guarantees and recalls, and service support.
On November 6, 2014, the “Several Opinions on Strengthening Imports” issued by the State Council clearly pointed out that we should further optimize the management of import links and step up the pilot of parallel import of automobiles in the Shanghai Free Trade Zone. According to the plan, the parallel import vehicle pilot will be based on the advancement of the free trade zone, and based on the advancement situation, after gaining certain experience, the trading scope will be expanded in a timely manner. Industry insiders pointed out that Tianjin, Guangdong and Fujian Free Trade Zones have been approved, which means that the successful experience of parallel imported car pilots is expected to be promoted in other free trade zones.
Insiders pointed out that the launch of the parallel import vehicle pilot indicates the deepening of the country's anti-monopoly on automobiles. The parallel import liberalization will weaken the monopoly position of multinational manufacturers and general distributors, and the price of imported cars is expected to decline, which is conducive to the expansion of the entire imported car market.
Short-term benefits to related companies After the State Council issued the "Several Opinions on Strengthening Imports", on November 14, 2014, Waigaoqiao announced that it intends to increase the capital of Shanghai Waigao Auto Trading Market Co., Ltd., mainly for The free trade zone will carry out parallel import vehicle pilots, that is, at the same time that China's single brand authorized automobile import business model, the multi-channel import business model of brand vehicles will be carried out in the free trade pilot zone. Waigaoqiao said that it will actively explore the innovation of China's brand automobile import management system and deepen the service chain of the auto industry in the free trade zone.
Haitong Securities believes that the pilot of parallel imported cars in the Shanghai Free Trade Zone is expected to prompt the Waigaoqiao to effectively cut into the automotive aftermarket, which will enable dealers and consumers to enjoy more convenient, efficient and quality service. In addition, the liberalization and improvement of the parallel imported automobile market will help reduce the current high import price and promote the increase in trading volume.
Everbright Securities believes that the expansion of the parallel import market will inevitably impact the conventional import channels, which will mainly reflect the price of imported cars, which will instead compress the most primitive economic power that the parallel import market relies on – low prices. Under the premise of not having an impact on the imported car price system, SINOMACS is pushing the parallel import business in the short-term.

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