AutoBeta(AutoBeta.net)06/12 Report--

On June 12, at the 23rd Chongqing International Automobile Expo, the new car brand BAIC Ruixiang was officially launched.

Who is BAIC Ruixiang? According to official introduction, BAIC Ruixiang is a vehicle manufacturer jointly built by two-level state-owned enterprises in Chongqing and Hechuan City and BAIC Group. Hechuan District takes the strategic restructuring of BAIC Yinxiang and BAIC Ruixiang new cars as an opportunity to promote the development of the automobile industry in the region. According to Tianyan check information, BAIC Group holds 25.99% of BAIC Ruixiang as the largest shareholder, Guokai Development Fund Co., Ltd. holds 12.65%, and Chongqing Yinxiang system holds 61.35% as the actual controlling shareholder.

In other words, BAIC Ruixiang can be said to be the "new life" of BAIC Yinxiang after bankruptcy and restructuring. BAIC Yinxiang has changed its name to BAIC Ruixiang, but its shareholders and subsidiaries have not changed.

At the 2021 Chongqing Auto Show, BAIC Ruixiang's new brand was officially unveiled, while its first SUV model, Ruixiang X5, was officially unveiled. From the point of view of the appearance, BAIC Ruixiang X5 adopts a brand-new exterior design, the front face uses a large forward air grille, the middle grid uses a straight waterfall grille, and the sharp-shaped headlamp adopts fumigation treatment inside. And the integrated layout with the front grille. The new brand LOGO of BAIC Ruixiang is in the middle of the intake grille, with silver metal texture star shape and hollow-out design in the middle.

BAIC Ruixiang X5 interior decoration is not open to the public, but it can be seen through the glass that its interior decoration adopts a relatively simple design style and will be equipped with a suspended central control screen and physical buttons below the air conditioning outlet. The overall color matching will use dark color matching to enhance the sense of movement. As for motivation, there is no specific information at present.

Data show that BAIC Yinxiang is an automobile company established by Beijing Automobile Group and Chongqing Yinxiang Enterprise Group in 2011. BAIC Yinxiang launched the BAIC Magic Speed brand in March 2014, and BAIC Yinxiang's annual sales reached a peak of 300000 vehicles in 2017. with the change of the market environment, BAIC Yinxiang sales volume plummeted in 2018, there were also problems in the capital chain, and the news of employees' holiday and factory shutdown continued to come out, although it was backed by BAIC Group. But still failed to escape the trend of brand decline.

In August 2019, the Chongqing Municipal Government and Beijing Automobile Group reached a "strategic restructuring agreement" and decided to restructure the strategy of BAIC Yinxiang. In September 2020, the Fifth Intermediate Court of Chongqing ruled to accept the reorganization application according to the applications of BAIC Yinxiang Automobile Co., Ltd. And Chongqing BAIC Magic Speed Automobile sales Co., Ltd. In February 2021, the second creditors' meeting of BAIC Yinxiang Automobile Co., Ltd. and Chongqing BAIC Magic Speed Automobile sales Co., Ltd. was held in the national enterprise bankruptcy reorganization case information network, and finally all the voting groups adopted the draft reorganization plan by a high vote. In May 2021, the Fifth Intermediate people's Court of Chongqing made a ruling: approve the reorganization plan of BAIC Yinxiang Automobile Co., Ltd., Chongqing BAIC Magic Speed Automobile sales Co., Ltd., and terminate the reorganization procedures of BAIC Yinxiang Automobile Co., Ltd., Chongqing BAIC Magic Speed Automobile sales Co., Ltd.

According to the forecast, after six years of operation after the approval of the reorganization plan, BAIC Yinxiang Motor Company will be declared bankrupt if it fails to repay its debts according to the reorganization plan; if the reorganization plan is successfully implemented and the restructuring is successfully completed by the end of 2026, BAIC Yinxiang Automobile Company will meet the IPO conditions and choose the opportunity to be listed on the stock market, providing equity exit channels for creditors who choose debt-to-equity swap.

At the launch ceremony of BAIC Ruixiang X5, BAIC Ruixiang CEO Liao Xianghui said that five new energy models, including EU5, EU7, DV611, EV12 and Ouhui bus, will be introduced from BAIC in the future, as well as two SUV and A6, a total of three traditional energy models. According to BAIC Ruixiang's plan, the output will reach about 50,000 vehicles this year, and after the launch of BAIC Ruixiang X5, a number of new energy and fuel models, including passenger cars and commercial vehicles, will be launched one after another. As for the reorganization and renamed BAIC Ruixiang can get back on track? Can only wait for the market to give the results!

At present, the concentration of the automobile market is increasing, China's independent weak brands are accelerating the elimination, including Cheetah, Huatai, Zhongtai and so on are hovering on the edge of the market, and whether these enterprises can get out of the trough has also become one of the concerns of the market.

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