AutoBeta(AutoBeta.net)04/07 Report--

"Automotive Industry concern" from the heavenly eye to understand, Quan Zi Automobile Co., Ltd. newly increased the information of the person subject to execution, the implementation of a total of more than 33.84 million yuan. Among them, on April 3, Qoros added three new cases of information on the person subject to execution, with the execution object being 11803864.0 yuan, 13191331.0 yuan and 8500154 yuan respectively, and the execution court was the Suzhou Intermediate people's Court; on April 4, it added 349961 yuan to the execution target, and the enforcement court was the Shanghai Pudong New area people's Court.

In fact, the information of the person subject to execution of Guanzhi Automobile Co., Ltd. has been increasing since 2023. From January 1, 2023 to April 7, 2023, the number of information about the person subject to execution of Quan Zhi Automobile has increased by 61. As of press time, there were 267 enforcement cases in the history of Guanzhi Automobile, with a total amount of 1.031744592 billion yuan.

In addition, the company also has a number of breach of faith executor (laolai), consumption restriction order and final capital case information, the total amount of non-performance is more than 200 million, including 10 cases of breach of trust, the proportion of non-performance is 100%; there are 229 legal proceedings, with a total amount of 517.4845396 million yuan, 12.255064 million yuan for the plaintiff / appellant and 505.2294756 million yuan for the defendant / appellee.

At the end of March, several media reported that the Guanzhi automobile production base, which is located in the Changshu Economic and technological Development Zone, was closed, while the R & D department in Shanghai had also been evacuated. Since Guanzhi Automobile was blacklisted by the Automobile Circulation Association of Shandong Province last year, there are no Qoros car sales outlets in Jiangsu, Zhejiang, Shanghai, Anhui and other places. In addition, in May 2022, a number of Qoros cars were auctioned on the judicial auction platform. In December 2022, the people's Court of Anhui Wuhu Economic and technological Development Zone issued an auction notice for the equipment of the automobile production line of Quan Bei Automobile Co., Ltd., with a starting price of about 123 million yuan. The industry believes that the Qoros car production line has been auctioned by the court and is not far from complete bankruptcy. Since then, a large number of new Quan Zhi 7 cars have appeared on the judicial auction platform, including seized cars from Shandong, Zhejiang, Hubei, Henan, Chongqing and other regions.

Quan Zhi Automobile is a brand under Baoneng, which originated from Chery. In 2007, Chery and Israel Group co-founded Chery Quantum Automobile Co., Ltd., and the Qoros brand was founded in 2011 and was highly expected. Yin Tongyue, chairman of Chery Automobile, once said, "Audi is the idol of Qoros, and Qorui wants to be the Hyundai of China." At that time, the competitor of the first model of Qoros aimed at Volkswagen Quateng, and during the period from 2014 to 2016, Qoros successively launched four models, namely, Qoros 3 five door version, Guanzhi 3 City SUV, Quan Zhi 5 SUV and Quan Zhi 3 GT. However, due to the poor performance of Qoros car market sales and continuous losses (2014-2016 net loss of 2.2 billion yuan, 2.5 billion yuan and 1.9 billion yuan respectively) The cumulative loss of more than 6 billion yuan over the past three years) became the abandoned son of Chery and was eventually acquired by Baoneng Group.

In December 2017, the "deep-pocketed" Baoneng Group's strategic investment Guanzhi Automobile became a major shareholder, forming a tripartite shareholder holding of Baoneng, Chery Automobile and Quantum. At the beginning of 2018, Baoneng Group acquired a 51% stake in Guanzhi for 6.63 billion yuan, officially becoming the controlling shareholder of Guanzhi Automobile. In January 2019, Baoneng again bought a 12 per cent stake in Quantum for 1.56 billion yuan, increasing Baoneng's stake in Quan to 63 per cent. The arrival of Baoneng Group has brought brief glory to Qoros. Data show that Quan's sales in 2018 were 63200, an increase of 320% over the same period last year, with the highest monthly increase of 400%. The reason is that this year's sales mainly come from Baoneng to win 95000 orders for Qoros through related car rental companies, so Qoros sales soon plummeted.

At that time, Yao Zhenhua, head of Baoneng Group, also announced that he would invest heavily in Qoros, spending 50 billion yuan on new product research and development and launching 26 new models in 2022. However, the ideal is always beautiful, but the reality is not. After the highlight of 2018, Qoros sales soon plummeted. According to the data, Quan Chi car sales fell to 22700 in 2019, down 63.4% from the same period last year. In 2020, Quan Chi released seven new cars, but it also failed to reverse the decline, and sales fell again to 13100 that year. By 2021, under the influence of many factors, such as internal staff turnover, rights protection of external suppliers and dealers, and sales failure, its sales have halved again. Guanzhi sold only 5200 vehicles in 2021, with an average monthly sales of less than 450s.

In November 2022, according to an execution order of the people's Court of Changshu City, Jiangsu Province, the people's Court of Changshu City issued an inquiry notice to financial institutions, network payment institutions, insurance institutions, securities institutions, real estate registration departments, vehicle registration departments and market supervision departments through the network execution inspection and control system. After analyzing the property inquiry, it was found that the deposit in the name of Guanzhi was only 2651.30 yuan, at the same time. Guanzhi's real estate and vehicles have been seized dozens of times.

Baoneng Automobile, the "big financier" of Guanzhi Automobile, is also difficult to protect itself. due to financial problems, Baoneng Automobile in 2021 was successively exposed to many problems, such as "manufacturing base shutdown", "layoffs", "severing employees' social security", "closing shops" and so on. Since then, he is in a deep liquidity crisis, facing difficulties such as overdue redemption of financial products and debt default. Have to continue to withdraw funds through the reduction of shares in listed companies, pledged shares, disposal of assets and other ways.

A few days ago, Shenzhen Yintong Qianhai Financial assets Trading Center issued two investment promotion notices related to Baoneng's creditor's rights on its website, involving that many of Baoneng's assets will be disposed of. They are Baoneng real estate entrusted loan claims and Baoneng auto trust loan claims, including a number of collateral and collateral, including Shenzhen Longgang Baoneng Science and Technology Park, involving claims of more than 7.6 billion yuan. As of press time, the history of Baoneng Automobile Group has been executed in 55 cases, with a total amount of 5.251476096 billion yuan.

Nowadays, both Baoneng and Qoros are in the same situation. Under the negative news such as increasing information about the person subject to execution, production lines being auctioned and lawsuits, we have no way to know where Baoneng or Quan will go in the future. but in the highly competitive automobile industry, survival of the fittest is the inevitable trend of the market. In the follow-up, whether Baoneng and Qoros can turn around or not should be left time to test.

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