AutoBeta(AutoBeta.net)12/04 Report--

In early November, some media released test photos of Hengchi 5's Evergrande new energy plant in Tianjin airport economic zone. According to photographers, Hengchi 5 trial cars often appeared on the internal runway recently, which was obviously different from the static display at the earlier auto show. Subsequently, the product announcement of this model appeared on the website of the Ministry of Industry and Information Technology, which seemed to be getting closer and closer to the offline line.

Yesterday, another video related to Hengchi 5 appeared on the Internet. Judging from the speed limit signs in the video and the fact that the vehicle did not hang the license plate, it was obvious that the location was the inner runway. In the video, the co-driver explains the buttons around the steering wheel, while another man accompanying the test driver gets into the back seat and makes a seemingly inadvertent move-open the window and manually return to the front door handle. The driver did not notice this problem, and the doorknob was not in a correct state when the vehicle was moving.

A number of media, including Sina Motor, have also noticed this detail and believe that the completion of Hengchi 5, which is about to enter the stage of mass production and listing, is still worrying. After all, this is the most easily found low-level mistake. In October, Evergrande put forward the slogan of completing the first car of Hengchi in three months.

On November 10, in the latest declaration catalogue of the Ministry of Industry and Information Technology, the declaration chart and some parameters of Hengchi 5 production cars were officially exposed. prior to this, Hengchi 5 had completed a series of pre-market tests in Xinjiang. This car is designed by Japanese designer Maruyama Gonggu, Hengchi 5 new car positioning compact pure electric SUV, model length, width and height dimensions are 4725/1925/1688mm, wheelbase 2780mm. The market price is about 200000 yuan, and the mileage of NEDC will exceed 700km.

Evergrande has released nine models of Hengchi 1, 2, 3, 4, 5, 6, 7, 8 and 9, but there is no mass production at present. It is a normal phenomenon for trial-production vehicles to have various problems, while Evergrande did not mention the other eight models and mobilized technical resources for three months to complete Hengchi's first five cars off the line, but there were such low-level mistakes. Progress and product reliability are of particular concern.

If other brands have this problem, the question to be raised by the market is how long the launch time will be delayed and whether new financing will be needed. In 2020, for example, when most of the new power products have been put on the market, Xilai still needs to raise US $6.11 billion and raise a total of US $9.6 billion. On the other hand, most of the new power brands use contract manufacturing, which is much lower than Evergrande's self-built factory in terms of R & D costs and production.

Before China's Evergrande broke its debt problems, Evergrande was seen by the outside world as leaning against the mountains. After that, Evergrande's role looks more like a financing vehicle for China's Evergrande. It will need funds with the financial situation of China Evergrande itself, but has little to do with the progress of automobile research and development. Evergrande raised three times in 2021: on January 24, 2021, it issued 952 million shares, HK $27.3 each, to six investors, raising HK $26 billion; on November 9, 2021, it raised HK $26 billion; on November 9, 2021, it raised HK $500m; on November 19, 2021, it placed 900m shares at HK $3 per share, raising HK $2.7 billion. The same 900 million Evergrande shares will pay 10 times more for the first time than investors for the third time.

Although Xu Jiayin intends to transform from real estate to new energy automobile industry, the rapid development of new energy vehicles is obvious to all. From the perspective of financing and housing prices, there are great challenges in the development of the real estate industry. Since September, after the overdue payment of Evergrande wealth, many Evergrande real estate projects across the country are in a state of suspension. After an investigation, regulators concluded that the financial difficulties facing China's Evergrande Group were liquidity problems, not insolvency. To solve this problem, Evergrande began to sell China's own Evergrande assets, Evergrande Automobile assets, but a series of actions did not include Evergrande property assets.

Last night, China Evergrande abruptly issued an announcement that it was not sure that it had sufficient funds to repay a $260 million maturing debt and could not provide an offset guarantee, which meant that China Evergrande had defaulted. The announcement, released late Friday night, could lead to a series of cross-debt demands for early repayment, to which the market will react on Monday.

The Guangdong provincial government also issued a press release two hours after the Evergrande announcement. The people's Government of Guangdong Province said it was highly concerned about this and immediately interviewed Mr. Xu Jiayin, the controller of China Evergrande Group that night. At the request of Evergrande Real Estate Group Co., Ltd., in order to effectively resolve risks, protect the interests of all parties and maintain social stability, the people's Government of Guangdong Province agreed to send a working group to Evergrande Real Estate Group Co., Ltd. to supervise and promote enterprise risk management, supervise and effectively strengthen internal control management and maintain normal operation.

The people's Bank of China, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission also responded, saying that Evergrande's failure to fulfill its guarantee obligations would not have any negative impact on the normal operation of the banking and insurance industry. Guangdong and other local governments and departments are supervising Evergrande Group, including resuming work and completing the delivery of buildings, in accordance with the rules, and banks, insurance and other financial institutions are also actively participating in the relevant work.

This shows that Evergrande's debt problems, risk disposal and other problems have changed from the enterprise behavior that Evergrande itself dealt with to the disposal behavior under the guidance of creditors and coordinated by a working group sent by the people's Government of Guangdong Province. This is good news for Evergrande, such as the Ministry of Housing and Urban-Rural Development said that the Guangdong Provincial people's Government sent a working group to Evergrande, which is conducive to Evergrande's risk resolution, Evergrande Baojiao Building, and the protection of the legitimate rights and interests of property buyers. On the other hand, Evergrande is still long, small and confusing in terms of capital, product offline, offline marketing and product reliability. Evergrande faces more uncertainty.

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