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According to Tianyan investigation information, Hunan Jiangnan Automobile Manufacturing Co., Ltd. added bankruptcy reorganization, the case number is (2021) Xiang 01 break No. 11, the applicant is Jiangnan Automobile, and the applicant is Weibast Roof heating system (Shanghai) Co., Ltd. the public date is November 4, 2021.

According to the data, Hunan Jiangnan Automobile Manufacturing Co., Ltd. is a professional car manufacturing enterprise established after the joint-stock transformation of the automobile industry of Jiangnan Machinery (Group) Co., Ltd., a famous large-scale military enterprise in Hunan under the China Arms Industry Corporation. It is one of the four designated production enterprises of Otto. In 2003, Jiangnan Automobile launched the 29800 yuan Otto, which broke the bottom line of the price and became the "low-price king" of the domestic sedan chair at that time, and once sold well. In 2006, after the effect of the low-price strategy was not very ideal, Jiangnan Automobile began to lay out downward, but the disapproval of consumers finally made Jiangnan Automobile into a dilemma. In May 2007, Zhongtai holding Group reorganized Jiangnan Automobile, obtained the qualification of car production, and became a brand of Zhongtai Automobile, while "Jiangnan Automobile", as an independent car company, officially withdrew from the historical stage.

After Jiangnan Automobile became a Zhongtai brand, it also had a hard time. It launched a mini car called Gangnam TIT, which adopted the classic styling of Happy Prince Otto Suzuki and was once the beginning of many families' car dreams. However, due to product quality and market reasons, Jiangnan TIT quickly "disappeared" in the market, and Jiangnan Automobile has not become the mainstream.

According to the heavenly eye investigation, Jiangnan Automobile was involved in 222 judicial cases, and 91.44% of the cases identified as defendants accounted for 47.3% of the cases were sales contract disputes. In addition, the company has five bankruptcy restructuring records, in addition to Weibast roof heating system (Shanghai) Co., Ltd., Hunan Jiangnan Automobile Manufacturing Co., Ltd. also filed for bankruptcy restructuring.

Zhongtai Automobile has three major brands: Zhongtai, Jiangnan and Junma, but the three brands are basically unsustainable. As early as 2019, Junma Motor was reported to be bankrupt, dealers have withdrawn from the network and are unmanaged, but the wages owed by the company's employees have not yet been implemented, and incidents of employees asking for wages and safeguarding their rights occur from time to time.

At present, Zhongtai Motor is also in a state of bankruptcy restructuring and has received investment support. On October 8, Zhongtai announced that on September 30, 2021, Jiangsu Shenshang holding Group Co., Ltd. was finally selected as the restructuring investor according to the voting results of the review. On the same day, the company and its managers signed the "Zhongtai Automobile Co., Ltd. Restructuring Investment Agreement" with Jiangsu Shenzhen Merchants, with a restructuring investment of 2 billion yuan. The recruitment of restructuring investors need to be approved by the court after Zhongtai Automobile's restructuring plan (draft) was decided by the court before it was finally confirmed as the official restructuring investor of Zhongtai Automobile. On October 27th, Zhongtai issued another announcement that 2 billion yuan of restructuring funds have all been in place.

Even so, the bankruptcy restructuring of Zhongtai Motor is still unclear. According to the data, the operating income in the first three quarters of 2021 was 610 million yuan, down 37.65 percent from the same period last year; the net loss was 990 million, up 36.65 percent from the same period last year; the operating income in the third quarter of 2021 was 230 million yuan, up 7.64 percent from the same period last year; and the net loss was 240 million yuan, up 55.08 percent from the same period last year. It is understood that in the third quarter, the owner's equity of Zhongtai Automobile belonging to the shareholders of listed companies is-5.413 billion yuan, that is, it is insolvent.

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