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Once caused a sensation because of the "water hydrogen car", now the company's assets are listed for auction. Auto Industry concern learned from the Ali auction website that a number of related assets of Jinhua Youth Automobile Manufacturing Co., Ltd., a car-building entity of the Youth Automobile Group, and related companies were auctioned on the Ali auction platform. The auction targets include vehicles, land use rights, company equity held, and so on.

According to the website, the relevant auction has started since the end of 2022, but the auction is not going well. In several auctions that have ended, logistics auctions without target will be waiting for a second auction for the starting price. It is understood that the three targets for auction first are the land use rights and above-ground construction projects of three plots such as Youth M10, the land use rights of Youth M09, and the overall packaging of buildings, structures, machinery and equipment, as well as the land use rights and projects under construction in the southwest of Road 17 of Youth City Industrial Park and east of Huangyuan Village.

The above three subjects, that is, the land use rights held by the group and projects under construction and factories under construction, are all located in Wucheng District, Jinhua City, Zhejiang Province, with starting prices of 385.95 million yuan, 479.96 million yuan and 246.09 million yuan respectively. As no one has signed up for the auction, all the three items have failed to be auctioned, and the second auction will be held at the prices of 367.57 million yuan, 456.49 million yuan and 234.37 million yuan respectively on January 15.

In addition, the company's equity will also be auctioned. For example, the 100% stake in Liupanshui Youth Man Company held by Lotus holding Company and Youth Automobile Group will be auctioned at a starting price of 50 million yuan. The 51% stake in Guangxi Hongzhen Youth New Energy Automobile Company held by Youth Lotus holding Company will start at 102 million yuan. Jinhua Youth Wisdom Automobile Co., Ltd. holds a 95% stake in Tianjin Youth Automobile Manufacturing Co., Ltd., which will start at 95 million yuan.

According to the data, Youth Automobile Group Co., Ltd. (hereinafter referred to as "Youth Automobile") was established in January 2001, with a registered and paid-in capital of RMB 100 million. Jinhua Youth Automobile Manufacturing Co., Ltd. (hereinafter referred to as "Jinhua Youth Automobile"), an entity car manufacturing company, was established in April 1996, with a registered and paid-in capital of RMB 210 million, with Pang Qingqing as its legal representative and chairman.

It is understood that Pang Qingqing became acquainted with automobile in the 1990s and quickly gained a foothold in the bus market through introduction and acquisition. In 1999, Pang Qingqing spent 9 million yuan to acquire the remaining shares of Jinhua North Fulai vehicle Co., Ltd., and renamed the company Jinhua Youth Automobile. In 2001, Pang Qing founded Zhejiang Youth Niopland Automobile Group Co., Ltd. (the predecessor of Youth Automobile Group Co., Ltd.). Since then, youth cars have developed rapidly and become the "leader" of the luxury bus market.

However, Pang Qingqing was not satisfied with luxury passenger cars and then entered the passenger car market. In 2004, Youth Motor acquired the skylark of Guihang and obtained the qualification of passenger car production. In 2006, Pang Qingqing signed a cooperation agreement with Malaysia's Proton Group to launch the "Youth Lotus" car based on Proton Motors, and launched related models in China. In 2010, Youth Motor failed to acquire Saab, related projects failed to put into production as scheduled, part of the base of youth car construction "rotten tail", financial pressure. Since 2013, youth cars have been reported to be in arrears with their employees and production bases have been shut down.

However, the news that the youth car, which was already half-buried, suddenly announced that the "water-hydrogen engine" would be offline in 2019 attracted a lot of attention. On May 23, 2019, Nanyang Daily published an article entitled "the water-hydrogen engine goes offline in Nanyang, and the municipal party secretary likes it", saying that the off-line Nanyang water-hydrogen engine can produce hydrogen in real time through vehicle water, and the vehicle only needs to add water to drive.

Pang Youth announced that he had successfully developed a "vehicle that can be driven only by adding water." there was an uproar from the outside world, denouncing it as a scam, while Pang Youth was fearless and confidently invited the major media to watch it, but Pang Youth avoided talking about core technology and other related information. It is worth mentioning that before this, Pang Youth had already been burdened with stains such as "cheating compensation" and "old scoundrel". Instead of winning recognition from the outside world, "Hydro cars" were saddened by the industry.

On February 7, 2021, Jinhua Intermediate people's Court issued (2021) Zhejiang 07 Breaking Shen No. 1 Civil ruling, which accepted the bankruptcy liquidation application of Jinhua Youth Automobile Manufacturing Co., Ltd., and made (2021) Zhejiang 07 Breaking No. 4 on the same day. Zhejiang Liuhe Law firm, Zhejiang Jinyuan Law firm and Jinhua Antai Accounting firm Co., Ltd. were appointed as temporary managers of the youth manufacturing company.

On May 20, 2021, Jinhua Youth Automobile Manager applied to the court, saying that there was a high degree of personality confusion between 20 companies, including Jinhua Yaman vehicle Co., Ltd., Jinhua Oran Automobile sales and Service Co., Ltd., and Jinhua Youth Automobile, including financial confusion, personnel confusion and corporate governance structure confusion, and requested that these 20 companies be substantially merged with Jinhua Youth Automobile for bankruptcy liquidation. After the trial, the court finally decided to agree to the above request.

When it comes to the bankruptcy of youth cars, Cui Dongshu, secretary general of the Federation of passengers, believes that it has little to do with the "hydrogen car" incident, and that the main reason for bankruptcy lies in the poor management of the enterprise. Today, the youth car has entered bankruptcy liquidation, and with the related assets being auctioned one after another, the "youth automobile kingdom" that Pang has operated for many years is also gone. According to Tianyan investigation, the total amount of targets executed by the Youth Automobile Group was 2.729 billion yuan, of which 1.438 billion yuan was outstanding, and that of Jinhua Youth Motor was 775 million yuan, of which 1.081 billion yuan was outstanding. As for Pang Qingqing, he has been listed as the executor of bad faith by the courts of Xi'an, Jinhua, Hangzhou, Ordos, Shizuishan and other places.

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