AutoBeta(AutoBeta.net)04/02 Report--

On April 2, Lifan Industrial (Group) Co., Ltd. (hereinafter referred to as "Lifan Co., Ltd.") issued a notice that its subsidiary Chongqing Lifan passenger car Co., Ltd. (hereinafter referred to as "Chongqing Lifan") recently received legal documents such as "notice of participation of Chongqing Arbitration Commission" and "Arbitration Application" served by Chongqing Arbitration Commission. Due to the dispute over the sales contract between Chongqing Lifan and Chongqing Panda Automobile Co., Ltd. (hereinafter referred to as "Panda Automobile"), Panda submitted an arbitration application to the Chongqing Arbitration Commission and compensated Chongqing Lifan for 798 million yuan. At present, the Chongqing Arbitration Commission has accepted the arbitration application.

According to the announcement, Panda Motor needs to buy a large number of new energy vehicles from Chongqing Lifan due to operational needs, and the two sides signed the Framework Agreement on the purchase of New Energy vehicles on June 25, 2015. After the signing of the framework agreement, the two sides and their designated companies signed detailed "purchase and sales contracts" for the purchase of new energy vehicles. From 2015 to 2018, the two sides and their designated companies signed a total of 22 "purchase and sales contracts" and purchased nearly 10,000 vehicles.

However, after Chongqing Lifan completed several batches of delivery, Panda Motor found that these new energy vehicles had serious quality problems such as serious battery decline and design defects in the course of operation, resulting in the failure of most vehicles requiring long-term maintenance. even the problem of unable to operate, resulting in serious losses. According to the announcement, Panda Motor claims from Chongqing Lifan 614 million yuan for asset loss, 160 million yuan for revenue loss, 22.1861 million yuan for traffic insurance loss and 19.891 billion yuan for rental loss of parking lots in the market, totaling 798 million yuan. Panda Motor has repeatedly urged Chongqing Lifan to collect, but Chongqing Lifan has not paid compensation so far.

It is worth mentioning that Panda Automobile is a new energy vehicle travel platform for strategic investment by Lifan Holdings. According to Tianyan check information, Panda Automobile, founded in May 2015, is a travel company mainly engaged in new energy vehicle rental business. According to the shareholding structure, the main shareholders are Chongqing Huiyang Holdings Co., Ltd., Chongqing Lifan Holdings Co., Ltd., and Lifan Industrial (Group) Co., Ltd., with a total stock ratio of 81%. However, under the background that Lifan shares are beset with difficulties, Panda Motor is also having a hard time. According to previous reports, Panda cars have withdrawn from several cities, user deposits are also non-refundable, and there are problems with the operation of Panda Motors.

In addition to Panda's claim of 798 million yuan, Lifan Motor also faces other high debt crises. On March 20, Lifan shares issued two announcements because of the default of "16 Lifan 02" bonds. As of March 15, a total of 530.3 million yuan of bonds were overdue because they could not be cashed on time. Trading in the bond was suspended from today because Lifan shares failed to pay the principal and interest on schedule.

To make matters worse, Lifan shares are in poor financial condition. According to the results previously released by Lifan, the net profit attributed to shareholders of listed companies is expected to be-4.981 billion yuan in 2019, a decrease of 5.234 billion yuan or 2068.77% compared with the same period last year.

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