AutoBeta(AutoBeta.net)05/17 Report--

On May 16, Baoneng New Energy Automobile Group Co., Ltd. was listed as the executor again. It is listed as the person subject to execution by the people's Court of Huangpu District, Guangzhou City, Guangdong Province, and the object of execution is about 181700 yuan. The date of filing the case is May 16. As early as April, Baoneng New Energy Automobile Group Co., Ltd. was listed as the person subject to execution by the Longhua District people's Court of Shenzhen City, Guangdong Province, with a target of 250000 yuan. It is understood that Baoneng New Energy Automobile Group Co., Ltd. was established in 2017. Baoneng Automobile Group Co., Ltd. and Baoneng Holdings (China) Co., Ltd. each hold 50% of the shares, the company's registered capital is 3.01 billion yuan, and the legal representative is Liu Wentao. The company's business scope is to engage in investment activities, auto parts research and development, technical services, technical development, technical consultation, technology exchange, technology transfer and technology promotion with its own funds.

It is worth noting that on May 7, a document released by the Shandong Automobile Circulation Association showed that the headquarters of Baoneng Group was "empty". But then on the news, Baoneng Automobile responded that the news was misunderstood. According to the contents of this document, the consumer rights protection workstation of Shandong Automobile Circulation Association recently received a number of complaints about after-sale maintenance of Guanzhi car owners in Jinan. According to the investigation of the Association, at present, four Baoneng Guanzhi auto stores in Jinan have been closed, and the factory's service phone has also been cancelled. To this end, the consumer rights workstation of Shandong Automobile Circulation Association mailed an inquiry letter to "2088 Baoan North Road, Luohu District, Shenzhen", where the headquarters of Baoneng Group, which belongs to the Guanzhi brand, was returned because the letter was empty. According to the multi-understanding of the Association, there are serious operating problems in Baoneng Automobile at present, so that the legitimate consumer rights and interests of Guanzhi brand owners can not be protected and seriously damaged. For this reason, Shandong Automobile Circulation Association put the Baoneng Guanzhi automobile brand on the consumption blacklist and issued a consumer warning to the vast number of consumers in the province: be careful to buy Baoneng Guanzhi brand cars.

Relevant data show that in December 2017, Baoneng Group strategic investment Guanzhi Automobile became a major shareholder, forming a tripartite shareholder holding of Baoneng, Chery Automobile and Quantum. Baoneng Group bought a 51% stake in Guanzhi Motor in 2018, becoming the controlling shareholder of Guanzhi Automobile. In January 2019, Baoneng again bought a 12 per cent stake in Quantum for 1.56 billion yuan, increasing Baoneng's stake in Quan to 63 per cent. 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 also failed to realize its dream of building a car, and its sales declined year by year. Although there was an increase in 2018, with sales up 320 per cent to 63000 vehicles from a year earlier, it fell rapidly to 22700 in 2019, 13100 in 2020 and just 4883 in 2021.

At the same time, Baoneng has been in crisis since June last year, with news of layoffs, arrears of wages, arrears of social security, provident funds, arrears of payments to suppliers, factory shutdowns and massive store closures. Some people in the Baoneng auto sector have also disclosed that since 2021, its staff has been cut from about 23000 to about 8400, and it continues to lay off hundreds of people a week, with the proportion of layoffs exceeding 65%.

Although Baoneng Automobile is in crisis, Baoneng Group is still hopeful about the layout of the automobile industry. Yao Zhenhua has said 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 cross-border car-making Baoneng, hope to launch high-end brands to enter the new energy vehicle market, whether it can be successful remains to be seen. However, it is clear that car-building is not an industry that can make a quick profit, and it needs enough capital to maintain it. For Baoneng, which is currently in crisis, it may not be easy to go on the high-end road. In addition, according to the financial data disclosed by Baoneng Group, by the end of 2020, the company's total assets were as high as 565.303 billion yuan, and its net assets were only 59.18 billion yuan; as of mid-2021, Baoneng Group Holdings had total assets of 571.458 billion yuan, total liabilities of 478.918 billion yuan, net assets of 92.54 billion yuan and an asset-liability ratio of 83.81 percent.

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