AutoBeta(AutoBeta.net)04/19 Report--

China Evergrande Group, Evergrande Hengchi New Energy vehicle (Shanghai) Co., Ltd., Tianjin Evergrande Guorui New Energy Technology Co., Ltd., and Junfang Materials and equipment (Guangdong) Co., Ltd.

On April 13, China Evergrande Group added four pieces of information about the person subject to execution, totaling about 560 million yuan, and the enforcement court is the Guangzhou Intermediate people's Court.

Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. has also added 4 pieces of information about the person subject to execution, and the enforcement court is the Guangzhou Intermediate people's Court.

As of press time, China Evergrande Group and Evergrande Hengchi New Energy vehicle (Shanghai) Co., Ltd. have a number of executees' information, among them, China Evergrande Group listed on Hong Kong shares has a total of 5 executees' information, the total amount of execution is 6.614607468 billion yuan; Hengda Hengchi New Energy Automobile (Shanghai) Co., Ltd. has a total of 15 pieces of executee information, the total amount of execution is 852.197919 million yuan.

China Evergrande Group was founded in 2006, with an equity of 1 billion US dollars, and completed strategic financing in 2019, with a transaction value of 3 billion US dollars, according to Tianyang check information. Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. was established in May 2018, the legal representative is Jiang Xiaojun, the registered capital is 3.01 billion yuan, the scope of business includes the development, manufacture and sales of new energy vehicles and 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.

In addition, during the same period, Tianjin Evergrande Guorui New Energy Technology Co., Ltd., and Junfang Materials and equipment (Guangdong) Co., Ltd., which are owned by Evergrande New Energy, also received more information about the executees. Among them, Tianjin Evergrande Guorui New Energy Technology Co., Ltd. added two pieces of information about the person subject to execution, the total amount of execution is 318126632 yuan, and the execution court is the Guangzhou Intermediate people's Court. Tianjin Evergrande Guorui New Energy Technology Co., Ltd. has a total of 5 pieces of executee information, with a total amount of 328.082552 million yuan. Junfang Materials and equipment (Guangdong) Co., Ltd. added two pieces of information about the person subject to execution, with a total amount of 242.448936 million yuan, and the enforcement court is the Guangzhou Intermediate people's Court.

According to the Tianyan check information of "Automotive Industry concern", Tianjin Evergrande Guorui New Energy Technology Co., Ltd. and Junfang Materials and equipment (Guangdong) Co., Ltd. are 100% controlled by Evergrande New Energy Automobile Investment holding Group Co., Ltd. Among them, Tianjin Evergrande Guorui New Energy Technology Co., Ltd. is located in Tianjin, was established in 2017, the legal representative is Wu Xinrong, registered capital of 2.5 billion yuan, paid-in capital of 689.1 million yuan. Is an enterprise mainly engaged in science and technology promotion and application service industry. Junfang Materials and equipment (Guangdong) Co., Ltd. is located in Guangzhou City, Guangdong Province, established in 2019, with a registered capital of 100 million yuan, paid-in capital of 100 million yuan, the legal representative is Zhang Mingming, is an enterprise mainly engaged in the wholesale industry.

Reviewing the process of Evergrande car-making, it can be said that Evergrande car-building is destined to be different from the beginning of its appearance. Compared with traditional car companies, Evergrande has cut into the new energy car track through a series of overseas mergers and acquisitions, which can be called "unprecedented" in the automobile circle, and was once regarded by the industry as "RMB player" and "not short of money". Even without a car, Xu Jiayin has knocked confidently that it will become the largest in the world in the next three to five years. The strongest new energy vehicle group and announced the goal of producing and selling 1 million vehicles in 2025 and 5 million vehicles in 2035.

In fact, there has been a lot of controversy in the field of car building since Evergrande entered the game. "what kind of car Evergrande can build" is also an issue of common concern to everyone inside and outside the circle. As a brand newly entering the car track, the speed of Evergrande's layout products can be called "amazing". So far, Evergrande has a total of nine models. On August 3, 2020, Evergrande released Hengchi 1, Hengchi 2, Hengchi 3, Hengchi 4, Hengchi 5, Hengchi 6 brand-new models. On February 10, 2021, Evergrande further released three new models: Hengchi 7, Hengchi 8 and Hengchi 9. At the Shanghai auto show in 2021, Evergrande even took Hengchi 1-Hengchi 9, a total of nine new energy vehicles, causing widespread concern from all walks of life, including cars, SUV, and MPV, covering all levels A to D. at that time, Evergrande also paid a lot of money to host sa Bing, a famous CCTV host, and Dai Lei, former co-founder of Baiteng, as executive vice president to introduce the model. However, Evergrande announced its absence at the Shanghai International Auto Show these days.

Although Evergrande has nine models in its product matrix, so far only one model has been mass produced, and only 900 new cars have been delivered.

On July 6, 2022, Hengchi brand's first model, "Hengchi 5", was officially pre-sold. The new car was positioned as a compact pure electric SUV, and only one model was launched. The deluxe version was priced at 179000 yuan. The first batch of 100s was officially delivered on October 29th, 2022. After the delivery of Hengchi 5, officials said that within 15 days after the new car pre-sale opened, the order had exceeded 37000. Liu Yongzhao, president of Hengchi New Energy Automobile Group, also created momentum for the new car many times. Hengchi 5 market response is very good, even better than expected, from the current point of view Hengchi big sale has become a foregone conclusion. " But between November and December 2022, it was revealed that Hengchi planned to lay off 60% of its workers at its Tianjin plant, and showroom staff were in arrears for months. On the other hand, Hengchi 5 was also exposed by car owners that there were some problems, such as "text overlap on the machine", "mileage greatly reduced", "brake noise", "adaptive cruising, lane assistance and other L2 auxiliary driving functions can not be used", "seat ventilation, heating function can not be used" and other problems.

At the same time, although Evergrande Auto has always given people the impression of "profligate and profligate", Evergrande Automobile has been in a state of loss and growing losses, it is also difficult to escape the fate of "lack of money". Evergrande Automobile Annual report data show that Evergrande Automobile lost 1.429 billion yuan, 4.426 billion yuan and 7.394 billion yuan respectively from 2018 to 2020, that is to say, Evergrande has accumulated 13.249 billion yuan over the past three years.

At the end of last month, Evergrande issued an announcement revealing that the Hengchi 5 was continuing mass production and had delivered 900 vehicles as of March 23, while informing the outside world that Evergrande would face the risk of shutting down production without access to new liquidity. Evergrande said in an announcement on the same day that in order to concentrate financial resources to support Hengchi 5 production, the company continued to promote cost-saving measures, including optimizing the staff structure. In addition, according to the original plan, 5 billion-7 billion yuan will be needed from 2023 to 2026 to support its plans to launch a number of flagship models. Evergrande pointed out that Evergrande New Energy vehicles will face the risk of stopping production without access to new liquidity.

According to the latest financial report, as of December 31, 2021, Evergrande had total assets of 59.521 billion yuan and total liabilities of 58.83 billion yuan, with an asset-liability ratio of 98.84%, which is almost insolvent. In addition, new car traffic insurance data show that a total of 975 cars have been delivered since their launch, of which 519 were delivered in 2022 and 456 in the first two months of 2023.

Although Evergrande has been mass produced and listed, it is still in a quagmire, and the financial crisis is a difficult problem that Evergrande has always been unable to avoid. At present, Evergrande 5 is in the stage of continuous mass production, judging from the current situation of Evergrande. Evergrande wants to continue to operate normally and mass produce more new cars, which means that Evergrande still needs a lot of "blood transfusion". At present, Evergrande is facing many cases of information about the person being executed, under the fierce market competition. Time will tell how much storm Evergrande can cause in the future.

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