AutoBeta(AutoBeta.net)03/22 Report--

A term about Baoneng Yao Zhenhua's "whereabouts unknown" went viral on Weibo today. It is understood that the Guangzhou Intermediate people's Court of Guangdong Province said in an announcement on March 17 that Yao Zhenhua's whereabouts are unknown. In this regard, Baoneng insiders responded: Yao Zhenhua is not missing, is working in the company, yesterday also went to Baoneng automobile factory in Shenzhen for work inspection. In addition, it also said: the relevant information is incorrect, the company has communicated and coordinated with the court, and the relevant notice will be withdrawn in the near future.

It is understood that the notice served by the court shows that the financial loan contract dispute involves the principal of the loan of 700 million yuan and interest, penalty interest, compound interest. What is worth noting is: today, Baoneng officially released a message through the official Wechat account "China Baoneng", saying: on March 21, the first day of the unsealing of the epidemic in Shenzhen, Yao Zhenhua, chairman of Baoneng Group, went into the Baoneng automobile factory in Shenzhen for work inspection to have a comprehensive understanding of the production resumption operation of the factory in Shenzhen. In addition, there are a number of photos of Yao Zhenhua communicating with workers at the scene, which may dispel rumors that Yao Zhenhua is missing.

According to relevant information, Baoneng Group was founded in 1992, headquartered in Shenzhen. In March 2017, Baoneng officially entered the bureau to build cars, and in December 2017, Guanzhi Automobile became a major shareholder. Baoneng has high hopes for Qoros after its acquisition. Yao Zhenhua has said that for five consecutive years from 2018, he has invested 10 billion yuan in new car research and development, and is expected to launch 26 new models by 2022. However, Baoneng's victory over Qoros has also failed to realize its dream of building cars. Quan's car sales have declined year by year, from 22700 and 13100 from 2019 to 2020 to 4883 in 2021.

It is worth noting that Baoneng has been in crisis since June 2021, with news of layoffs, arrears of wages, arrears of social security, provident funds, arrears of payments to suppliers, and massive store closures. According to relevant statistics, the internal debt of Baoneng Group is 192.7 billion yuan, and the external guarantee amount is 30.8 billion yuan. Baoneng Automobile was exposed to massive layoffs in July 2021, with the auto sector cutting 8400 jobs from 23000 a year earlier, accounting for more than 65% of layoffs.

On the people's Daily-leader's message board, you can still see many employees claiming to be employees of Baoneng Automobile Group online denouncing unpaid wages, unpaid social security, provident fund and so on. In addition, earlier, media visited Baoneng's manufacturing bases in Kunshan, Jiangsu, Kunming, Yunnan, and Xi'an, Shaanxi, and found that Baoneng's manufacturing bases in Kunshan, Jiangsu and Kunming, Yunnan were in a state of construction interruption. And Baoneng Xi'an factory did not carry out production, the workshop is empty. According to Baoneng insiders, the Xi'an plant had arranged production plans for Zengji Guanzhi 3 and Guanzhi 5, as well as the first SUV of Baoneng New Energy BAO brand, but later did not put into production because the funds were not in place.

In 2021, it was reported that the Yao brothers of Baoneng were separated. According to Caixin, Yao Jianhui said publicly at the company's internal meeting in January 2021 that he would withdraw from Baoneng completely because of a "business philosophy disagreement" with Yao Zhenhua. The general situation of the "separation" is as follows: Baoneng's stock real estate business and the incremental real estate business located in Shenzhen have been given to Baoneng Holdings, which is in charge of Yao Jianhui, while incremental real estate projects outside Shenzhen are basically classified into Baoneng Chengfa. Baoneng includes logistics, finance, automotive and other businesses, belonging to Yao Zhenhua. As for the separation of the Yao brothers, some market analysts said that the "separation of two Yao families" may be a way to divide the risks in order to leave a way for the two brothers in the future.

Despite the crisis everywhere, Yao Zhenhua's dream of building a car did not stop. Yao Zhenhua said last year that since Baoneng joined the auto industry, it has invested more than 50 billion yuan to build a global first-class new energy automobile enterprise group with strong competitiveness and international influence in 10-15 years. On January 22nd of this year, Baoneng finally made new progress. At the Baoneng new car product appraisal conference, Baoneng unveiled two new cars, one is the GX5 (code name GX16) of the new luxury smart new energy vehicle brand "BAO", and the other is the Qoros 6 of Qoros.

For Baoneng, which is mired in crisis, it will take time to verify whether it can succeed in launching high-end brands to enter the new energy market. Some industry insiders also said that car-building is not an industry that can make a profit immediately. It needs enough funds to maintain. Baoneng Automobile has been in a "difficult labor" situation, perhaps it is not easy to walk on the high-end new energy market.

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