AutoBeta(AutoBeta.net)02/28 Report--

Youth Automobile Group Co., Ltd. (hereinafter referred to as "Youth Automobile"), which attracted attention due to the "water-hydrogen engine", is back in the public eye because one of its subsidiaries went bankrupt. According to China Business Network, the interim manager of Jinhua Youth Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Jinhua Youth Automobile"), a major car manufacturing entity under Youth Automobile, issued the "statement on the Declaration of creditor's Rights in Jinhua Youth Automobile bankruptcy liquidation case", formally announcing that the company has entered the bankruptcy liquidation procedure.

According to the "Declaration of creditor's Rights in Jinhua Youth Automobile bankruptcy liquidation case" issued by Jinhua Youth Automobile interim Manager, Jinhua City Intermediate people's Court issued (2021) Zhejiang 07 Breaking Shen No. 1 civil order on February 7. Jinhua Chuangjie Electronics Co., Ltd. and Jinhua Lehuibo Mechanical and Electrical Co., Ltd. applied for bankruptcy liquidation of Jinhua Youth Automobile according to law, and made (2021) decision No. 4 on Zhejiang 07 on the same day. Zhejiang Liuhe Law firm, Zhejiang Jinyuan Law firm and Jinhua Antai Accounting firm Co., Ltd. were appointed as interim administrators of Jinhua Youth Automobile bankruptcy.

Creditors of Jinhua Youth Automobile Manufacturing Co., Ltd. should declare their claims to the temporary manager of Jinhua Youth Automobile Manufacturing Co., Ltd by March 22, 2021, according to a bankruptcy document issued by the Jinhua Intermediate people's Court. The declaration of claims shall state the amount of claims, whether there is property security and whether they are joint and several claims, and provide relevant evidentiary materials.

Data show that Pang Qingqing got acquainted with automobile in the 1990s and quickly gained a foothold in the bus market through introduction and acquisition. In 1999, Pang Qingqing spent 9 million yuan to acquire the remaining shares of Jinhua North Fulai vehicle Co., Ltd., and renamed the company Jinhua Youth Automobile; in 2004, Pang Qingqing acquired Guihang Skylark Motor and obtained the passenger car production qualification. Youth Automobile Group officially entered the check market. In 2006, Pang Youth partnered with Proton Motor to launch the "Youth Lotus" car based on Proton Motor, and launched related models in China. In 2010, Pang Youth wanted to buy Saboqin, which was on the verge of bankruptcy, but the acquisition ended in the end. Saab was then ruled bankrupt by the court.

Pang Qing's youth car seems to be developing smoothly, but with the development of the market, automobile products are lack of competitiveness and are gradually marginalized by the market. Since 2013, there has been a lot of negative news about youth cars, such as wage arrears and production shutdowns at production bases.

The youth car, which had no sense of existence, suddenly announced that the "water-hydrogen engine" would be offline in 2019, which attracted a lot of attention. On May 23, 2019, Nanyang Daily published an article entitled "the water-hydrogen engine goes offline in Nanyang, and the municipal party secretary likes it", saying that the off-line Nanyang water-hydrogen engine can produce hydrogen in real time through vehicle water, and the vehicle only needs to add water to drive.

At the same time, Pang Youth also announced that the company had successfully developed a "vehicle that can be driven only by adding water." there was an instant uproar from the outside world, denouncing it as a scam, while Pang Youth was fearless and confidently invited the major media to watch. Two days later, Pang Qingqing said in an interview that this is not a simple process of turning water into hydrogen. The whole process of this technology is called "hydrogen production by hydrolysis". The principle is that water is decomposed into hydrogen by catalysis. However, Pang youth avoided talking about core technology and other related information.

At that time, a researcher said in an interview that the so-called "water-hydrogen engine" is what we often call "hydrogen fuel cell". The "hydrogen fuel cell" is powered by hydrogen, not that it can be driven by adding water. it involves a series of complex physical and chemical reactions, but it has not yet entered the practical stage in our country.

According to Tianyan check information, Jinhua Youth Automobile Manufacturing Co., Ltd. was established on April 4 and 3, 1996. its legal person is Pang Qingqing, and its business scope includes automobile manufacturing, auto parts manufacturing, etc., which is a subsidiary of Youth Automobile Group Co., Ltd. As of February 28, the company was involved in 423 legal proceedings, 76 times were listed as unfaithful executors, and Pang Qingqing and Jinhua Youth Motor were also issued 147 consumption restriction orders.

After Hangzhou Youth Automobile was ruled bankrupt in 2019, a CCTV reporter visited Youth Automobile Group on the spot. It is understood that at that time, many workers had no production tasks and only needed to clock in and out of work every day, and some employees even went to do odd jobs after punching in.

Jinhua young car manufacturing employees have all terminated their labor contracts during the Spring Festival, and the government has undertaken to cash in arrears on wages and social security, according to China Business Daily, citing employees. Starting from March, unemployment insurance benefits of 1440 yuan a month will be paid to employees who have not yet been paid in accordance with the Labor Law and other provisions. It can be said that under the competition of the market stock, the current youth car has been teetering, and many of the companies it controls have frequent operating crises and are difficult to improve.

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