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On June 28, Huang Ximing, founder of Boxun Automobile, once again posted an internal letter on WeChat group. In this internal letter, Huang Ximing said that Boxun Automobile is currently in the operation stage of light asset mode, and there are no saleable assets such as land and factories to solve the employees' practical problems. He also apologized for the difficulties brought to the employees because the company was unable to fulfill its promises to the employees in the past year.

At the same time, Huang Ximing said that he tried to cooperate with other manufacturers or newcomers in the industry to recover funds by working with intangible assets such as models, platforms and intellectual property rights built over the past three years, giving priority to employees' social security, provident fund and salary.

Huang Ximing also said in the internal letter, "without external capital injection and government support, relying on my personal strength is really impossible to restore the normal operation and development of the company in the short term." I hope that colleagues can help each other, actively look for job opportunities or other ways to reduce economic pressure, and be understood by employees. Protect one's own rights and interests in a reasonable way. In addition, Huang Ximing also said that "no matter how much energy and difficulties I encounter, I will stay in China and try my best to protect everyone's legitimate interests." in a sense, he refutes the recent rumors that "Boxun CEO ran away to the United States."

Boxun Automobile, founded in 2016, is one of the new forces in China, formerly known as American Advanced vehicle Technology Co., Ltd. (AVT) and Shanghai Sizhi Automotive Engineering Technology Co., Ltd., engaged in chassis platform, vehicle performance, three electric technology, lightweight technology and other business.

In September 2019, Boxun Automobile and FAW Xiali signed an agreement to formally establish a joint venture "Tianjin Boxun Automobile Co., Ltd.". As a result, Boxun also has the qualification to build cars.

In January 2019, the Big Dipper announced that the accounts receivable owed by Bo County had been overdue since July 2019, and the whole vehicle project in Bo County had been suspended due to the tight capital chain.

It was revealed in March that employees were required to pay their own social security because of financial difficulties. In April, Bo County management said there would be a financing amount at the end of the month and promised to give priority to solving the problem of employees' social security contributions, but the money did not arrive on schedule. At the end of May, Boxun told employees that "investors have settled in and transferred, please actively cooperate with the relevant work to promote the landing of funds."

On June 15, Bo County issued a human resources notice, saying that the company was waiting for work from now on due to financial problems. 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."

Boxun, which has basically abandoned car-building, and the planned iV6 and iV7 models, originally planned to be produced by the joint venture Boxun in Tianjin, are nowhere in sight for mass production.

Recently, CCTV Finance named two new car-building forces, Sailin and Baiteng. Most of the new car-building forces have been in the game since 2015 under the label of "Internet + Electric", with a maximum of nearly 50. But now the new force of car building has entered the knockout stage, hovering on the brink of life and death.

Some people in the industry said that Sailin, Baiteng and Boxun are not a corporate phenomenon, or even a group of phenomena, lack of money, and encounters an epidemic, no core technology, no core products, everyone will suffer.

The following is the full text of Huang Ximing's internal statement:

Dear colleagues,

Hello everyone! It is a great pity that at such a time, in this way, a statement was issued to colleagues as follows:

Since the cash flow problem of Boxun Motor in the second half of 2019, the company management and I have been trying our best to coordinate the capital injection of the government and external investors to solve the problem. After months of extensive communication and efforts, the maximum profit still failed to achieve the desired results, making it impossible for the company to fulfill its promise to reissue arrears of wages and benefits this month as scheduled. Out of the feelings of the broad masses of employees and the original intention to protect the interests of employees to the greatest extent, as well as the optimism about the availability of investment funds, the company did not adopt strategies such as stopping production and reducing wages by rotation as early as possible during the epidemic. In the end, it caused the enterprise to bear a greater burden, delaying the salary and benefits of all staff for several months, and bringing all kinds of difficulties in life. On behalf of the company, I deeply apologize!

As the company is still in the light asset mode operation stage, there is no land, factories and other salable assets to solve the practical problems of employees. Despite the downturn in the capital market after the epidemic and the extremely cautious investment in the new energy vehicle industry, some senior executives and I are still insisting on actively exploring various cooperation models to find new investors at all costs. On the other hand, we have never stopped trying to work with other manufacturers or newcomers in the industry to recover funds from the wisdom we have built over the past three years (including intangible assets such as models, platforms and intellectual property rights). In order to give priority to employees' social security, provident fund and salary and other immediate problems. But this is not an easy task, and it will take some time from finding sources and signing agreements to delivering and recovering cash. Here, I solemnly promise that no matter how much energy and difficulties I encounter, I will stay in China and try my best to protect your legitimate interests. At the same time, I will also call on management to help employees solve employment and other problems as much as possible and actively tide over the current difficulties.

Boxun Automobile has been founded in the spirit of independent innovation and the original intention of building a national brand of China's new energy industry. You who have the same wish will come together and have made a lot of proud achievements. The mileage of the prototype car will reach more than 500 kilometers in 2017, and the three major platforms currently developed will still be internationally competitive for quite a long time in the future. Unfortunately, because we place too much emphasis on independent innovation and international competitiveness of our products, we do not have a good grasp of the changing direction of China's investment, we do not make the overall planning and arrangement of funds, and there is a lack of emergency plans and timely stop-loss measures. As a result, companies like Boxun, which have core technology and insist on building national brands, have not been able to successfully enter the second half of the competition in the new energy industry. I deeply regret this! Myself, the management and the core backbone have invested a lot of money, time and energy into the company one after another. up to now, without external capital injection and government support, I only rely on my personal strength. I really can't resume the normal operation and development of the company in the short term. I hope you will understand. I would also like to express my heartfelt thanks to those employees who continue to stick to their dreams and devote themselves to the company.

In the most difficult times at present, I hope that colleagues will help each other and actively look for job opportunities or other ways to ease the economic pressure. I sincerely hope that everyone will think calmly and rationally and safeguard their own rights and interests through reasonable and legal means. The epidemic in 2020 has brought a devastating blow to many enterprises, but I still firmly believe that with the understanding and support of Boxian people, the company will be able to gradually get out of the haze, create miracles and find new opportunities for development.

Thank you!

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