AutoBeta(AutoBeta.net)10/23 Report--

Tianyan check information shows that on October 20, industrial and commercial changes took place in Giant Automobile Trade Group Co., Ltd. (hereinafter referred to as "Giant Group"). Huang Jihong stepped down as legal representative and chairman, and Cheng Zhengzhi took over. At the same time, the type of enterprise has been changed from other joint stock limited companies (listed) to other joint stock limited companies (non-listed).

The giant group was once the largest car dealer group in China, and was once called the "king of 4S stores" in the industry, but later, due to poor management, it not only missed the title of "king of 4S stores", but even faced a financial crisis. since then, it has been put on file by the China Securities Regulatory Commission for suspected violation of securities laws and regulations. In June, * ST announced that the Shanghai Stock Exchange had delisted the company's shares. In short, large groups have been delisted.

According to the data, Huang Jihong once served as chairman of Guangdong China Automobile Leasing Co., Ltd., president of China Minsheng Investment Co., Ltd., and chairman and founder of Shenzhen National Transport Technology Group Co., Ltd. In December 2019 and October 2021, Huang Jihong joined the giant group and Zhongtai Automobile as a bankruptcy restructuring investor, serving as chairman of the giant group and chairman of Zhongtai Automobile.

Among them, the huge Group was founded in March 2003 by Pang Qinghua, a national automobile dealer group with automobile sales and after-sales service as its main business. mainly engaged in Mercedes-Benz, FAW Audi, FAW-Volkswagen, FAW Toyota and Subaru and other more than 30 passenger car brands.

In 2019, the consortium of Shenzhen Merchant Holdings, National Transport capacity and Yuanwei assets brought 1.7 billion yuan of capital transfusion to the huge restructuring. * ST picked the star in January 2020 and changed to ST. In August of the same year, the actual controller of Giant Group also changed from Pang Qinghua to Huang Jihong.

Since then, Huang Jihong was reported because of a huge group. In May this year, * ST issued an announcement, and the giant group received a written decision on administrative supervision measures from Hebei Securities Regulatory Bureau on May 19, 2023. The decision shows that the giant group has major litigation and arbitration matters not disclosed in time in 2020 and 2022, with a total of more than 4 billion yuan in funds involved in the two years. Huang Jihong, chairman of the company, was taken administrative supervision measures. At present, investors complain on various platforms that "huge groups maliciously delist" and "fraudulent companies". At the same time, the company has a number of information about the person subject to execution, with a total amount of more than 100 million yuan. in addition, there are a number of equity freeze and final capital case information.

As the largest car dealer group in China, the giant group also had a period of highlight. The giant group was listed on the Shanghai Stock Exchange in April 2011. at the beginning of its listing, the market capitalization reached 36 billion yuan, making it the "first share of China's auto trade". Since then, it has launched a large-scale expansion.

In 2014, the giant group began to sell new energy vehicles, becoming the earliest new energy vehicle dealer in China, but has since faced a financial crisis because of its operation. Large groups have been suffering from liquidity shortages since 2017, and in 2019 they directly fell into huge losses. Due to insolvent assets, they finally declared bankruptcy restructuring in May 2019 and completed bankruptcy restructuring in December of that year. Although it has been nearly four years since the completion of the bankruptcy restructuring, the giant group has been unable to reverse the deteriorating situation. According to the financial report data, the revenue of the company from 2020 to 2022 is 27.386 billion yuan, 28.633 billion yuan and 26.02 billion yuan respectively, the net profit is 580 million yuan, 898 million yuan and-144 million yuan respectively, and the net profit of returning mother is 187 million yuan,-389 million yuan and-155 million yuan respectively.

It should be noted that Huang Jihong's car territory extends far beyond huge groups. In 2021, when Zhongtai Motor was on the verge of bankruptcy, Jiangsu Shenzhen Merchants Company in the hands of Huang Jihong came up with a restructuring plan with an investment of 2 billion yuan, acquired Zhongtai Automobile from TieNiu Group and became the actual controller of Zhongtai Automobile.

Under the control of Huang Jihong, Zhongtai Motor once made a high-profile return. During the year, Zhongtai Automobile issued a fixed increase manual to issue shares to specific targets, raising no more than 6 billion yuan (including capital) to enter new energy, but was questioned about its lack of vehicle development capability, so it was questioned by the Shenzhen Stock Exchange. So far, the only product Zhongtai can rely on is its subsidiary Jiangnan Automobile, the Jiangnan U2, which is also the first new car released by Zhongtai after its bankruptcy restructuring.

In February this year, Jiangnan U2, a brand new model of Jiangnan Automobile, a subsidiary of Zhongtai, launched a total of six models with a price range of 56800-98800 yuan. It should be noted that at present, the asset-liability ratio of Zhongtai Automobile is still at a high level. As of September 30, 2022, Zhongtai Automobile has only 103 million yuan of freely available funds.

In May this year, Zhongtai Automobile announced that Mr. Huang Jihong applied to resign as chairman and director of the board of directors for personal reasons, as well as as a member of the Strategy Committee and nomination Committee of the eighth Board of Directors of the company. After the resignation of the relevant position, Mr. Huang Jihong will not hold any position in the company. The following September, Zhongtai Automobile issued an announcement that Huang Jihong is no longer the actual controller of the company, and there is no actual controller of the company after the change. The shareholders of seven parties, including Jiangsu Shenshang holding Group Co., Ltd. (hereinafter referred to as "Jiangsu Shenshang"), agreed to terminate Huang Jihong's voting entrustment, and the total shareholding of the relevant shareholders is 24.22%.

As the actual controller of the huge group and Zhongtai Automobile, Huang Jihong originally hoped to build an automobile "empire" of "whole vehicle manufacturing + national channel", but it obviously backfired. In the end, Huang Jihong failed to completely bring the huge group and Zhongtai Automobile out of the trough.

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