AutoBeta(AutoBeta.net)11/09 Report--

On the evening of November 8, Zhongtai Motors announced that Zhongtai Motor had received a letter from the controlling shareholder Tieniu Group that the shares of the company held by Tieniu Group had been judicially frozen.

According to the contents of the announcement, due to contract disputes, Tieniu Group's shares held by the company were judicially frozen, and the frozen state was preserved by litigation, with a total of 487 million shares frozen for a period of three years. It is worth noting that of the above-mentioned frozen shares, 417 million shares are waiting for the freeze, and the judicial freeze is carried out by the Yongkang City people's Court.

As of the date of announcement, the total number of shares held by Tieniu Group was 786 million shares, accounting for 38.78% of the total share capital of the company, the cumulative number of shares pledged was 648 million shares, accounting for 31.95% of the total share capital of the company, and the cumulative number of shares frozen by justice was 786 million shares, accounting for 38.78% of the total share capital of the company.

Zhongtai Motor sought confirmation from Tieniu Group, which said that it had not yet received relevant notices or court decisions related to the judicial freeze and waiting freeze, and the reasons for the judicial freeze and waiting freeze need to be further confirmed.

It is worth noting that on November 6th, part of the shares held by Tieniu Group and Huangshan Golden Horse Group Co., Ltd., a concerted actor, were judicially frozen, with a total of 365 million shares frozen.

Nearly 250 million shares of Tieniu Group were judicially frozen by the Beijing No. 2 Intermediate people's Court, the Shenzhen Intermediate people's Court of Guangdong Province, and the people's Court of Pudong New area of Shanghai due to contract disputes, accounting for 31.83% of the shares held. The 106 million shares held by Jinma Group were also frozen by the Shenzhen Intermediate people's Court of Guangdong Province because of contract disputes, accounting for 100% of the shares for a period of three years.

With regard to the judicial freeze on the shares of Tieniu Group, Zhongtai Motors said that the company and the controlling shareholders are different subjects and remain independent with the controlling shareholders and concerted actors in assets, business, financial and other aspects. up to now, the judicial freezing of the company's shares held by the company's controlling shareholders and waiting for freezing will not have a significant impact on the company's production and operation for the time being.

Recently, CCTV conducted an on-the-spot investigation on the operation of Zhongtai Automobile and found that Zhongtai Automobile's factory was in a state of semi-stop production, many stores had no cars to sell, and even some stores had closed their doors and stopped selling.

In addition, according to Tianyan check information, Zhongtai Motor also faces a number of sales contract disputes since the beginning of this year. Last month, because Zhongtai Motor owed 621 million yuan in payment for Bic battery, Bick Battery appealed to the court four companies, Hangzhou Jiereng Power Battery Co., Ltd., Zhongtai New Energy Automobile Co., Ltd., Yongkang Zhongtai Automobile Co., Ltd., and Zhongtai Automobile Co., Ltd., asking the court to freeze more than 40 million of their assets.

As Zhongtai car owed 612 million yuan in payment for Bic battery, Bic battery also owed payments to other companies, and was collected by many upstream suppliers. Unfortunately, Bick battery is also a victim.

On November 6, Rongbai Technology announced that the overdue accounts of Bick Power exceeded 206 million yuan, which may not be recoverable. On November 7, Dangsheng Technology announced that the balance of accounts receivable in Shenzhen Bic and Zhengzhou Bic totaled 378 million yuan, and there was still a risk that the accounts receivable could not be recovered.

Last month, there were rumors that a bank had issued a notice to investigate the bankruptcy risks of car companies such as Zhongtai Motors. Although the rumors were subsequently clarified, hundreds of millions of bills owed by Zhongtai Motors to suppliers such as Bick batteries were hammered.

Zhongtai Automobile is an automobile manufacturing enterprise, with Zhongtai, Jiangnan, Junma and other independent brands, through the "reproduction" luxury brands and cheap prices also have glamorous moments.

However, with the decline of the car market, Zhongtai Automobile and other new energy car companies are also in crisis, their operating conditions are worrying. According to the financial results released by Zhongtai Automobile, the company's operating income in the first three quarters was 5.401 billion yuan, down 59.59% from the same period last year, while the net profit of shareholders belonging to listed companies lost 760 million yuan, down 283.02% from the same period last year.

In October this year, the media exposed that four Chinese car companies, including Zhongtai Motors, will enter bankruptcy proceedings in Niudi. Although Zhongtai Motors issued a relevant announcement to clarify, the current business situation is not optimistic.

For the current Zhongtai Automobile, the era of luxury through "re-engraving" has passed, the technology of Zhongtai Automobile has not been substantially improved, and it is still unknown whether the crisis of Zhongtai Automobile can be relieved. However, as Zhongtai Motors continues to lose money and is expected to freeze the shares of its controlling shareholders, more and more suppliers are also affected.

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