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A sudden "delay message for recruiting investors" once again brought the long-silent Bolshund car back to public view. According to relevant media reports, the manager of Nanjing Boxun New Energy Automobile Co., Ltd. (hereinafter referred to as Bojun Automobile) postponed the recruitment of investors in Tianjin Boxun Automobile Co., Ltd. (hereinafter referred to as Tianjin Boxun). The recruitment period ends at 17:00 on July 31, 2022. Tianjin Boxun plans to introduce investors by way of equity transfer, and the equity is 80.1% of Tianjin Boxun held by Boxun Automobile.

In addition, Art Automotive Technology Co., Ltd., which was founded in 2007, issued an announcement to acquire Tianjin Bojun Auto. On June 28, 2022, Art Motors released an announcement showing On March 26, 2022, the company signed "Art Automotive Technology Co., Ltd." with Tianjin Xiqing Economic Development Group Co., Ltd. (hereinafter referred to as Xiqing Economic Development Group) and Tianjin FAW Xiali Operation and Management Co., Ltd. (hereinafter referred to as FAW Xiali Management Company). Cooperation Agreement between Tianjin Xiqing Economic Development Group Co., Ltd. and Tianjin FAW Xiali Operation and Management Co., Ltd. Tianjin Bojun Automobile Co., Ltd. It is proposed to transfer 80.1% of the shares of Tianjin Boxun by means of equity transfer, and Xiqing Economic Development Group intends to transfer 19.9% of the shares of Tianjin Boxun by means of equity transfer.

Art announcement

Art notice also stressed that the validity period of the original cooperation agreement is three months, and the current period has expired, and all parties concerned are still actively negotiating and preparing for cooperation related to equity transfer. The company will actively promote the cooperation and fulfill the obligation of information disclosure in time according to the progress of the project. In addition, news shows: "the Boxun auto manager has issued an investor recruitment announcement on April 15, but due to the epidemic and other factors, some intended investors failed to effectively register during the recruitment period, in order to further facilitate the recruitment." the recruitment period will be extended. "

Data show that ‍ Nanjing Boxun and FAW Xiali jointly hold 100% of the shares, of which Nanjing Boxun holds 80.1% and FAW Xiali holds 19.9%. Art plans to transfer 80.1% of its shares in Tianjin Boxun, while Tianjin Xiqing Economic Development Group Co., Ltd. intends to transfer 19.9% of its shares in Tianjin Boxun.

The dynamics of Tianjin Boxun stagnated in July 2020, when multimedia exposed an internal document of Tianjin Boxun, which showed that due to the financing failure of the controlling shareholder, the company had no possibility of returning to normal operation. Tianjin Boxun shareholders' meeting decided to authorize the management of the company to handle the follow-up management work, and the company will go out of business from August 1 to October 31, 2020. After the expiration of the "closure" period, it will enter the state of "dissolution and liquidation".

As for the reasons why Art continued to recruit investors after it acquired an 80.1% stake in Tianjin Boxun, the Daily Economic News pointed out in the report that the relevant person in charge of Art said: "Boxun Automobile is already going through the bankruptcy process before we invest in the acquisition (Tianjin Boxun equity), and issuing an investment announcement is also one of the procedures." The Boxun auto manager said: "Art is currently involved in this matter, but the two sides have not yet reached a final agreement, the other side has not even decided on the price, and their previous announcement is actually an illegal operation."

According to public data, Boxun Automobile was founded in 2016. on November 18, 2019, Boxun Automobile and FAW Xiali signed an agreement to set up a joint venture "Tianjin Boxun Automobile Co., Ltd.". The legal representative is Huang Ximing, and the registered capital of the joint venture is about 2.539 billion yuan. Boxun Automobile contributed 2.034 billion yuan in cash, with a shareholding ratio of 80.1%. FAW Xiali contributed 505 million yuan with assets and liabilities related to land, plant, equipment and other assets and liabilities, with a shareholding ratio of 19.9%. As a result, Boxun Motor has the qualification to build cars. According to the agreement, within 30 days from the date of obtaining the business license, Boxun Motor has to complete the down payment of 1 billion yuan, and the remaining 1.0344 billion yuan must be paid within six months. However, according to the announcement issued by FAW Xiali, Boxun Automobile eventually paid only 14.1 million yuan to Tianjin Boxun. At that time, FAW Xiali asked Boxun Motor to fulfill its capital contribution obligations in accordance with the shareholder agreement, and if Boxun Automobile continued to default, the agreement would be terminated.

As one of the new power car-building brands, Boxun announced two new cars in April 2019, and announced that dozens of models will be launched in the future, covering the A-class, B-class and C-class three mainstream market segments. According to the plan, the first model, iV6, is scheduled for mass production in Tianjin at the end of 2019 and delivery in the first quarter of 2020. However, the development of Boxun car is not ideal, in the end, not only can not build a car, but also a financial crisis, employees ask for wages and rights incidents also occur frequently. On June 15, 2020, Boxun Automobile issued a notice of waiting for work to its employees, paying 2480 yuan in living expenses during the waiting period and paying social security and provident fund according to the base verified by the government. In addition, due to financial problems and financing difficulties, Boxun Motor announced to give up building cars temporarily.

Data show that by the end of 2018, Boxun Automobile suffered a loss of 780 million yuan in two years, and the number of Boxun car social insurance personnel was reduced from 832 to 6 between 2019 and 2020. Huang Ximing, founder of Boxun Motor, said in an open letter on June 13, 2020: "Boxun Motor is currently experiencing serious business difficulties and has decided to reposition the company's business model in order to form results and products and actively cooperate with foreign countries. strive to create positive cash flow, and strive to lead Boxun out of the predicament." In August of the same year, Tianjin Boxun shareholders' meeting decided to suspend production and business from August 1 of that year (for a period of 3 months), and all parties concerned were looking for new investors, but there has been no news of new investors coming in since then. At the same time, Tianjin Boxun shareholder Bojun Motor is also moving towards bankruptcy liquidation. On January 31, 2022, Nanjing Pukou District people's Court ruled to accept the bankruptcy liquidation of Bojun Automobile, and on February 7 of the same year, Beijing Guantao Zhongmao (Nanjing) Law firm was appointed as Boxun Automobile Manager, responsible for all work during bankruptcy liquidation. The applicant for bankruptcy liquidation is Boxun Automobile's sixth largest shareholder, Nanjing Shengshi Yangzi New Energy Automobile Industry Investment Fund (Limited Partnership), with a stake of 5.2273%.

The Boxun auto manager said: "according to the latest statistics, Tianjin Boxun's debt is conservatively estimated at 700-800 million, and it is estimated to go to more than 1 billion." Although it has the production qualification before, its previous production line has not been successful. If investors come in, the subsequent transformation of the production line, this investment will probably need 300 million-500 million yuan. " Cui Dongshu, secretary general of the Federation, said, "the development of Boxun is still too slow, and the financing is not smooth, which eventually leads to such a situation." After Boxun Automobile entered bankruptcy liquidation, Tianjin Boxun Automobile Joint Venture also entered the countdown to bankruptcy liquidation. Art's appearance may be a turning point for Tianjin Boxun, but industry insiders believe that Art is less likely to eventually take over Tianjin Boxun. For Tianjin Boxun, the purpose of recruiting investors is to save the enterprise, but Art, as an automobile design company, is not particularly well-funded, so industry insiders believe that there may be a change when Art enters Tianjin Boxun.

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