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After the "hydrogen-water car farce" in Nanyang, Henan Province, the car-building script of Pang Qingqing and Youth Automobile Group has been difficult to continue. According to the bankruptcy documents issued by the Intermediate people's Court of Jinhua City, Zhejiang Province On August 11, the court formally ruled to accept Jinhua Yaman vehicle Co., Ltd., Jinhua Youth Man Automobile Co., Ltd., Jinhua Youth Commercial vehicle sales Co., Ltd., Youth Automobile Group Co., Ltd., Zhejiang Youth Automobile Research Institute Co., Ltd., Zhejiang Youth passenger car Group Co., Ltd., 21 enterprises related to Jinhua Youth Automobile Group, including Jinhua Youth Lotus holding Group Co., Ltd., Jinhua Ruicheng Energy Technology Co., Ltd. And Jinhua Youth Automobile Manufacturing Co., Ltd., are included in the substantive merger bankruptcy liquidation application. In accordance with the law, the administrator of Jinhua Youth Automobile Manufacturing Co., Ltd. was appointed as the bankruptcy liquidation administrator of the substantive merger of the above 21 companies. The creditors of the above-mentioned substantive merger bankruptcy company (except those who have declared their claims to Jinhua Youth Automobile Manufacturing Co., Ltd.) shall declare their claims to the bankruptcy administrator before September 10, 2021.

On February 7 this year, the Jinhua Intermediate people's Court issued (2021) Zhejiang 07 Breaking Shen No. 1 Civil order, which accepted the bankruptcy liquidation application of Jinhua Youth Automobile by Jinhua Chuangjie Electronics Co., Ltd and Jinhua Lehuibo Mechanical and Electrical Co., Ltd., and made (2021) Zhejiang 07 Breaking Shen No. 4 decision 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.

In fact, as early as October 2020, the management committee of Jinhua Economic and technological Development Zone, where Jinhua Youth Motor is located, started the pre-restructuring work according to the company's application. On October 16th, Jinhua Intermediate people's Court issued (2020) notice No. 1 of Zhejiang 07 Civil Litigation, registered the pluralistic settlement of disputes before the pre-lawsuit of Jinhua Youth Automobile pre-lawsuit, and appointed the pre-reorganization manager. On January 15, 2021, the interim manager of Jinhua Youth Automobile held an online creditors' meeting and terminated the labor contract with about 1500 employees of the company. Jinhua Economic and technological Development Zone Management Committee coordinated to cash in arrears of employees' wages and social security.

At present, the official website of Youth Automobile Group has been in a semi-paralyzed state because it has been unmaintained for a long time, and some of the contents can no longer be displayed. However, in the elegant demeanor of the chairman, Pang Qingqing's honorary titles such as "Senior Economist", "National Innovation expert", "Chinese Management Master" and "Top Ten Zhejiang Merchants" seem to indicate his past glory.

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.

After the farce, Haining Asset Management Company applied to the court for bankruptcy liquidation of Youth Automobile Group on the grounds that the Youth Automobile Group failed to repay its due debts and clearly lacked the ability to repay, but the application was finally rejected by the Jinhua Intermediate people's Court. The court held that the assets of the Youth Automobile Group are greater than the liabilities and have a higher operating value. At the end of 2018, the assets are 1.583 billion yuan and the liabilities are 735 million yuan. The assets exceeding the liabilities do not have the bankruptcy conditions prescribed by law.

Some insiders said: "due to the influence of many factors, such as blind expansion and poor management of enterprises, adjustment of national automobile industry policies, macroeconomic decline, and so on, the Youth Automobile Group has difficulties in production and operation. It is difficult to solve the debt crisis by producing a single product." It can be said that there are not many possibilities for the development of youth cars! According to the Tianyan investigation, the total amount of the target executed by the Youth Automobile Group is 2.729 billion yuan, of which the total outstanding amount is 1.438 billion yuan.

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