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Recently, Jinbei Automobile issued a notice saying that the company Atomic Company and the guaranteed party, Shenyang Jinbei vehicle Manufacturing Co., Ltd., were ruled bankruptcy and reorganization by the Shenyang Intermediate people's Court on December 30, 2022. The company will receive corresponding compensation as its ordinary creditors, and the company has begun to prepare to declare its claims to Jinbei vehicles. The amount of claims declared is expected to be 562 million yuan, because the mode of compensation, the proportion of compensation and the time of payment have not yet been determined. There is a risk that the company's claims cannot be fully repaid.

At the same time, it is also pointed out in the announcement that the company has calculated losses on the main guarantee liability of Jinbei vehicles in 2020 and 2021, and that Jinbei vehicles entering the bankruptcy reorganization process is not expected to have a significant impact on the company's financial statements in 2022.

Relevant data show that Shenyang Jinbei vehicle Manufacturing Co., Ltd. is one of the major domestic truck manufacturers controlled by Jinbei Automobile Co., Ltd., which is owned by brilliance Automobile Group. The company's products include five series, including light trucks with a carrying capacity of 0.5 to 3 tons, while producing vans, engineering dump trucks, special vehicles, SUV, pick-up trucks and passenger cars. Some of its well-known products include a series of trucks such as "lead Vernon", "lead driver", "Golden Vernon" and so on.

It is worth noting that there has also been news about the liquidation and restructuring of brilliance Group recently. On December 10, Jinbei Automobile announced that after examination, the Shenyang Intermediate people's Court approved the letter submitted by the State-owned assets Supervision and Administration Commission of the Liaoning Provincial people's Government on changing the members of the liquidation group of brilliance Group and negotiating to appoint it as the manager. Adjust the liquidation group of brilliance Automobile Group Holdings Co., Ltd. The adjusted liquidation group of Huachen Automobile Group Holdings Co., Ltd. was designated as the substantive merger and restructuring manager of the above-mentioned   12   enterprises. As of the date of this announcement, brilliance Group, through its wholly-owned subsidiary Shenyang Automotive Industry Asset Management Co., Ltd., holds 242967345   shares of Jinbei Automobile  , accounting for 18.53% of Jinbei Automobile's total share capital  .

Data show that brilliance Automobile Group holding Co., Ltd. is headquartered in Shenyang, Liaoning Province, is a vehicle manufacturing enterprise controlled by Liaoning SASAC. The Group has three independent brands of China, Golden Cup and Huasong, as well as two joint venture brands of brilliance BMW and Huachen Renault, with products covering passenger vehicles and commercial vehicles. Brilliance BMW is the most effective brand of brilliance Group, which has contributed as much as 27 billion yuan in profits to brilliance Group in recent years. In theory, under the support of the high profits of brilliance BMW, brilliance Group should have developed better, but due to its over-reliance on the profit support of brilliance BMW, its own brand derailed from the mainstream independent brand. Brilliance China, Golden Cup brand, Hua Song brand are gradually fading out of the market.

The decline in its own-brand business and the emergence of debt problems have exacerbated brilliance's crisis. In August 2020, brilliance Group's multi-branch retained bonds plummeted, and the crisis was triggered by a private offering called "17 Huaqi 05". This triggered all the remaining 14 bonds of brilliance to default, with a total default amount of 17.752 billion yuan. Brilliance failed to pay as promised and its supplier Gezhi Automotive Technology Co., Ltd. filed for bankruptcy reorganization in the Intermediate people's Court of Shenyang City, Liaoning Province.

In November 2020, the Shenyang Intermediate people's Court ruled to accept the creditor's application for the reorganization of brilliance Automobile Group holding Co., Ltd., which also means that the independent car company has officially entered the bankruptcy reorganization process. According to the ruling at that time, brilliance Group has the situation that the assets are not enough to pay off all the debts, and has the bankruptcy reasons stipulated in the enterprise bankruptcy law, but at the same time, the group has the value and possibility of rescue, and the necessity and feasibility of reorganization. In July 2022, according to the National Enterprise bankruptcy reorganization case Information Network, the "substantive merger and reorganization Plan of 12 Enterprises, including brilliance Automobile Group Holdings Co., Ltd. (draft)" was adopted at the third creditors' meeting after the postponement vote.

Relevant data show that as of June 1, 2022, a total of 6029 creditors had declared their claims to the manager of brilliance Group, totaling 57.718 billion yuan; in addition, there were undeclared claims of creditors (recorded in the books), totaling 13.294 billion yuan; and undeclared employee claims, totaling 786 million yuan. The three add up to 71.798 billion yuan. As of June 1, 2022, a total of 6029 creditors had declared their claims to the manager of brilliance Group, totaling 57.718 billion yuan; in addition, there were creditors' undeclared claims (recorded in the account book), totaling 13.294 billion yuan; and undeclared employee claims, totaling 786 million yuan. The three add up to 71.798 billion yuan.

For the current situation of brilliance Group, some industry insiders pointed out: brilliance Group originally had a good foundation, whether it is BMW or Golden Cup, are in the leading position. However, brilliance Group did not continue to strengthen independent technology research and development to ensure the continuous improvement of product power, but passively responded to laws and regulations and fierce competition, and finally had today's dilemma, and its failure experience should be used for reference by all automobile companies.

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