AutoBeta(AutoBeta.net)03/04 Report--

On March 2nd, * ST Bank issued an announcement that in order to accelerate the company's strategic deployment in the field of new energy vehicle manufacturing and enhance the company's core competitiveness and sustainable development capability, the company intends to invest no more than 400 million yuan to participate in the Zidou automobile restructuring and restructuring plan change process. On the same day, * ST Silver billion signed a "memorandum" with the manager of Zhidou Automobile. As an investor in the new restructuring of Zhidou Automobile, the company intends to obtain the actual control and independent management rights of Zhidou Automobile, so that Zhidou Automobile can be reborn; at the same time, the company will pay an intention payment of 40 million yuan within 3 working days after the signing of the memorandum.

According to public information, Zhidou Electric vehicle Co., Ltd. is Ninghai Zhidou, headquartered in Ninghai County, Ningbo, Zhejiang Province, with Bao Wenguang as its founder and legal person. it is jointly established by New Dayang Mechanical and Electrical Group, Geely Technology Group, Ninghai Silverstone Investment Fund, GSR Ventures Fund and so on. The ownership structure shows that Ninghai Zhidou has two wholly-owned subsidiaries, Lanzhou Zhidou and Shandong Zhidou.

The core asset of Zhidou Automobile is its wholly-owned subsidiary Lanzhou Zhidou, which has a complete new energy vehicle production line and professional equipment, and has normal vehicle production and operation conditions. Data show that in March 2017, the National Development and Reform Commission approved the Lanzhou Zhidou pure electric passenger vehicle project with an annual output of 40,000 vehicles; in October of the same year, the Ministry of Industry and Information Technology announced that Zhidou Automobile had entered the list of new vehicle manufacturing enterprises; at the end of 2017, Lanzhou Zhidou's products entered the recommended catalogue of new energy vehicles and obtained the production qualification of new energy vehicles.

2017 was the highlight of Zhidou, with a cumulative sales of 42500 vehicles that year. However, also in 2017, the state adjusted the subsidy policy for new energy vehicles. Pure electric vehicles with mileage less than 250km will not be subsidized. The subsidy for pure electric vehicles with a range of 250-400km will be reduced from a maximum of 45000 yuan to 18000 yuan, and those with a range of more than 400km will be reduced from 50, 000 yuan to 25000 yuan. Affected by the policy, Zhidou car sales have fallen sharply, with cumulative sales of only 15300 vehicles in 2018 and only 2005 in the first half of 2019.

Zhidou Automobile has always been equipped with A00 pure electric, but with the policy adjustment of new energy vehicles and the layout of new energy vehicles by other automakers, Zhidou Automobile is declining day by day. As a result, in 2019, Zhidou Motors, which was involved in wage arrears due to broken capital chain, huge debts and lawsuits, finally went bankrupt and reorganized.

* ST Silver billion disclosed in the announcement the latest restructuring progress of Zhidou Automobile: because the original restructuring investor Nanjing Zhidou failed to pay the restructuring investment in full and has no intention to continue to perform, the reorganization plan of Zhidou Automobile cannot be implemented. Up to now, Zhidou Automobile belongs to the executor of bad faith, and its core assets Lanzhou Zhidou and its subsidiaries Zhidou Automobile sales Co., Ltd. and Zhidou Electric vehicle Technology Integration Co., Ltd. have been pledged to Nanjing Zhidou.

Industry insiders believe that Yinyi's participation in Zhidou Automobile restructuring is likely to be promoted by the local government. According to the relevant industrial policy, if the company has no production and operation activities within a certain period of time, its assets will be recovered, while the local policy is to preserve the production qualification of Lanzhou Zhidou, or to promote local enterprises to participate in the restructuring of Zhidou Automobile.

For participating in Zhidou Automobile restructuring, Yinyi said in the announcement that the company's main business is the research and development, production and sales of auto parts. Participating in Zhidou Automobile restructuring is an important strategic deployment based on the advantages of Yinyi in the field of new energy vehicles, which will form obvious synergy with the existing auto parts manufacturing business, and is an important measure of long-term strategic layout.

It is worth mentioning that the situation of Silver billion shares involved in the restructuring is not optimistic. Data show that Yinyi was once the leading star enterprise in Ningbo, defining itself as a two-wheel drive integrated company of "real estate + high-end manufacturing". In order to enter the field of auto parts, Yinyi successively acquired ARC Group of the United States, Bunge of Belgium and Alifu of Japan in 2016. in 2017, Yinyi successively acquired 100% equity of Ningbo Haosheng and Oriental Yisheng of Ningbo Shengzhou, a wholly-owned subsidiary of Xizang Yinyi, a wholly-owned subsidiary of controlling shareholder Yinyi Holdings, realizing control over the ARC Group of the United States and Bunge Group of Belgium.

However, in 2019, due to successive debt defaults, illegal occupation of funds by major shareholders and substandard performance of companies related to auto parts manufacturing, Yinyi Group filed for bankruptcy reorganization in June 2019. In June 2020, the Ningbo Intermediate people's Court ruled to accept the reorganization application of * ST Bank, and * ST Bank officially entered the reorganization process; in December 2020, * ST Bank signed the reorganization Investment Agreement with Jiaxing Zihe Jinxin Equity Investment Partnership, and that month the Ningbo Intermediate people's Court approved the reorganization plan of * ST Bank and terminated the reorganization process of * ST Bank. At present, Jiaxing Zihe Jinxin is the largest shareholder of * ST Yinyi, with a stake of 29.89%.

Although Zhidou Automobile has the production qualification of new energy vehicles and normal vehicle production and operation conditions, Zhidou Automobile, which has been out of production for a long time and is in a state of restructuring, has no core technology and has debts as high as billions of yuan. this is no small test for Silver billion. In addition, the situation of Yinyi itself is not optimistic. According to the annual performance forecast issued by * ST Bank billion, the loss is expected to range from 1.9 billion yuan to 2.3 billion yuan in 2021, an increase of 74.71% by 111.5% compared with the same period last year. On the market side, the share price of * ST Silver million fell by its daily limit for four consecutive days from February 25 to March 2. As of March 4, the company's shares closed down 3.68% at 1.57 yuan.

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