AutoBeta(AutoBeta.net)03/24 Report--

According to Alibaba auction website shows, Chongqing Zhongtai Automobile Industry Co., Ltd.(hereinafter referred to as "Chongqing Zhongtai") land use rights, buildings, turnover materials and other assets due to no registration bid and re-auction. According to the website, the appraisal price of Chongqing Zhongtai related assets is 1.365 billion yuan, with a discount of 20% after the first auction on March 15 and a starting price of 1.092 billion yuan for the second auction.

A total of 187 people set up reminders for this auction, 7057 people watched, and finally it was sold. Relevant managers said that they would continue to dispose of the above assets at a 20% discount, and if the third auction was still unsuccessful, they would continue to auction at a 20% discount, and the proceeds would be used to pay off debts." Relevant personage points out, chongqing zhongtai auction target is packaged auction, even if the auction will not split auction.

According to relevant data, Chongqing Zhongtai Automobile Industry was established in 2015, with business scope of R & D, production and sales: automobile complete vehicle, automobile parts, tram manufacturing, engaged in import and export business of goods and technology, with registered capital of RMB 1 billion. According to the bidding announcement, the auction target includes the land use right of two industrial lands located in Bishan District of Chongqing City;26 buildings, including stamping workshop, welding workshop, subassembly assembly workshop, parts workshop, model assembly workshop, painting workshop and office building; Road pipe network, enclosure wall, parking lot, basketball court, badminton court, outdoor street lamp, septic tank and other plant structures and supporting facilities; As well as seedlings, turnover materials (production low-value consumables and maintenance spare parts), machinery and equipment, M12/M12E technology and software, monitoring system and natural gas alarm system.

It is understood that Chongqing Perzhe Automobile Interior System Co., Ltd. applied to the court for bankruptcy liquidation of Chongqing Zhongtai on April 23,2021 due to Chongqing Zhongtai's failure to pay off due debts and obvious lack of solvency. On May 15,2021, the Fifth Intermediate People's Court of Chongqing ruled to accept the case according to law and declared Chongqing Zhongtai bankrupt and liquidated.

What is the relationship between Chongqing Zhongtai and Zhongtai Automobile? * ST Zhongtai previously responded that Chongqing Zhongtai Automobile Industry Co., Ltd. is not a subsidiary of Zhongtai Automobile. Chongqing Zhongtai is the core supplier of one of Yongkang Zhongtai's subsidiaries, while Yongkang Zhongtai is a wholly-owned subsidiary of Zhongtai Automobile. It is understood that Chongqing Zhongtai Factory is the production base established by Zhongtai Automobile in Chongqing Bishan High-tech Zone in 2015. The project is in the charge of Chongqing Zhongtai Automobile Industry Co., Ltd. with a total investment of 4 billion yuan. After completion, it is expected to form a whole industry chain of vehicle manufacturing with an annual output value of 50 billion yuan, including Zhongtai T300 and Zhongtai T300EV.

It is worth mentioning that the assets under the name of Chongqing Zhongtai New Energy Automobile Technology Research Institute Co., Ltd. were sold from 7.75 million yuan to 2.03 million yuan. Cui Dongshu, secretary-general of the association, once said that Shenzhen Commercial Group only took over Zhongtai Automobile, mainly for automobile production qualification, while Chongqing Zhongtai is not a subsidiary of Zhongtai Automobile, and the acquisition of these assets can not obtain production qualification, so it is not ruled out that it will be sold after substantial discount.

Zotye Automobile, which once exploded because of imitation, was on the verge of bankruptcy due to lack of core technology. On 30 September 2021, Jiangsu Shenshang Holding Group Co., Ltd.(hereinafter referred to as "Jiangsu Shenshang") was finally determined as the restructuring investor according to the voting results of the review. On October 9, Zotye Automobile restructuring investor was finally determined as Jiangsu Shenshang. On October 27, Zhongtai issued an announcement that 2 billion yuan of restructuring funds have been fully in place, and the funds will be used to pay restructuring expenses, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile recover its sales network nationwide as soon as possible. On December 28, Zotye received the Civil Decision of Jinhua Intermediate People's Court, which confirmed the completion of the implementation of Zotye's automobile reorganization 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 would entrust Huang Jihong with the voting rights corresponding to 24.22% shares held in total. At this point, the actual controller of Zhongtai was 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 the huge group, which has a strong presence in China.

According to the reorganization plan previously released by Zotye: In traditional business, Zotye Automobile will gradually adjust brand strategy, construct characteristic strategy system and devote itself to building the most influential national automobile enterprise aiming at Zotye, Junma and other national automobile brands. In the short term, it plans to reorganize its affiliated brands, concentrate resources and boost sales volume through strategies such as merging homogeneous models, optimizing product sequence, optimizing cost structure and restructuring dealer network; in the long term, it plans to construct brand matrix by acquisition and joint venture to lay out the middle and high-end new energy automobile market. In addition, the business plan shows that customized online booking travel has become a trend, and Zhongtai Automobile will quickly layout the online booking market and expand the development space of Zhongtai by virtue of the resource advantages of restructuring investors. At the same time, focus on consumption hot spots and promote miniature electric vehicles to the countryside.

Deep business restructuring, bet on new energy, Zhongtai seems to have been ready for revival, but according to the current position of Zhongtai in the domestic market, even if the layout is high-end and how much living space? This is also worth thinking about Zhongtai and Huang Jihong.

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