AutoBeta(AutoBeta.net)12/23 Report--

China Evergrande issued its latest announcement yesterday, saying that in view of the risks currently faced by the group, the China Evergrande Group risk Resolution Committee is mobilizing a wide range of resources and will actively maintain communication with creditors in an effort to defuse the group risks. safeguard the legitimate rights and interests of all parties. Xu Jiayin is the chairman of the risk resolution committee, but the announcement, which has no actual direction, sent Evergrande's share price up as much as 14% to HK $2.6 today, while China's Evergrande rose only 2%. Evergrande ushered in its biggest increase this month.

Today, investors use practical actions to prove their confidence in Evergrande. Evergrande's main real estate business is the core of the existing problem, and it is obvious that life is difficult. Investors believe that, on the other hand, it is difficult for real estate to transform into an automobile industry. Relatively speaking, their response to China Evergrande will lag behind that of China Evergrande. They are used to separating the two. As for tomorrow's market reaction, it may be a different picture.

Evergrande car life is not easy, Evergrande high-profile buying and buying is a supporting industrial chain, output takes some time, some people who are still watching are mostly holding this mentality, the good day will come when the product comes out. In fact, this is not the case. In addition to buying matching sets for Baoneng cars in the real estate and car manufacturing industry, we have also bought two brands, Qoros and DS, and life has not been any better.

Under the influence of the macro-control policies of the industry, starting from the middle of today, Baoneng has been adjusted from outlook to negative by rating agencies, and financing costs are under tremendous pressure to increase cash flow. Problems such as centralized debt maturity, payment of financial products, payment by suppliers, and payment of employees' wages have emerged. Yao Zhenhua, chairman of Baoneng Group, said: "this liquidity difficulty is unprecedented in Baoneng's development in 29 years." at the same time, he also believes that Baoneng has total assets of 830 billion yuan and interest-bearing liabilities of less than 200 billion yuan. at a forum inside Baoneng, he believed that Baoneng had the ability and strength to get out of the predicament completely within two to three months.

In addition to going to the real estate inventory, Baoneng not only discounts assets, but also optimizes personnel as part of the relief plan. According to public reports, Baoneng Automobile Group has been optimizing its personnel since February this year. The scale of layoffs went even further in July. The number of people in the automobile sector has been cut from about 23000 a year ago to about 8400 now. The group and direct stores are "hardest hit" for layoffs, with the proportion of layoffs exceeding 65%, while those who remain have not received their wages or failed to pay social security for several months. On social networks, there are many voices of Baoneng employees demanding wages, and even Baoneng's official Weibo has closed comments, because since August. The recent comments are all about asking for wages.

It is hard to imagine the degree of lack of money in Baoneng auto stores in many places. a conversation circulated online shows that some people have delimited the maternity allowance given to employees and used it to pay the annual fee of 300 yuan for tax control. To inquire about Baoneng automobile information from Heavenly Eye, Baoneng automobile sales companies in many places face various lawsuits and high consumption restrictions, including labor disputes, advertising production, rent disputes and other related cases.

In the face of these legal risks, Baoneng seems ready. A Baoneng employee who was in arrears of wages revealed to the media that some disputes will be carried out in accordance with legal procedures, first labor arbitration, and then will be brought to court for arrears of wages after a long period of first and second trial. Baoneng is using procrastination to deal with his problems.

There is another notice on the Internet that the company concerned is trying to change the legal person. According to a notice, a person named Jiang Guobing took over the relevant legal person and asked the relevant personnel to cooperate, with special emphasis on "being too old and not highly educated." And the notice also mentioned that the name of a replacement is "Zhao Dongyang". It just so happens that the legal person of some Baoneng companies is "Zhao Dongyang", and this Jiang Guobing, who is "too old and not highly educated", did take over the legal person of a battery company last month, and behind the shareholders of this company is Baoneng Automobile, and the relevant company did not explain the purpose of the adjustment.

The closure of Baoneng Automobile direct store means that the cash channel on the front line is invalid. Without the 4S store, how can the maintenance of car owners be carried out? The way to reduce the number of direct stores is said to have been proposed by Hong Hao, vice president of Baoneng Automobile Group, who left office at the beginning of this month. Hong Hao is a strong player in the field of automobile marketing. According to data, Hong Hao has worked at Dongfeng Nissan since 2003. He has served as Deputy Minister of sales Department of Dongfeng Nissan passenger car Company, Deputy Minister of after-sales Service Department of Dongfeng Nissan passenger car Company, Minister of Marketing Department of Southern District of Dongfeng Nissan passenger car Marketing headquarters, and full-time Vice President and Minister of Qichen Division of Dongfeng Nissan Automobile sales Co., Ltd. In October 2018, Hong Hao was recommended by Dongfeng Automobile Group Co., Ltd. as vice president and head of marketing and sales of Dongfeng Renault and then joined Baoneng as vice president of sales. Baoneng's public relations department confirmed that he had left, but it was also reported that Hong Hao's departure took place on the last day before his probationary period expired.

The acquired brand faces the closure of sales channels and the departure of the head of sales, so what about Baoneng's own brand performance? The last relevant news on the Internet was in July this year, when it was reported that the first model of Baoneng Automobile Group's new high-end brand, internally codenamed GX16, would go on sale in October this year, but the model did not appear on the market in October this year, and Baoneng did not participate in the latest Guangzhou Auto Show. In June this year, Baoneng Automobile Research Institute was sued for failing to pay 2 million yuan for the design fee of 50% of the model, and the case is being transferred to its court, according to a search of the China referee Writing website.

Perhaps the understanding of the industry is different, the new power of spending speed is relatively conservative, with the promotion of products a little bit of financing. And real estate bosses, in the past, there was no shortage of money, they all invested tens of billions of dollars, and there was no hard time for new forces to start a business. However, with the passage of time, the two positions have been reversed, a chicken feather, or a portrayal of the current Baoneng car.

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