AutoBeta(AutoBeta.net)07/25 Report--

Netizens revealed that at the 2020 Chengdu International Auto Show held on July 24, some people at the Beijing Auto Booth shouted "Beiqi pays back the money."

According to the video released by witnesses on the scene, there was still more than an hour before the closing time of 18:00 on the same day at the exhibition booth of BAIC Group. However, there was a loud cry of "BAIC pays back the money" outside the exhibition booth of BAIC Group, and BAIC brand directly turned off the lights after seeing the situation. At the same time, a large number of staff dressed in white and black pants gathered to build a human wall, even pulling up black cloth strips at one point.

According to the personage inside course of study said,"Should be Beiqi magic speed dealer, At the end of June they went to Chongqing Beiqi Yinxiang rights protection, But it seems that also did not talk about." However, some media asked Beiqi whether the auto show rights event was related to Beiqi magic speed, and the reply was "unclear at present".

According to previous reports, on June 28, more than 100 Beiqi Magic Speed dealers went to Chongqing Beiqi Yinxiang Automobile Co., Ltd.(Beiqi Magic Speed Parent Company) to protect their rights and wanted to recover up to 340 million yuan in arrears from manufacturers. If the recovery failed, legal measures would be taken.

In July 2018, Beiqi Yinxiang Factory issued a holiday notice: Due to business difficulties, Beiqi Yinxiang Automobile was shut down for 40 days. However, 40 days later, Beiqi Yinxiang did not show signs of resumption of production, and then there was news that Beiqi Yinxiang would go bankrupt and close down.

In April 2019, a number of BAIC Yinxiang dealers went to the headquarters of BAIC Group to defend their rights in order to recover hundreds of millions of yuan of prepaid car purchase money paid by dealers to BAIC Yinxiang. After safeguarding rights, BAIC Group reached an agreement with dealers that "under the condition of continuing operation, it will repay 20%, 30%, 30% and 20% respectively before May 25,2019, June, July and August 2019". According to this agreement, BAIC should pay off all arrears by the end of October 2019, but failed to repay on schedule for many times during this period, and the repayment amount is said to be only 9%.

On May 13, Beiqi Yinxiang and Chongqing Beiqi Magic Speed Sales Company convened 25 dealers nationwide and announced a new debt disposal plan. Beiqi Yinxiang hopes to repay all the arrears of dealers by 60% in 8 years, repay interest in the first five years and repay principal from the sixth year. However, dealers do not approve of such a disposal plan, some dealers said that "as a small and micro enterprise, such a repayment method is obviously a fatal blow." Obviously, after the introduction of the new debt disposal plan, it led to strong dissatisfaction of Beiqi magic speed dealers, so there were more than 100 dealers at the end of June to Chongqing Beiqi Yinxiang rights protection.

Theoretically, the right protection event is a dispute between Beiqi Magic Speed manufacturers and dealers. As for why dealers will defend their rights at the auto show, the big reason is also related to the equity structure of the company. According to Sky Eye Inspection, Beijing Automobile Group holds 26%, Chongqing Yinxiang Trading Co., Ltd. accounts for 23.3%, Chongqing Yinxiang Industrial Group accounts for 22.03%, Chongqing Yinxiang Investment Development Co., Ltd. accounts for 16.02%, and China Development Exhibition Fund Co., Ltd. accounts for 12.65%. BAIC Group is the single largest shareholder of BAIC Yinxiang, but Yinxiang holds 61.35% of shares, which is the actual controlling shareholder.

It is not difficult to see that after the communication with BAIC Yinxiang failed, BAIC Magic Speed dealers also began to point the finger at the largest shareholder BAIC Group, exerting pressure to speed up the solution of the arrears problem of the brand related parties. As for whether BAIC will come forward to solve the arrears problem of dealers, it is still difficult to make a judgment at present.

According to the data, Beiqi Yinxiang was established in August 2010, and Beiqi Magic Speed is the brand launched by Beiqi Yinxiang Automobile Co., Ltd. in March 2014. At present, BAIC Yinxiang has left a "mess" in the development of the Chinese market for many years, dealer groups have claimed rights to collect debts, and many car owners have nowhere to repair due to car quality problems. As for the follow-up to the incident, we will continue to pay attention.

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