AutoBeta(AutoBeta.net)11/06 Report--

Zhejiang Zhuji Wanbao Machinery Co., Ltd., a wholly-owned subsidiary of Wanan Technology, submitted a civil lawsuit to the people's Court of Zhuji City on October 18, demanding Huatai Motor and its subsidiaries to pay about 13.17 million yuan, according to a notice issued by Wanan Science and Technology on November 5. At present, the people's Court of Zhuji City, Zhejiang Province has accepted the case.

The announcement said that the defendant Tianjin Huatai car body continued to purchase brake assembly, vacuum booster assembly, clutch pump assembly and other auto parts from Zhuji Wanbao. Zhuji Wanbao delivered goods on time according to the order and fulfilled its contractual obligations in a timely manner. However, Tianjin Huatai car body was in arrears of payment and failed to pay the goods in time in accordance with the payment time stipulated in the contract. As of the date of prosecution, Tianjin Huatai still has 13.17 million yuan in loans and outstanding default interest.

The defendants are Tianjin Huatai Automobile body Manufacturing Co., Ltd., Huatai Automobile Group (Tianjin) Co., Ltd. And Huatai Automobile Group Co., Ltd. Among them, Tianjin Huatai Automobile body is a 100%-owned subsidiary of Huatai Automobile Group (Tianjin), and Huatai Automobile Group (Tianjin) is a 100%-owned subsidiary of Huatai Automobile Group. Although the three companies are registered as independent enterprise legal persons in the industrial and commercial registration department, the boundaries are blurred and their personalities are confused. Among them, Tianjin Huatai's car body defaults a huge amount of money, which makes other affiliated companies evade huge debts, which seriously damages the interests of creditors.

It has become the norm for Huatai Automobile to owe employees' wages and dealers' payment due to funds. On the 10th of last month, some media said that four Chinese car companies, including Huatai Motor, would go bankrupt at the end of the year. It is worth noting that all four car companies issued a statement to clarify the incident. But the operating conditions of these companies are hardly optimistic, especially Huatai Automobile. At present, all factories have been closed, dealerships have no vehicles to sell, and wages, payment and compensation for cases in arrears to employees are more than 2 billion yuan. Its shares in dawning Group have also been judicially frozen many times.

On November 1st, dawning issued an announcement that the 133 million shares held by major shareholder Huatai Motor, accounting for 19.77% of the total share capital of dawning shares, were frozen on the judicial waiting list.

On August 29th, Kyushu Securities applied to freeze the unlimited sale and return of 130 million shares held by Huatai Motor for a period of three years.

On September 27th, Cheung Kong Securities applied for a three-year freeze on the unlimited sale of tradable shares and interest of 130 million shares held by Huatai Motor due to a bond trading dispute.

Of course, Huatai Motor, which faces serious financial difficulties, has not given up the hope of financing. In July this year, Huatai Motors and R & F Real Estate reached a partnership, the two sides will cooperate in new energy vehicles, self-driving and other areas, saying that R & F Real Estate has bought a stake in Huatai Motors.

However, the good times did not last long. On August 22, R & F Group made it clear that it suspended its cooperation with Huatai Motor, saying that the two sides were only an intention to cooperate, let alone enter into shares and other links.

Although Zhongtai and Lifan bus companies are reported by CCTV that there are operational difficulties, but for now, Huatai Automobile's situation is much more serious than the above two car companies.

According to an announcement issued by dawning Group on November 1st, Huatai Motor currently has a total debt of about 2.212 billion yuan. In addition, Huatai Motor has stopped production at its three major production bases in Tianjin, Rongcheng, Shandong and Ordos, Inner Mongolia. Internal employees and even senior executives of the company did not get the company for many months, and the cumulative arrears of wages were as high as 7 million yuan. Dealers and workers went to the company many times to urge money to protect their rights, but they all got no results.

Some internal employees said that Huatai Automobile has been stuck in a quagmire, its distribution stores have no cars to sell or close, the three major factories have completely stopped production, and the arrears of wages, loan payments, and litigation compensation are more than 2 billion yuan. Huatai Automobile is in urgent need of a large amount of capital, but the current Huatai Automobile is facing great investment risks and high debt ratio, and there is basically no possibility of financing.

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