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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)11/04 Report--
On November 2, Zhongtai Automobile issued an announcement on the cancellation of other risk warnings and suspension of trading in the company's stock, which was changed from "ST Zhongtai" to "Zhongtai Automobile". In May this year, some media reported that Zhongtai Motor's application for delisting risk warning and some other risk warnings for stock trading was examined and approved by the Shenzhen Stock Exchange. However, due to the fact that "production and business activities have been seriously affected and are not expected to return to normal within three months", the risk warning has been revoked. Today's successful withdrawal also means that Zhongtai Motor is slowly getting back on track.
On the same day, Zhongtai staff said in an interview with the media that the company was gradually resuming production and operation, and made a comprehensive layout of vehicle production, power batteries, important parts, car rental, car-hailing and car after-sales training colleges and other fields to open up the upstream and downstream of the industry. In addition, insiders revealed that "the company will introduce advanced power battery technology from overseas companies and set up a joint venture company. At present, the two sides are in further negotiations and confirm the location of the battery plant, and it is impossible to disclose the specific information of the enterprise." but it can be confirmed that battery technology is more advanced than in the Ningde era. "
Relevant data show that Zhongtai, formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed on May 19, 2000. As a member of its own brand, it not only has the dual production qualification of "traditional fuel vehicle + new energy vehicle", but also has production bases in Zhejiang, Hunan, Hubei, Shandong, Chongqing and other places, and its products cover sedan, SUV, MPV and new energy vehicle market segments. In terms of products, Zhongtai Motors became famous after the launch of T600 sports version, SR9, X5 and other models in 2016. In particular, SR9 became Zhongtai's "star" product after its listing, with cumulative sales of 333100 vehicles that year, an increase of 50% over the same period last year, which is the peak sales since its inception. However, without the support of core technology, it is doomed not to go very far, and its sales are falling sharply. After a decline in 2017, sales fell to 154800 in 2018 and just 116600 in 2019. In 2020, Zhongtai Automobile production and operation business almost stagnated, many of its subsidiaries and parent companies were liquidated.
In December 2020, Tieniu Group, the parent company of Zhongtai Automobile, was ordered by the court to terminate the reorganization procedure and declared bankruptcy liquidation because it was insolvent and unable to continue its operation. From October 2020 to June 2021, eight Zhongtai companies were successively accepted by the people's court because of their debt crisis. On September 30, 2021, according to the voting results of the review, Jiangsu Shenshang holding Group Co., Ltd. was finally determined as the restructuring investor. On October 9, the investor of Zhongtai Automobile restructuring was finally identified as Jiangsu Shenshang. On October 27th, Zhongtai announced that 2 billion yuan of restructuring funds have been put in place, the funds will be used to pay restructuring costs, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile restore the national sales network as soon as possible. On December 28, Zhongtai received the Civil order of Jinhua Intermediate people's Court, which confirmed the completion of the implementation of Zhongtai Automobile restructuring 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 will entrust 24.22% of their total shares to Huang Jihong to exercise their voting rights. At this point, the controller of Zhongtai has 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.
After nearly two years of bankruptcy restructuring, Zhongtai issued a "notice on the resumption of vehicle production" on October 18 to announce its return. On October 20, Zhongtai Automobile's first batch of overseas version of the T300 has been mass-produced. The car is a fuel version and will be launched in China. At the same time, pure electric models will be provided. It is understood that the T300 is an original model of Zhongtai, which went on sale as early as August 2017, with a guiding price of 4.59-93800 yuan. " At this time, the resumption of production of the T300 may also mean that Zhongtai will change its previous car-building road.
From the point of view of Zhongtai Motor's first push of the T300 into the new energy car track, it may hope to cut into the new energy track through the low-end route. After all, Zhongtai Motors has previous experience in manufacturing mini electric cars and can launch new products more quickly. In addition, the current new energy vehicle sales market, small electric vehicle market is a hot market segment, which for the return of Zhongtai to cut into small electric models is the right point. " However, due to the suspension of production and restructuring, Zhongtai's factories have also been stagnant for a long time, and some of the equipment has been out of date, and it has been broken for a long time at the market level, so whether it can be reborn after breaking the cocoon to keep up with the pace of the transformation of the automobile industry has yet to be verified by the market.
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