AutoBeta(AutoBeta.net)09/15 Report--

Zhongtai Automobile is facing a crisis, and then receive a letter of inquiry. Zhongtai issued an announcement on September 14, saying that it had received an inquiry from the Shenzhen Stock Exchange about its semi-annual report, asking Zhongtai to explain a number of problems, including declining performance.

In the inquiry letter, the Shenzhen Stock Exchange asked Zhongtai Automobile to explain the reasons for the sharp decline in operating income and net profit, and the shutdown during the reporting period, including but not limited to the reason, time, time limit, production line and corresponding products; Zhongtai Automobile is required to explain the reasons and rationality of the increase in the proportion of bad debts. Zhongtai Motor is required to explain whether it will declare its claims to the bankruptcy reorganization administrator of the controlling shareholder, the progress of the pre-reorganization work, the follow-up procedural requirements and promotion arrangements, and whether it will lead to a change of control of Zhongtai Motors. If the controlling shareholder reorganization plan can not be successfully implemented, the impact on Zhongtai Automobile.

Since 2019, the production and operation of Zhongtai Automobile has become more and more difficult. Capital problems, national six factors and its own operation all have an impact on Zhongtai, which further leads to the stagnation of production and the enterprise into crisis. The report shows that Zhongtai lost 11.19 billion yuan in 2019.

In the first half of 2020, Zhongtai Automobile's operating income was only 770 million yuan, down 76.69% from the same period last year; the net profit attributed to listed shareholders was a loss of 1.034 billion yuan, expanding the amount of loss over the same period last year. According to the report, Zhongtai Motor produced only 574 cars and sold 1417 cars in the first half of the year.

Zhongtai Automobile said that in the second half of the year, it will take various measures to raise funds to ease the pressure on the company and provide financial support for the company's follow-up development. Strive to resume normal production as soon as possible, formulate a resumption plan in stages, improve market competitiveness, continuously expand the company's sales network and channels, and maintain and enhance market share.

Zhongtai Automobile official also said that at present, Zhongtai Automobile is promoting procurement, production and marketing in an orderly manner, and Zhongtai TS5 will be put on the market in the near future.

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