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Huang Ximing said that "Bo County will not go any further" at an internal meeting recently, according to media reports citing people familiar with the matter. it also said it would make an acquisition of a new company led by Zhang Chang, director of human resources.

Huang Ximing will no longer hold the position of CEO and chairman of Nanjing Boxun, according to people familiar with the matter. Zhang Chang, director of human resources, led the establishment of a new company for acquisition, saying that "the new company is the only way to save oneself at present."

As for the relationship between the new company and the old company (Boxun Motor), Bolshund explained that the new company will buy intangible assets such as people, data, intellectual property, supply chain and other intangible assets at a low price. The old company can obtain funds by selling these assets, and when the funds are in place, they will also give priority to the payment of wages owed to employees and social security advances.

According to Boxun Automobile, Zhang Chang is actively looking for investment. At present, four investment companies are interested in investing, with a financing success rate of 78% to 80%, a capital availability time of about 2 to 3 months, and a first round of financing of about 100 million yuan. But at the same time, as long as the new company has 300 employees, it will re-sign the contract with Bo County employees on a voluntary basis, promising to pay wages on time, and emphasizing that the arrears of wages in the old company have nothing to do with the new company. the current arbitration and litigation of employees against the old company has nothing to do with the new company.

Obviously, Huang Ximing's abandonment of Boxun cars has something to do with the "lack of money".

According to SkyEye, so far, Boxun has completed six times of financing, the most recent of which was in June last year, when Boxun received 2.5 billion yuan from Silver Saddle Capital, Shengshi Investment, Pukou High Investment and other investments. the specific amount of the previous five rounds of financing was not disclosed. However, according to the data, Boxun's operating income in 2017 was only 13.18 million yuan, with a net profit loss of 300 million yuan. As of the end of June 2018, Boxun Automobile assets of 420 million yuan, total liabilities of 440 million yuan, the company has been insolvent.

In November 2019, Tianjin Boxun, a joint venture between Boxun and FAW Xia, was officially registered. The registered capital of the joint venture company is 2.54 billion yuan, and FAW Xiali contributes 505 million yuan with assets and liabilities related to land, plant, equipment, etc., which have been evaluated and put on record, with a shareholding ratio of 19.9%. Nanjing Boxun contributes 2.034 billion yuan in cash, with a shareholding ratio of 80.1%.

According to the agreement, Boxun Motor shall, within 30 days from the date of obtaining the business license of the joint venture company, pay 1 billion yuan in currency to the joint venture company. However, due to the problem of funds, Nanjing Boxun has so far only paid 14.1 million yuan in currency to Tianjin Boxun, which is a far cry from the 1 billion down payment promised in the agreement.

To this end, FAW Xiali issued a notice on May 28, saying that if Boxun Automobile fails to fulfill its capital contribution obligations in accordance with the shareholders' agreement, FAW Xiali has the right to claim compensation or terminate the agreement and bring a lawsuit.

In addition to 1 billion of the down payment of the joint venture is not paid on time, Boxun Automobile has actually exposed the news of arrears of wages and payments to suppliers since last year.

In January, Boxun sent employees an email about "social security account information," which showed that employees had to pay for their own social security and transfer it to the company's account, along with the company's name, account and bank of deposit.

In March this year, it was revealed that Boxun Automobile requires employees to pay their own social security, not only for individuals, but also for the company.

In April this year, an administrative decision issued by the Human Resources and Social Security Bureau of Minhang District of Shanghai showed that employees were in arrears of nearly 26.7 million yuan in December 2019 and January 2020 alone. the Security Bureau asked Shanghai Sizhi (Boxun Automobile Associated Company) to pay the wages owed to more than 600 employees in a timely manner.

On June 10, a group of employees questioned Huang Ximing, saying that "he has not received his salary for seven months, and now his life is very difficult," and asked Huang Ximing to hold a staff meeting before June 12. Explain to all employees who are in arrears of wages the current situation of the company and the progress of the work promised to pay wages on June 30. The employee said that if Huang Ximing did not hold a staff meeting and explain the progress of the payment of wages in arrears, he would report the illegal facts of malicious arrears of wages to the law enforcement agencies on June 15 and severely punish the malicious illegal acts of the relevant management. At the same time, it calls on all employees who are owed wages to take up the weapons of the law and safeguard their legitimate rights and interests.

Huang Ximing said in the WeChat group that he hoped that employees would not believe the rumors and not spread rumors, while admitting that the company had great operational difficulties, but also said that he and the management were actively thinking of ways to deal with it, because "bringing down the company is not good for everyone." so I hope everyone will treat it rationally.

It is understood that now Boxun Auto employees have two choices: either to leave, Boxun Automobile promises to pay off the wages in arrears by July 31, but cannot participate in rights protection actions such as arbitration during this period, or wait for the post, the period is from June 1 to December 31, during which employees can receive a minimum living allowance of 2480 yuan per month.

In addition, due to the deep financial quagmire and uncertain development prospects, senior executives of Boxun Automobile have left one after another, including Chen Xi, vice president of marketing and sales, Zhang Zhen, president of marketing and communication, Zhang Tian, vice president of employee marketing, Zhang Zhiwei, in charge of Sandian, and even Yi Xiaochuan, CFO of the company, but it has not been officially confirmed.

Boxun Automobile, as one of the new car-building forces in China, has released two mass-produced SUV models-iV6 and iV7, but the mass-produced models are still in the PPT stage. Due to the arrears of employees' year-end bonuses and overtime pay, employees' rights are protected, and the suppliers are out of stock. Boxun car production stagnates. Without the outbreak, Boxun may have a chance to survive through financing. The heavily indebted Bergshire will have a chance to survive through the acquisition of the new company. On the other hand, once the new company completes the acquisition, Boxun is actually a shell company, no different from "out".

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