AutoBeta(AutoBeta.net)02/04 Report--

Heavenly Eye check information shows that on February 1, Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. added a piece of information about the person subject to execution, with the execution target of more than 4.09 million yuan, and the enforcement court is the Guangzhou Intermediate people's Court. Up to now, the company has been executed more than 280 million yuan.

Established in May 2018, Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. is represented by Jiang Xiaojun with a registered capital of 3.01 billion RMB. Its business scope includes the development, manufacture and sales of new energy vehicles and spare parts. The equity penetration map shows that Evergrande Hengchi New Energy vehicle (Shanghai) Co., Ltd. is jointly owned by Evergrande New Energy vehicle Investment holding Group Co., Ltd. And Evergrande Ruibo New Energy vehicle Technology (Shenzhen) Co., Ltd. the two sides hold 99.67% and 0.33% respectively.

According to Tianyan check information, as of today, Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. had 131pieces of risk information and 3 consumption restriction orders, and the total amount of execution in this case was 4.01844 million yuan, and the total amount of non-performance was 4.01844 million yuan. The proportion of non-performance is 100%; the total number of cases involved in breach of trust is 2. At the same time, Evergrande Hengchi New Energy vehicle (Shanghai) Co., Ltd. was listed as the person subject to execution by the Guangzhou and Shanghai people's Courts, with a cumulative execution amount of more than 280 million yuan.

Unlike most domestic enterprises that lay out the automobile circle, Evergrande Automobile can be called a "RMB player" and "there is no shortage of money." Xu Jiayin knocked confidently on the goal of "producing and selling 1 million cars in 2025 and 5 million in 2035". In November 2019, Xu Jiayin announced that he would invest heavily in building cars and invest 45 billion yuan in the future, including 20 billion yuan in 2019, 15 billion yuan in 2020, 10 billion yuan in 2021, and at the signing ceremony of Evergrande's global strategic cooperation in December 2019. Xu Jiayin also called in the leaders of the automobile industry and more than 1100 executives of the automobile industry chain. When the dozens-meter-long cooperation document table was put on the stage, the real estate industry and the automobile circle were all shocked.

On August 3, 2020, Evergrande made a splash, releasing Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5 and Hengchi 6 new models shocked the car circle, covering not only A to D class models, but also passenger cars, sedan cars, SUV, MPV, crossovers and other passenger vehicles. On February 10, 2021, Evergrande further released three models: Hengchi 7, Hengchi 8 and Hengchi 9. So far, nine models have been arranged in the Hengchi product matrix.

However, the ideal is very plump, the reality is very bony. Hengchi brand's first model, "Hengchi 5", did not go on sale until July 6, 2022. The new car launched only one model, with a pre-price of 179000 yuan for the deluxe version. As the first model of Hengchi brand, Liu Yongzhao, president of Hengchi New Energy Automobile Group, has repeatedly created momentum for the new car, calling it the best pure electric SUV within 300000. Liu Yongzhao said that Hengchi 5 uses parts from top manufacturers in the supply chain, including Bosch, mainland, Amboft, Ningde era and many other well-known supply chain enterprises have participated in the production process of Hengchi 5.

According to officials, orders for new cars have exceeded 37000 after only 15 days of pre-sale. Liu Yongzhao praised after the new car pre-sale conference: "Hengchi 5 market response is very good, even better than expected, from the current point of view Hengchi big sales is a foregone conclusion." However, this is not the case. Hengchi 5's sales after listing did not meet market expectations, and Evergrande had to open a series of cost cuts to increase efficiency.

On December 30, 2022, Evergrande announced on the Hong Kong Stock Exchange that the company's "Hengchi 5" is in mass production and has delivered 324 vehicles to customers. In order to save costs, Evergrande is carrying out a series of cost-saving measures, including reducing the overall number of employees, arranging rest for some employees, reducing the wages of some employees, and so on. At the same time, a wholly owned subsidiary of Evergrande, Evergrande Hengchi New Energy vehicle Holdings (Hong Kong) Limited, received a statutory demand issued by a lawyer acting on behalf of a creditor under the companies (Winding-up and Miscellaneous provisions) Ordinance, Cap. 32 of the laws of Hong Kong, requiring the subsidiary to pay a total of 4684520 euros claiming that the outstanding debts due under the agreement entered into between the subsidiary and the creditors. The statutory demand requires the subsidiary to repay its debt within three weeks from the date of service of the statutory demand (i.e. on or before 5 January 2023), otherwise the creditor may file a winding-up petition against the subsidiary.

In fact, although Xu Jiayin is rich and powerful, Evergrande has been losing money all the time. According to Evergrande Automobile Annual report data, Evergrande Automobile lost 1.429 billion yuan, 4.426 billion yuan and 7.394 billion yuan respectively from 2018 to 2020, and 4.787 billion yuan in the first half of 2021. The cumulative loss in less than four years has exceeded 17 billion yuan. Since then, Evergrande Automobile has not disclosed the Lunar New year report. And trading has been suspended on the Hong Kong Stock Exchange.

At the end of November 2022, the media reported that Evergrande was laying off staff at its Tianjin plant, with plans to lay off 60% of its employees. Some employees have been interviewed internally, and some will go on leave. In early December of the same year, pictures from the network showed that Hengda Hengchi New Energy Automotive Technology (Guangdong) issued a stay notice, saying that due to the impact of COVID-19 's epidemic and serious operational difficulties in the group and the company, there was an urgent need for management optimization and adjustment. Because your position is temporarily out of work for a certain period of time, the suspension and retention period is from December 1, 2022 to February 28, 2023. But Hengchi executives refuted the rumor that production at the factory was normal and suppliers were cooperating fully.

New car traffic insurance data show that only 519 vehicles have been delivered in 2022 since the launch of new cars.

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