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Baoneng Automobile was exposed to be in arrears with employees' wages, collect payment from dealers and do not send cars.

A number of Baoneng employees belonging to different departments said that Baoneng had delayed its salary for about 12 months since the second half of 2021, and had not paid its provident fund since May 21, while social security owed three months, China Business reported. An employee said: "the monthly salary is either not paid, or only a little, such as 3000 yuan, 1000 yuan, such a small payment, the monthly salary is divided into three or four months, we have to make a table to calculate how much the salary has been paid." Only half a month's salary owed in 2022 has been paid so far this year. " Another employee said: "1000 yuan was paid for the festival before the Spring Festival this year, and half a month's salary was paid on February 10." These two payments have been made this year. In addition, Baoneng's social security is always in arrears for three months, such as January in April and February in May, because it is not paid for three months in a row. "

In February 2022, employees of Baoneng Automobile asked for their salaries by writing collective letters internally, China Business News reported. According to the contents of the letter, Baoneng Automobile was not paid in July and August in 2021, 10% in September, 3000 yuan in November, 3000 yuan in December, and not paid in January 2022. From July 2021 to the end of February 2022, only about 1.2 months of wages were paid in more than seven months.

As of press time, Baoneng officials did not respond to the above news.

In fact, the social security incidents of unpaid wages and severing diplomatic relations of Baoneng Automobile have existed for a long time. As early as 2021, due to the shortage of funds, Baoneng Automobile has been exposed for many problems, such as factory shutdown, layoffs, social security for severed employees, shop closure and so on. In order to alleviate the financial problem, Baoneng Group also sold assets to "replenish blood". But for Baoneng Automobile, which is in a financial crisis, it is only a drop in the bucket.

Baoneng Group was founded in 1992, headquartered in Shenzhen, the chairman is Yao Zhenhua, with integrated property development, finance, modern logistics, cultural tourism, livelihood industries and other five sectors. In March 2017, Yao Zhenhua officially announced cross-border car building and the establishment of Baoneng Automobile Group, and then bought a 51 per cent stake in Guanzhi at a purchase price of 6.63 billion yuan, becoming the controlling shareholder of Guanzhi Automobile and has since entered the auto industry.

In June, 2021, Baoneng Group launched its new luxury intelligent new energy vehicle brand-Baoneng Automobile, which is called BAO in English. According to the plan, the BAO brand will launch at least 16 models within five years, including SUV, sedan, MPV, sports car and other models, gradually covering the high-end electric vehicle market segment, of which two new cars are planned to be launched in 2021.

However, the BAO brand not only failed to release a new car within the specified time, but was mired in a series of financial crises. In August 2021, two months after the launch of the BAO brand, Baoneng Group was exposed that a number of expired wealth management products and trust plans were overdue. Since then, the problem of shortage of funds in Baoneng Group has also surfaced, successively exposed many problems such as "manufacturing base shutdown", "layoffs", "social security for severed employees", "shop closure" and so on, and then fell into a liquidity crisis.

Surprisingly, this series of crises did not repel Baoneng, but became more and more brave. Yao Zhenhua held a forum in September 2021 and said that Baoneng has invested more than 50 billion yuan since it entered the automobile industry in 2016, and the company will strive to build a global first-class new energy vehicle enterprise group with strong competitiveness and international influence in 10-15 years. In November of the same year, in view of the liquidity difficulties, Yao Zhenhua said again: "this liquidity difficulty is unprecedented in Baoneng's development in the past 29 years," and pointed out that throughout the 29 years of development, this difficulty is not a bad thing for Baoneng, which is about to enter its thirties, but a wake-up call: "remind us to deeply reflect on the problems in the process of operation and management, and how to ensure that the same mistakes will not be repeated in future development."

Although Yao Zhenhua continued to release good news about Baoneng in the second half of 2019, Baoneng actually had a hard time in 2022 and now 2023.

Tianyan check information shows that Baoneng Automobile Group Co., Ltd. has 3 cases of breach of faith, the proportion of non-performance is 100%. Among them, the case, which was filed on November 1, 2022, showed that the execution was based on Shenhua Laoren Zhong (Longhua) case [2022] No. 1009, and the person who broke the promise was Baoneng Automobile Group Co., Ltd. to make the implementation basis for the Shenzhen Longhua District Labor and personnel dispute Arbitration Commission, the specific circumstances of the behavior of the person subject to breach of trust is "have the ability to perform and refuse to perform the obligations determined by the effective legal documents".

In addition, "Automotive Industry concern" noted that since 2023, the information of Baoneng's executees has been increasing. As of the press time, there were 58 historical executees of Baoneng Automobile Group Co., Ltd., with a total amount of 5.249162758 billion yuan, 113 historical court announcements, 88 legal proceedings, a total case amount of 34.82041035 million yuan, and the identity of the defendant / appellee was 348.02 million yuan.

In addition, the development of Guanzhi Motor, a subsidiary of Baoneng Automobile, is also beleaguered on all sides. so far, 267 cases have been executed in the history of Guanzhi Automobile, with a total execution amount of 1.078974112 billion yuan. Obviously, both Baoneng and Qoros have no time to take care of themselves.

Up to now, if the above news is true, it means that Bao Neng not only has not yet solved the problem of arrears of wages to its employees, but also faces negative news such as increasing information about the person subject to execution and the production line being auctioned.

Up to now, Baoneng Automobile has three major passenger car brands: BAO, Qoros and au Poly. At present, the last post on Baoneng's official Wechat account stays on Feb. 8, and is the 2023 kick-off meeting attended by Yao Zhenhua, Bao Neng CEO Xing Ze and other management personnel, as well as all Baoneng headquarters staff. At the meeting, Lu Xingze, chief executive of Baoneng, said that 2023 is a key year for Baoneng, fully ensuring mass production of A3, GX16 and A6 key models, and taking the first DS05 off the line this year. Yao Zhenhua, chairman of the board, said that the vehicle project should speed up the release of production capacity, and the A3 model is the top priority in the business plan.

From the analysis of the current three major passenger car brands of Baoneng, BAO brand has not made any new progress since its debut in January last year, codenamed GX16 and GX18, and there is not much news about BAO brand models in the market. Qoros Automotive, new car traffic insurance data show that there are only 84 vehicles in February in the first half of 2023, of which 33 in February, and face a total amount of 1 billion to be executed. As for au Poly, the brand focuses on small electric cars, the first model is the A3, which was first unveiled in September 2022. According to the plan, a new model will be launched every year in the future. This year, the model will be a higher positioning A00 class four-door pure electric car, and in 2024, the A0 class four-door pure electric car will be launched. However, according to media exposure, the brand may not become an opportunity for Baoneng car to turn around.

A Burberry dealer told Caijing: "in October last year, the business of Baoneng Automobile came to me and introduced me to be a distributor of A00-class car. I made a 200000 deposit." In December, Baoneng said that it would be produced soon and asked for taxi payment. I called hundreds of thousands more. But the time of production has been dragging on, saying that the Spring Festival is over before the Spring Festival, February after the Spring Festival, February and March, until April, and there is no sign of production. " At the same time, more than 100 dealers across the country have made no mention of taxis, with payments ranging from hundreds of thousands of yuan to more than 1 million yuan, according to a number of Burberry dealers. In April, dealers from Shandong and Henan went to Shenzhen Baoneng Automobile Group to make an "important statement", which had not been resolved as of press time.

Obviously, although Baoneng owns three major passenger car brands: BAO, Qoros and au Poly, it is impossible to predict how long Baoneng, which is mired in financial constraints, will last.

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