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According to the Financial Associated Press, * ST Zhongtai's acquisition of Shanghai Junqu Automotive Technology Co., Ltd. (hereinafter referred to as "Shanghai Junqu") did not issue an acquisition announcement because the transaction amount was small and did not meet the disclosure standards stipulated in the Stock listing rules.

Data show that Shanghai Junqu was established on August 6, 2020, with a registered capital of 1 million yuan, paid-in capital of 100 million yuan, and the legal representative is Wu Yunfei. Through equity penetration, Shanghai Junqu is 100% controlled by Zhejiang Zhongtai Automobile Manufacturing Co., Ltd., while Zhejiang Zhongtai Automobile Manufacturing Co., Ltd. is a wholly-owned subsidiary of Yongkang Zhongtai Automobile Co., Ltd. and the latter's controlling shareholder is Zhongtai Automobile Co., Ltd. In other words, Shanghai Junqu is the holding company of Zhongtai Automobile.

It is worth mentioning that Wu Yunfei, a legal person of Shanghai Junqu, works in a total of seven enterprises, including Huaian Yueying Automobile Co., Ltd., Nanjing Bojun New Energy Automobile Co., Ltd., Shanghai Sizhi Automotive Engineering Technology Co., Ltd., and so on. Four of them are legal persons of Huang Ximing, and Huang Ximing is the founder of Bojun Automobile who has announced the dissolution and liquidation.

Data show that Boxun Automobile, formerly known as American Advanced vehicle Technology Co., Ltd. And Shanghai Sizhi Automotive Engineering Technology Co., Ltd., is engaged in chassis design and vehicle performance development services. In September 2019, Boxun and FAW Xiali signed an agreement to formally establish a joint venture "Tianjin Boxun Automobile Co., Ltd.". At that time, some people in the industry believed that the restructuring of FAW Xiali and Boxun Automobile was a win-win situation, which not only solved the production qualification problem of Boxun Automobile, but also allowed FAW Xiali's spare capacity to be digested. However, the development of the combination of the new power of car-building with the traditional car companies in operational difficulties is not a pleasant surprise.

In March 2020, Boxun Motors was revealed to be waiting for duty; in June of the same year, Huang Ximing said in an open letter: "Boxun Motor is currently experiencing serious operating difficulties and decided to reposition the company's business model in order to form results and products." actively cooperate with foreign countries, strive to create positive cash flow, and strive to lead Boxun Motor out of the predicament. " In July of the same year, an internal document showed that due to the financing failure of the controlling shareholder, Boxun had no possibility of resuming normal operation, and the shareholders' meeting decided to authorize the management of the company to handle the follow-up management work. It will enter a state of "closure" from August 1 to October 31, 2020, and will enter a state of "dissolution and liquidation" when the period of "closure" expires.

It has been interpreted that in order to deal with the crisis, Huang Ximing will set up a new company to take over the assets of Boxun Motors. According to media reports, a new company led by Zhang Chang, director of human resources, made the acquisition and said that "the new company is the only way to save itself". For this new company, it is speculated that it may be "Shanghai Weiqi Automotive Technology Co., Ltd." because the company is legal person Zhang Chang and holds 70% of the shares, which is the ultimate beneficiary of the company. However, Zhang Chang, vice president of Boxun Automotive at that time, responded that he had been dealing with the departure of Bergshire employees and the follow-up of suppliers, and had no time to find money to set up a new company. "it was a mistake of the same name."

It is understood that Shanghai Junqu's business scope includes technology development, technology consultation, technology transfer, technology services, business information consultation (excluding investment consultation), enterprise management consulting, mechanical and electrical equipment installation, software development, sales, auto parts, etc., which has the same business scope as the new company Huang Ximing hopes to establish. Therefore, whether Zhongtai's acquisition of Juninterest has taken a fancy to Boxun's technology, although it is not possible to draw a conclusion at present, it is also enough to imagine.

Zhongtai Motors, which was once famous for imitation, is on the verge of bankruptcy because of its lack of core technology. On September 30, 2021, according to the results of the review vote, Jiangsu Shenshang holding Group Co., Ltd. (hereinafter referred to as "Jiangsu Shenshang") was finally determined as the restructuring investor. On October 9, the investor of Zhongtai Automobile restructuring was finally identified as Jiangsu Shenshang. On October 27th, Zhongtai announced that 2 billion yuan of restructuring funds have been put in place, the funds will be used to pay restructuring costs, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile restore the national sales network as soon as possible. On December 28, Zhongtai received the Civil order of Jinhua Intermediate people's Court, which confirmed the completion of the implementation of Zhongtai Automobile restructuring Plan. On December 29, Zhongtai issued an announcement that Huang Jihong signed the entrustment Agreement with Jiangsu Shenshang and other parties, agreeing that within 36 months from the date of signing, Jiangsu Shenshang and other shareholders will entrust 24.22% of their total shares to Huang Jihong to exercise their voting rights. At this point, the controller of Zhongtai has officially changed to Huang Jihong, chairman of Zhongtai Automobile Co., Ltd., manager of Zhejiang Zhongtai Automobile Manufacturing Co., Ltd., and manager of Yongkang Zhongtai Automobile Co., Ltd. More importantly, Huang Jihong is the chairman of a huge group, and the dealer group does not have a low sense of presence in China.

According to the restructuring plan previously issued by Zhongtai: in the traditional business, Zhongtai Automobile will gradually adjust the brand strategy and build a characteristic strategy system for Zhongtai, Junma and other national automobile brands, committed to building the most influential national automobile enterprises. Short-term plans to reorganize its brands, concentrate resources and boost sales through strategies such as merging homogenized models, optimizing product sequences, optimizing cost structure and restructuring dealer networks; long-term plans to build a brand matrix in the form of acquisitions and joint ventures to lay out the mid-and high-end new energy vehicle market. In addition, the business plan shows that customized network travel has become a trend, Zhongtai Automobile will make use of the resource advantage of restructuring investors to quickly layout the ride-hailing market and expand Zhongtai's development space. At the same time, focus on consumer hot spots and promote mini electric vehicles to the countryside.

The highest salary for the position of IT Manufacturing Director is 6.5-95000 / month, equivalent to 78-1.14 million per year, and several other positions range from 20, 30, 40, 50, 60, 68, 800000 / year, located in Minhang District, Shanghai. In the company profile in the sign notice issued by Shanghai Junqu Automobile, it is mentioned that Zhongtai Automobile (New) is the main body of the business after the restructuring of Yuanzhongtai Automobile Co., Ltd., through the introduction of strategic partners with rich experience in electric vehicle research and development and mature electric vehicle technology reserves, to enter the new energy vehicle market. Shanghai Junqu Automobile, who is in charge of recruitment, said, "Junqu (Automobile) is Zhongtai New Energy, is a company." As for how to layout the mid-and high-end new energy market, whether it will be connected with Boxun cars, we will wait and see.

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