AutoBeta(AutoBeta.net)07/03 Report--

According to China Executive Information Disclosure Network, WeiMa Automobile Technology Group Co., Ltd. was listed as the person subject to breach of trust execution (Lao Lai) by Shanghai City Qingpu District People's Court due to its ability to perform, the applicant was Peng XX, the filing time was April 7,2023, and the enforcement court was Shanghai City Qingpu District People's Court.

The obligations determined in the effective legal documents show that: I. The Respondent WeiMa Automobile Technology Group Co., Ltd. shall pay the applicant Peng Yisong's salary difference in October and November 2022 totaling RMB 11,798.5 Yuan within 5 days from the effective date of this Award; II. The Respondent WeiMa Automobile Technology Group Co., Ltd. shall pay the applicant Peng Yisong's salary in December 2022 RMB 2266.9 Yuan within 5 days from the effective date of this Award;

That is to say, Peng Mou is either an employee of Weima Automobile, or because Weima Automobile fails to settle his salary on time, he applies to Shanghai City Qingpu District Labor and Personnel Dispute Arbitration Committee for arbitration, including the salary difference in October and November 2022 totaling RMB 11798.5 Yuan and the salary in December 2022 of RMB 2266.9 Yuan, with a total salary of RMB 14065 Yuan. However, after the court judgment, he still fails to pay the salary on time, and finally becomes Laolai.

This can not help but make people wonder: today's WeiMa, can not even take out ten thousand yuan salary? Of course, the behavior given by the court is "having the ability to perform but refusing to perform". To put it bluntly, it is rich but not giving.

Shanghai City Qingpu District People's Court consumption restriction order pointed out that because WeiMa Automobile failed to fulfill the payment obligations determined by the effective legal documents within the period specified in the execution notice, the court took consumption restriction measures against WeiMa Automobile, restricting WeiMa Automobile and Shen Hui, the legal representative of the company, from carrying out high consumption and consumption behaviors not necessary for life and work.

WeiMa Automobile Technology Group Co., Ltd. is WeiMa Automobile Entity Company, headquartered in Qingpu District, Shanghai City. It was established in May 2012 with registered capital of RMB 6 billion. Its business scope includes technical design, R & D, sales and after-sales service of new energy intelligent vehicles.

Wages can not be issued, for WeiMa car is already a "cliché" problem. A few days ago, according to a report in Securities Daily, Weimar Automobile stopped paying again. Only the middle and senior management of the company with director and above had salaries, while others suspended their salaries. Admittedly, today's Weimar has reached the point of life and death, production stops, pay cuts, store closures, factory shutdown, and even car purchase Mini programs cannot be accessed...

For now, Weimar still lacks money most. As of March 31,2022, the remaining cash and cash equivalents on the book of Weima Automobile were RMB 3.678 billion yuan, while salary reduction and layoffs, factory shutdown, rent arrears of headquarters building, etc. all revealed that Weima was in financial difficulties.

WeiMa hopes to go public by backdoor and obtain financing channels in secondary market through Apollo Travel. Apollo Chuxing has issued an announcement saying that it plans to issue additional shares to no less than six targets, raising a net capital of about HK $3.526 billion, of which about HK $700 million will be used to repay Weima's debts. Earlier, some media optimistic estimates, WeiMa is likely to be fully listed in the second quarter, but as of June 30, WeiMa car and Apollo travel have not disclosed relevant progress. It seems that the operating conditions of Weimar Automobile are obviously not considerable. Of course, the new energy automobile industry has been overheated, plus WeiMa has become a "dangerous" horse, even if WeiMa car reverse acquisition success, can be in the secondary market financing is also unknown, after all, investment WeiMa risk is much greater than opportunity.

At present, Weimar can only rely on reverse takeover listing, which is Weimar's only chance of survival. However, WeiMa needs to solve a lot of problems before listing, after all, with the current WeiMa car status, even if successfully listed in Hong Kong, what other means to attract secondary market funds? It has become increasingly cautious to invest in new power brands, let alone a beleaguered, crisis-ridden fringe company.

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