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It is learned from the announcement network of the people's Court that as the bankruptcy property of Hangzhou Youth Automobile Co., Ltd. has been distributed, in accordance with Article 120 of the Enterprise bankruptcy Law of the people's Republic of China, on October 21, 2019, the court ruled to terminate the bankruptcy proceedings of Hangzhou Youth Automobile Co., Ltd.

According to the investigation, Hangzhou Youth Motor has involved as many as 176 legal cases, and Pang Qingqing, the legal representative of the company, has been listed as the executor for breach of trust many times.

In response to the bankruptcy of Hangzhou Youth Automobile, Pang Qing has so far responded.

The development of Youth Automobile Group (hereinafter referred to as Youth Automobile):

In 2001, Youth Automobile was established with a registered capital of 100 million yuan, with Pang Qing as its legal representative.

In 2004, Pang Qingqing moved to Guizhou Skylark and obtained the production qualification of passenger car.

In 2006, Youth Automobile partnered with Proton Motor to produce cars in China based on two Proton cars. In the same year, Youth car changed the name of "Skylark" to "Youth Lotus".

Since then, Youth cars have been involved in various disputes, resulting in a sharp decline in sales and performance due to the lack of competitiveness of their models. However, even under such circumstances, Pang still did not give up.

In 2009, Pang Qingqing said that he would build ten largest automobile production bases across the country, so that the annual production capacity of youth cars would reach 1.463 million, with an estimated investment of 44.4 billion yuan.

The ambitious youth Pang put forward many plans, but all of them ended in failure.

In 2010, Pang Qingqing wanted to buy Saab, which was on the verge of bankruptcy, but the acquisition came to nothing. Finally, Saab was ruled bankrupt by the court in 2011.

In 2013, youth cars were in arrears with their employees. In order to alleviate the financial problem, Pang lowered the threshold for access to dealers. After receiving advance payments from dealers, youth cars were used to fill debt disputes instead of producing cars, which eventually led to the protection of dealers' rights.

In 2014, youth passenger cars stopped production on a large scale.

In 2017, Jinhua Youth Automobile Manufacturing Co., Ltd. was issued an administrative penalty by the Ministry of Industry and Information Technology for fraudulent compensation. In the same year, Zhejiang Youth Lotus was finally ruled bankrupt by the court because it was insolvent.

Hangzhou Youth cars stopped production as early as 2014. Since 2014, Hangzhou Xiaoshan District Court has been involved in 14 unfulfilled enforcement cases, totaling about 103 million yuan. The court held that if Hangzhou Youth Motor failed to fulfill the payment obligations stipulated in the legal documents, it should be determined that it could not repay the debts due, and that it obviously lacked the ability to repay, and already had the reasons for bankruptcy.

At present, Hangzhou Youth Automobile has been officially bankrupt, and the current situation of its holding parent company Youth Automobile Group is not optimistic.

For the Youth Automobile Group, the biggest impression is its self-developed "water-hydrogen engine".

On May 22, Nanyang Daily published an article entitled "the water-hydrogen engine is offline in Nanyang, and the municipal party secretary likes it", saying that the Nanyang water-hydrogen engine is offline, which means that vehicles only need to add water to drive.

At the same time, Pang Youth also announced that the company had successfully developed a "vehicle that can be driven only by adding water", which immediately caused an uproar in the society, denouncing it as a scam, while Pang Youth was fearless and confidently invited the major media to watch.

Pang Qingqing showed off a "water hydrogen car", which can really drive on the road after adding water. However, Pang youth avoided talking about core technology and other related information. In short, Pang Qing's "water hydrogen car" not only did not win unanimous recognition from the outside world, but was sighed by the industry.

On August 30, Youth Automobile Group was applied for bankruptcy liquidation by state-owned enterprises. The applicant Haining Asset Management Company applied to the court for bankruptcy liquidation of Youth Automobile Group on the grounds that Youth Automobile Group Co., Ltd. failed to repay its due debts and clearly lacked the ability to repay, but the application was rejected by the Intermediate people's Court of Jinhua City, Zhejiang Province.

In the face of the bankruptcy liquidation application put forward by Haining Asset Company, the Youth Automobile Group raised an objection to the court that its property is greater than its liabilities and has high operating value. The property balance sheet shows that at the end of 2018, the Youth Automobile Group has property of 1.583 billion yuan and liabilities of 735 million yuan, and property exceeds liabilities, which does not constitute the bankruptcy conditions prescribed by law.

The court held that the Youth Automobile Group and related companies mainly produce and sell new energy cars, and the industry belongs to the state-supported profession. Some of the central resources of the youth automobile series enterprises have operational value, and the youth automobile group is still in continuous operation, and there is no situation that the property cannot be realized completely, although the youth car group has certain repayment difficulties, however, it is possible to pay off the debt through self-negotiation, government assistance, introduction of capital contribution and so on.

The Youth Automobile Group will also receive a subsidy of about 118 million yuan, according to the announcement on the liquidation and examination of subsidy funds for the promotion and application of new energy vehicles in 2017 issued by the Ministry of Industry and Information Technology.

According to enterprise investigation data, the Youth Automobile Group has 375 risk information, involving as many as 670 legal cases. Pang Qing, as the legal representative of the company, has been listed by the court as the executor for breach of trust many times, and the shares of many of its companies have also been frozen by the court. Today's youth cars are in great danger, and their companies have been ruled bankrupt by the court one after another. How far is the Youth Automobile Group from bankruptcy?

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