AutoBeta(AutoBeta.net)11/18 Report--

Pang Qing, chairman of Youth Automobile Group Co., Ltd. (hereinafter referred to as "Youth Automobile Group"), which is famous for its "water-hydrogen engine", has officially declared bankruptcy of Hangzhou Youth Automobile Co., Ltd. (hereinafter referred to as "Hangzhou Youth Automobile").

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 Qixinbao information, Hangzhou Youth Automobile was founded in June 2008, and its business scope includes passenger car stamping parts, wholesale and retail cars, etc. Jinhua Youth Lotus Holdings Group Co., Ltd. owns 90% of the shares.

In 2014, Hangzhou Youth Automobile was frequently reported to have stopped production. From 2014 to now, Hangzhou Youth Automobile has been involved in 14 unfulfilled cases in Hangzhou Xiaoshan District Court, 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 is involved in as many as 176 legal cases, and Pang Qingqing, the legal representative of the company, has also been listed as the executor of breach of faith many times.

According to the data, Pang Qingqing was originally an unknown common people who spared cattle, drove tractors and sold tea. Pang Qingqing formed a bond with the car in the 1990s. It took several years to introduce and acquire German Neopland buses and quickly gain a foothold in the bus market.

In 2001, Pang Qing founded the Youth Automobile Group with a registered capital of 100 million yuan. In 2004, Pang Qingqing acquired Guihang Skylark and obtained the qualification of passenger car production, which marked that Pang Qingqing's Youth Automobile Group officially entered the car market.

In 2006, Pang Qingqing partnered with Proton Motors, the parent company of British Lotus Motors, to launch the "Youth Lotus" brand based on Proton Motors, and began to launch related models in China.

The fast-growing Youth Automobile Group is also working with the government to build production bases in Taian in Shandong, Ordos in Inner Mongolia and Shizuishan in Guizhou. In 2009, Pang Youth plans to build ten major production bases nationwide, making the annual output of youth cars reach 1.463 million. The factories will be built in Jinan, Tai'an, Lianyungang, Shizuishan, Ordos, Haining, Liupanshui and other places, with an 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.

Subsequently, the youth automobile group suffered frequent setbacks because of the lack of competitiveness of the car, and the youth automobile group began to be marginalized. In 2013, the Youth Automobile Group defaulted on employees' wages. in order to alleviate the financial problem, Pang lowered the threshold for access to dealers. After receiving the advance payment from dealers, youth cars were used to fill debt disputes rather than to produce cars, which eventually led to the protection of dealers' rights.

In 2014, news of production and shutdown was reported at several production bases of Youth Automobile Group, and as production fell short of expectations, the government also began to demand compensation from Youth Automobile Group, aggravating the capital and survival pressure of Youth Automobile Group.

In 2017, Zhejiang Xiaoshan District people's Court formally accepted the Hangzhou Youth Automobile bankruptcy liquidation case based on the application of the creditor Hangzhou Harmony Branch of Shanghai Pudong Development Bank Co., Ltd. From September 2017 to now, more than two years later, with the end of bankruptcy proceedings, Hangzhou Youth Motor officially declared bankruptcy.

Hangzhou Youth Automobile is an important part of Pang Youth Automobile Industry. Hangzhou Youth Automobile has been declared bankrupt. In fact, the Youth Automobile Group, which controls Pang Youth, is also in debt quagmire.

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. The court held that the Youth Automobile Group and its affiliated companies mainly produce and sell new energy vehicles, which belongs to the industry supported by the state.

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.

Although the Youth Automobile Group has received government subsidies, it does not mean that the situation of the Youth Automobile Group has turned the corner. According to the enterprise investigation information, the Youth Automobile Group received 229 referee documents; 25 pieces of bad faith information; 8 pieces of information about the person subject to execution; and 95 stock rights freezes. On November 7th, the 45 million stake in Youth Automobile Group was frozen.

The actual holding person of the company, Pang Youth, has been listed by the court as the executor of bad faith for many times, and the shares of many of its companies have also been frozen by the court. Today's Youth Automobile Group has been in great danger, and many of the companies it controls have frequent operational crises. How far is Youth Automobile Group from bankruptcy?

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