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Zhongtai Motor, which received a letter of concern from the Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") because it said it was "more technologically advanced than in the Ningde era" in November 2022, was recently questioned by the Shenzhen Stock Exchange for a fixed increase of 6 billion yuan.

In response to the inquiry from the Shenzhen Stock Exchange, Zhongtai Automobile announced on March 16 that it had recently received an inquiry letter from the Shenzhen Stock Exchange. the main questions for examination and inquiry are "whether Zhongtai has the vehicle development capability of new energy vehicles" and "channel construction project". Zhongtai Motors said: "in accordance with the requirements of the inquiry letter, the company will implement and submit the reply to the inquiry letter one by one together with intermediary agencies, and the reply will be disclosed through a temporary announcement. After disclosure, the relevant documents will be submitted through the listing examination business system of Shenzhen Stock Exchange."

The day before this, Zhongtai Motor was questioned because it was scheduled to raise no more than 6 billion yuan, and was asked whether this fund-raising was in a disguised form to supplement the situation and whether it was excessive financing. The inquiry letter issued by the Shenzhen Stock Exchange on Zhongtai Motor's application to issue shares to specific targets pointed out that during the reporting period, Zhongtai's vehicle business declined sharply until it was in a state of suspension of production, and so far it is still in the process of resuming production. At the end of the most recent period, the net assets of the company belonging to the parent company is 3.025 billion yuan, and the total amount of funds raised of 6 billion yuan is close to 2 times of the company's net assets at the end of the most recent period. The issuer's new car Jiangnan U2 officially went on sale in February 2023, but recently there are media reports that "the ruler department" has returned, Jiangnan "U2" copycat Honda E, can Zhongtai come back to life? "Zhongtai borrowed the corpse, 56800 new cars, reproduced plagiarism door" and so on. Therefore, the Shenzhen Stock Exchange asked Zhongtai Automobile to supplement the specific process of the new energy vehicle development project from R & D to formal listing, whether the company has the vehicle development capability of new energy vehicles, as well as the rationality and necessity of the location and scale of offline marketing channel construction.

Prior to this, Zhongtai Automobile issued a fixed increase manual showing that the company plans to issue shares to specific targets, raising funds of no more than 6 billion yuan (including capital). For new energy intelligent network automobile development and R & D capacity enhancement projects, channel construction projects and supplementary liquidity. Among them, 4.732 billion yuan is invested in the new energy intelligent network automobile development and R & D capacity enhancement project, 468 million yuan is invested in the channel construction project, and 800 million yuan is used to supplement the working capital.

At present, Zhongtai Automobile New Energy Intelligent Network United Automobile Development mainly develops four new energy intelligent network connected passenger cars, including three pure electric large and medium-sized SUV models and one pure electric car model. Zhongtai Automobile said that among the models to be developed in this project, the modeling and engineering design work of the B41EV project has been basically completed; the modeling creative work of the B31EV project has been completed and is about to enter the sludge model stage. Among the four models to be developed, two models are still in the pre-research stage of the project. " Is one of the focus of the Shenzhen Stock Exchange inquiry letter, Zhongtai Automobile's explanation is not convincing enough.

In addition, the channel construction project is also another issue of concern to the Shenzhen Stock Exchange. Previously, Zhongtai Automobile plans to use the raised funds of 21 million yuan to invest in the construction of digital marketing platform, and plans to use the raised funds of 447 million yuan to invest in offline marketing channel construction plan to build 216stores in Beijing, Shanghai, Guangzhou and other cities in advance. In this regard, the Shenzhen Stock Exchange requires Zhongtai Automobile to explain the location and scale of offline marketing channels in the light of the issuer's existing vehicle production and marketing situation, sales model, target customers and sales plans of proposed models, and comparable projects in the same industry. Rationality and necessity. It is also necessary to explain whether the personnel and rent of offline marketing channel construction will have a significant adverse impact on the operation of the issuer if the scale of production and marketing is not up to expectations.

Reviewing the development process of Zhongtai Automobile, although it is not too late for Zhongtai Automobile to enter the automobile manufacturing industry, whether it is in the field of automobile product design, R & D or manufacturing, Zhongtai Automobile has been deeply cultivated for more than ten years. however, the road of its development is not smooth.

Zhongtai Automobile, formerly known as Zhongtai holding Group, was established in 2003. In early 2006, Zhongtai Automobile realized vehicle production and quickly launched the first model, Zhongtai 2008, through Chengdu Xindi Automobile Company, which was recognized by many consumers. In 2016, Zhongtai SR9 won 20, 000 orders in just three days on the market, which was also the year when Zhongtai Motor sales peaked, with a total sales of 333100 vehicles. Unfortunately, the days of this kind of prosperity were very short. After that, Zhongtai Automobile sales began to decline sharply, with sales of only 154800 vehicles in 2018 and 116600 in 2019, and almost stagnated due to vehicle production and operation in 2020. A number of subsidiaries of Zhongtai Automobile and its parent company were liquidated.

On June 9, 2021, because Zhongtai Motor was unable to pay off its due debts, Jinhua Intermediate people's Court ruled to accept the reorganization according to law on the application of creditors, and appointed the manager to carry out all kinds of restructuring work. On September 30 of the same year, due to the drying up of Zhongtai Automobile liquidity, bankruptcy restructuring, and the basic stagnation of vehicle production and operation, it was taken over by Jiangsu Shenzhen Merchants and became an investor in Zhongtai Automobile restructuring. Shanghai Tianqi and Hunan Zhibo were the second-ranking investors of the company. On October 27, 2021, Zhongtai Motor announced that it had received 2 billion yuan in restructuring funds, which will be used to pay restructuring costs and pay off debts. Two months later, Zhongtai Motor announced that the bankruptcy restructuring plan had been completed.

In October 2022, Zhongtai Automobile announced that the preparation work before resuming production had been basically completed. On October 20, 2022, the first batch of T300 models that resumed production were put off the Yongkang base and a ceremony was held, which also meant that Zhongtai Automobile officially announced its resumption of production and gradually restored vehicle manufacturing capacity and normal production and operation, but it should be noted that this model is mainly sold to overseas markets including West Asia, South Asia, South America, the Middle East and so on.

Up to now, the only product Zhongtai can rely on is its subsidiary Jiangnan Automobile, Jiangnan U2, which was officially launched on February 26 this year. It is the first strategic model based on Jiangnan Automobile J-Smart 1.0 pure electric platform, and it is also the first new car released after Zhongtai Automobile bankruptcy reorganization. A total of six models have been launched, with a price range of 56800-98800 yuan.

Data show that due to the lack of liquidity, Zhongtai Automobile vehicle manufacturing business in 2020 and 2021 is almost at a standstill, and the operating income mainly comes from the sales of auto parts and door industry. The data show that Zhongtai Motor has a net loss of 10.801 billion yuan in 2020 and a net loss of 255 million yuan in the first quarter of 2021, with net assets of-4.672 billion yuan.

According to the latest announcement, as of September 30, 2022, Zhongtai Motor is free to use only 103 million yuan. For Zhongtai Automobile, product research and development is its top priority, and it is well known that car building is a costly project, and 103 million yuan is tantamount to a drop in the bucket for Zhongtai Automobile, which wants to develop products after restructuring.

At present, the asset-liability ratio of Zhongtai Automobile is still at a high level, and the follow-up, including the research and development of new energy vehicles, the rectification of production base, the reshaping of supply chain system, the reconstruction of brand system, marketing channels and so on, all need a lot of financial support. at present, Zhongtai Automobile is in urgent need of capital "blood", under this background. This fixed increase of 6 billion yuan for product research and development and channel construction is particularly important for Zhongtai Automobile.

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