AutoBeta(AutoBeta.net)07/09 Report--

According to media reports on July 8, more than 30 Zhongtai employees gathered in front of Zhongtai Automobile at No. 1 Beihu Road, Yongkang City, Zhejiang Province, and communicated with relevant leaders of Tieniu Group for nearly two hours, demanding that Tieniu Group, the parent company of Zhongtai Automobile, immediately repay the high internal fund-raising loan that occurred in April last year.

Tieniu Group proposed to repay 10% of the loan within three days by selling some test cars of Zhongtai Automobile Research Institute, but this method was opposed by Zhongtai employees.

According to a loan agreement provided by Zhongtai employees, in April 2019, Tieniu Group signed loan contracts of varying amounts with more than 80 Zhongtai employees in order to maintain the operation of the company, with a monthly interest rate of 1.2% and a payment every three months. Tieniu Group should pay the principal and interest in a lump sum on the repayment date. According to insiders, Tieniu Group borrowed a total of more than 10 million yuan from Zhongtai employees.

The loan contract signed by both parties shows that the loan behavior is voluntary, and the funds borrowed by Tieniu Group from Zhongtai employees will be used for all purposes of the company, and the loan contract can be extended, but if Zhongtai employees are in urgent need of funds for objective reasons, have the right to require Tieniu Group to repay the principal and interest of the loan in advance.

According to the data, Tieniu Group was first established in 1992, and its main business includes automobile manufacturing and sales, key automotive parts, new energy vehicles, electronics and electrical appliances, real estate development and investment management, and so on. Anhui Tongfeng Electronics and Zhongtai Automobile are two listed companies. According to Tianyanchu data, Tieniu Group is currently the largest shareholder of Zhongtai Automobile, holding 38.78% of Zhongtai shares.

Tieniu Group has promised that if the non-net profit deducted by Zhongtai Automobile from 2016 to 2019 is less than 1.21 billion yuan, 1.41 billion yuan, 1.61 billion yuan and 1.61 billion yuan respectively, Tieniu Group will make performance compensation. According to the financial report, Zhongtai Automobile deducts non-return net profit of-491 million yuan in 2018 and-9.3 billion yuan in 2019. According to the compensation agreement previously signed by the two sides, Tieniu Group should compensate about 468 million shares to Zhongtai Automobile, but the performance promise compensation has not been completed for a long time because the shares held by Tieniu Group have been judicially frozen and pledged.

In March this year, Tieniu Group proposed a performance compensation solution, which will be compensated through the sale of land collection and real estate income if necessary; in May this year, Tieniu Group plans to carry out performance compensation by writing off shares or repaying cash. Cash comes from the revitalization and disposal of the enterprise's assets, it says it will do its best to solve the problem of performance compensation and gambling, but there are still a number of risks that cannot be fulfilled in the near future.

At present, the operating conditions of Tieniu Group and Zhongtai Motor are not very optimistic. Zhongtai employees are worried about the debt repayment ability of Tieniu Group and Zhongtai Automobile, and have organized to safeguard their rights many times. Some Zhongtai employees said, "if Iron Niu goes bankrupt, their money may go down the drain."

On July 7, a document about Tieniu Group entering bankruptcy liquidation was circulated online and was signed by the Human Resources and Social Security Bureau of Lin'an District, Hangzhou. According to the document, Zhongtai Automobile and the Group headquarters have not paid their employees for seven consecutive months because Tieniu Group headquarters has confirmed that it has entered the bankruptcy liquidation process. However, only a day later, the Human Resources and Social Security Bureau of Lin'an District of Hangzhou issued a notice to clarify that "the content that Tieniu Group headquarters (Zhongtai Motor's major shareholder) has entered the" bankruptcy liquidation procedure "is false news.

Zhongtai Motor, which is hovering on the edge of delisting, has been caught in a debt crisis and has been protected by its employees many times. In 2019, Zhongtai's Junma Motor went bankrupt and was sued for failing to pay its suppliers; in 2020, Zhongtai's situation still did not improve, and all the employees of Zhongtai Hunan base extended their holidays to June 30, 2021 to save money. and encourage employees to leave voluntarily. For employees, the most important thing at present is the issue of salary repayment. Zhongtai Motor has been in arrears since October last year. Not long ago, Zhongtai signed an arbitration mediation statement with employees to negotiate the release of all of last year on June 30. However, it has entered July. The wages owed to employees are still unknown.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat