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According to the China Executive Information Open Network, Huatai Automobile Group Co., Ltd. added new execution information, with an execution target of 1.959 billion yuan. The person to be executed also includes Huatai Automobile Finance Co., Ltd., Tianjin Hengtong Real Estate Development Co., Ltd., Huatai Automobile Group (Tianjin) Co., Ltd., Inner Mongolia Ouyide engine Co., Ltd., etc., and the execution court is the Intermediate people's Court of Jinzhou City, Liaoning Province.

According to Tianyan check, Huatai Automobile Group Co., Ltd. (hereinafter referred to as "Huatai Automobile") was established on May 29th, 2008, with a registered and paid-in capital of 300 million yuan, legal representative Miao Xiaolong, formerly known as Beijing Huaqi Holdings Co., Ltd., Huatai Automobile Co., Ltd. According to the shareholding structure, Zhang Xiugen owns 99 per cent of Huatai Motor, while Miao Xiaolong holds only 1 per cent.

Tianyan investigation showed that Huatai Motor was involved in 413 cases of various types, of which 99% were defendants. Huatai Motor received a total of 129 restrictions on consumption orders, a total of 23 times were listed as unfaithful executors, all failed to perform, 209 times in history, with a total execution target of 3.138 billion yuan. In addition, Huatai Motor was twice filed for bankruptcy reorganization review, namely Xizang warm current Asset Management Co., Ltd. and China Europe Shengshi Asset Management (Shanghai) Co., Ltd., but both companies withdrew their bankruptcy liquidation applications for Huatai Motor during the period of court review.

In the early years, Huatai Motors also had a good time. In 2000, Huatai Automobile controller Zhang Xiuwei acquired Shandong Rongcheng Automobile Factory from FAW Group and changed its name to Rongcheng Huatai Automobile Co., Ltd., which was the starting point of Huatai Automobile. In 2005, Huatai Motor reached an agreement with Hyundai Motor of South Korea to win the domestic qualification of "Santa Fe". Huatai Motor quickly became popular in the car circle relying on Hyundai's technology. In the same year, Huatai Automobile won more than 6000 mu of land in Ordos to establish a production base at a price of 60 million yuan. This year, Zhang Xiuhei also appeared on the Forbes China Rich list.

The prosperity of Huatai Motor has undoubtedly relied on the dividend of the rapid development of the domestic automobile market and the endorsement of Korean Hyundai Motor, but since then Huatai Automobile, which does not want to make progress, does not have its own core technology. Hyundai automobile resources are gradually tilted to the joint venture Beijing Hyundai, Huatai Motor is naturally marginalized.

Huatai sold only 71000 vehicles in 2015, up 2.5 per cent to 73000 in 2016 and 81.64 per cent to 133000 in 2017, according to the data. The surge in sales has made Huatai confident. Huatai has publicly announced that it will "strive to sell 200000 cars in 2018 and 500000 in 2020. In the next three years, Huatai has nearly 30 new cars on the market one after another."... However, Huatai car sales fell 9.0 per cent to 120100 in 2018. According to this calculation, Huatai Automobile has sold a total of 398000 cars in four years, with an average annual sales of 99000 vehicles.

However, even such figures are "full of water" in the eyes of the industry. It is reported that Huatai's sales data have been seriously falsified for a long time as early as 2011. At one time, the China Automobile Association did not accept the data reported by Huatai Automobile, but in order to maintain the integrity of the data, it replaced its sales data with "0".

Although Huatai Motor has not declared bankruptcy liquidation, it is actually no different from bankruptcy. In July 2019, the Huatai automobile capital chain was broken, and the four major factories in Rongcheng, Shandong, Ordos, Inner Mongolia, Tianjin Binhai, and Jiangyin, Jiangsu, all stopped production. While defaulting on employees' wages, they also faced hundreds of lawsuits with an extremely high debt ratio. In the domestic automobile market, it exists in name only.

It is worth mentioning that Huatai Automobile is the largest controlling shareholder of Liaoning Shuguang Automobile Group Co., Ltd. (hereinafter referred to as "dawning shares"). On September 27, 2018, dawning Group transferred 14.49% of dawning shares to Huatai Motor and completed the registration procedures for transfer of ownership. After the above equity changes, Huatai Motor directly holds 19.77% of dawning shares, becoming the largest shareholder of dawning shares, while Huatai Automobile's dawning shares are fully pledged because of the broken capital chain.

Dawning shares did not perform well. From 2017 to 2021, the net profits of dawning shares were 316 million yuan,-128 million yuan, 47 million yuan, 55 million yuan and-459 million yuan respectively. According to the latest financial report, revenue in the first half of 2022 was 857 million yuan, down 39.17 percent from the same period last year, while the net loss was 105 million yuan, down 3.85 percent from the same period last year.

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