On the last day of the Lunar New Year in 2007, Xu Heyi, the chairman of Beijing Automotive Group (BAIC), made a significant move by appointing the head of BAIC’s “Global Recruitment†initiative—Xu Heyi himself—to the general manager’s office at Beijing Modern Building on Jinyun Road. This shift also revealed the identity of the industry’s general manager at BAIC, sparking speculation among insiders.
Before media outlets broke the news, it was already known that the individual in question was Wang Dajing, a prominent figure currently serving as vice president of SAIC Motor. Wang has long been recognized as a technical expert, overseeing SAIC’s overall technical management and product development. His responsibilities include shaping mid- and long-term product strategies, building independent R&D systems, enhancing technological workflows, and driving the development of self-owned brands, new energy vehicles, and automotive electronics. His contributions have been instrumental in SAIC’s rapid growth, particularly in the expansion of its own brand.
This time, Wang Dajing moved to BAIC, taking on the role of general manager. His responsibilities now extend far beyond technical development. He is expected to support Xu Heyi in preparing three major strategic plans for 2008: full-scale listing of BAIC, expanding beyond local markets to establish a national presence, and accelerating internal integration to improve overall performance.
For Xu Heyi, the most critical goal in 2008 was to achieve the full listing of BAIC through the capital market. The Beijing Auto Group would be the key player in this process, which means Wang Dajing, previously focused on technical operations, now faces a challenging executive role. It's a shift from engineering to strategic leadership—a big step for someone with a technical background.
Looking at the experience of SAIC and Dongfeng, BAIC still has a long way to go before achieving a full listing. Listing isn’t an end in itself—it’s a means to drive growth. To succeed, BAIC must overcome four key challenges.
First, convincing joint venture partners to include Chinese assets in the listed company. This is a common hurdle for state-owned auto companies. Currently, BAIC’s main profit generators are joint ventures like Beijing Hyundai and Beijing Benz. Without their support, the listing may lose its significance. Unlike SAIC, which managed to get approval from Volkswagen and GM, BAIC’s position is weaker, making this the first major obstacle.
Second, ensuring strong financial performance in 2008. Companies typically go public when they're at their peak. However, BAIC’s subsidiaries didn’t perform well in 2007. Beijing Hyundai only saw a 3% increase, while Beijing Benz lagged behind SAIC’s joint ventures. BAIC Foton, though profitable, has limited control. These factors make it hard to meet the financial benchmarks required for a successful listing.
Third, creating a clear concept for a self-owned brand. SAIC’s delay in 2005 was partly due to a lack of brand strategy. Investors need confidence in the company’s future. With Wang Dajing’s experience in building brand strategies at SAIC, he is now tasked with developing a compelling vision for BAIC’s future, especially in passenger cars and SUVs.
Fourth, expanding BAIC’s scale through mergers and acquisitions. While BAIC achieved strong sales in 2007, reaching 900,000 units in 2008 will require more than just existing factories. Xu Heyi announced a “breakthrough local, expand nationally†strategy, targeting potential acquisitions in places like Fuzhou. Using government backing, BAIC could quickly grow its footprint and prepare for a smooth listing.
Finally, BAIC planned to achieve a full listing—not through an IPO, but by merging into Beijing Enterprises Holdings (0392.HK) and leveraging that platform for financing. Regardless of the method, the ultimate goal remains the same: use capital market funding to fuel continued, healthy, and rapid growth. Despite the challenges, the path to listing is one BAIC must take.
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