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Yinlong New Energy Co., Ltd. was listed as the person subject to execution by the Beijing No. 1 Intermediate people's Court a few days ago, with the target of 36.6676 million yuan, and the case was filed on November 13. In response to the news, Yinlong New Energy officially issued a statement saying that it would apply for cancellation of arbitration and that the case should be held against founder Wei Yincang.

It is understood that this is an arbitration dispute over "financial advisory fees". Citic Securities initiated arbitration with the Beijing Arbitration Commission to recover financial advisory fees from Yinlong New Energy during 2015-2016.

According to the Yinlong New Energy statement, the incident originated from the illegal operation of Wei Yincang, the former actual controller of the company. in 2015, the company signed two financial consultant agreements with CITIC Securities on behalf of the company, agreeing that the company should pay a total of 40 million yuan in financial fees to the latter, and the late payment of interest was agreed in the financial consultant agreement.

In May this year, CITIC Securities applied to the Beijing Arbitration Commission for arbitration based on two financial advisory agreements, claiming 40 million of financial consultancy fees and liquidated damages, totaling about 60 million yuan. However, after receiving the letter from CITIC Securities, Yinlong New Energy believed that the signing procedures and contents were illegal and complied with the regulations, and refused to pay the relevant financial advisory fees and subsequent liquidated damages.

In October 2019, the arbitration tribunal awarded the company a total of 36.668 million yuan in financial consulting fees, liquidated damages and interest in one of the agreements. Therefore, the company was listed as the person subject to execution by the first Intermediate people's Court of Beijing on November 14, 2019. Next, the company will apply for revocation of the arbitral award and propose not to enforce the arbitral award.

According to public data, Yinlong New Energy was founded in December 2009 with a registered capital of 640 million yuan and a major shareholder of Yinlong Group, with a capital contribution of 287 million yuan and a shareholding ratio of 25.99%, which is controlled by Wei Yincang.

After Dong Mingzhu's plan to buy Zhuhai Yinlong at the price of 13 billion yuan from a listed company suffered a setback in 2016, Dong Mingzhu decided to make a private investment in Zhuhai Yinlong in December of the same year. After three additional investments in Zhuhai Yinlong, Dong Mingzhu already holds 17.46% of Zhuhai Yinlong's shares, making it the second largest shareholder.

Since Dong Mingzhu joined the stock, he began to adjust the management. Wei Yincang resigned as chairman, followed Sun Guohua, Wei Yincang's deputy for many years, and served as president. Lu Chunquan became chairman of Zhuhai Yinlong, and Lai Xinhua, with Gree background, became president.

Until November 2018, the contradiction between Dong Mingzhu and Wei Yincang began to intensify and expose. Yinlong New Energy released news to report that the former chairman of the company, Wei Yincang, and the former president, Sun Guohua, were suspected of embezzling the company's interests by illegal means, and he himself fled to the United States.

As a result, Yinlong New Energy has been repeatedly exposed with negative news, and there has been a constant storm of public opinion that it has fallen into trouble and stopped production. From the beginning of last year, Yinlong was revealed to be in arrears of more than 1.2 billion yuan in payment to suppliers. Although in the context of the increasingly difficult new energy vehicles, Yinlong New Energy is still struggling to support. However, according to the information from the heavenly eye, in addition to being listed as the person to be executed again, Yinlong New Energy has its own risks as high as 50.

According to the current Yinlong New Energy said that the company's operating conditions are normal, but previously exposed a series of layoffs, arrears of wages and the recent situation, the company's business situation is not optimistic. At the end of last year, Dong Mingzhu also admitted that it was a "hole" to enter Yinlong, but he also said he did not regret building cars. Industry insiders believe that the problem of Yinlong new energy represents a common problem in the industry, that is, to create momentum or build cars first.

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