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On July 31, Guanzhi Automobile Co., Ltd. added a new announcement of tax arrears, including urban maintenance and construction tax, property tax, stamp tax, personal income tax, consumption tax and urban land use tax, and the tax authority is the Suzhou Taxation Bureau of the State Administration of Taxation. the total amount of tax owed is more than 42.52 million yuan. Up to now, the total amount of tax owed by Quan Zhi Automobile amounts to 54.07 million yuan.

All the information shows that Qoros, which was once positioned as a high-end car, has already reached the edge of the cliff.

On August 1, the enterprise status of Hangzhou Chengmao Investment Co., Ltd. changed from existence to revocation and non-cancellation. It is understood that Hangzhou Chengmao Company was established in April 2017. its legal representative is Sun Li, with a registered capital of 2.5 billion yuan, and its business scope is industrial investment, investment management, investment consulting, enterprise management consulting, import and export of goods and technology, etc., jointly owned by Wuhu Xinzhi Investment Center (limited partnership) and Baoneng New Energy Automobile Group Co., Ltd. According to the shareholding structure, Hangzhou Chengmao holds a 63 per cent stake in regulated cars, making it the first controlling shareholder.

Over the past month, the new increase in the number of Quan Zhi Motors has been subject to execution and equity freeze information. On July 30th, Qoros Automobile Co., Ltd. added a piece of information about the person subject to execution, which is about 108 million yuan, involving disputes over housing rental contracts, and the enforcement court is the Shanghai No. 1 Intermediate people's Court. On July 22nd, Guanzhi Automobile Co., Ltd., Wuhu Baoneng Real Estate Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., and Baoneng Real Estate Co., Ltd., added a piece of information about the person subject to execution, with an execution target of more than 220 million yuan. The enforcement court is the Jinan Intermediate people's Court of Shandong Province. According to the heavenly eye investigation, Guanzhi Automobile Co., Ltd. has more than 30 pieces of information about the person subject to execution, with a total amount of more than 740 million yuan. In addition, the company also has a number of restrictions on consumption orders, breach of faith to be executed and final case information.

It starts with Chery and ends with Baoneng!

In December 2007, Chery and the Israeli group jointly funded the establishment of Chery Quantum Automobile Co., Ltd., which was initially 55% owned by Chery and 45% owned by the Israeli group, but was later adjusted to 50% each after negotiations in 2009.

In November 2011, Chery Quantum Automobile Co., Ltd. changed its name to Guanzhi Automobile Co., Ltd., and released the car brand "Quan Zhi Automobile". In November 2013, Guanzhi Motor made its debut at the 11th Guangzhou International Auto Show, and launched its first mass production model, the Guanzhi 3. At that time, Guanzhi 3 won recognition in the industry for its excellent design, quality and safety, and scored the highest score in the European New car crash Test (E-NCAP), becoming the first Chinese model to receive an Euro NCAP five-star rating and the first Chinese brand to win the Red Dot Design Award. Unfortunately, the market performance of Guanzhi 3 is very dismal, with only 6967 vehicles sold in 2014 and 14247 in 2015.

In 2016, Guanzhi launched its second production car, the Guanzhi 5, with a price of 13.99 yuan to 194900 yuan, but the market performance was also poor. According to the data, Qoros sold a total of 24188 vehicles in 2016, including 10878 for Guanzhi 5 and 13310 for Guanzhi 3.

The sales crisis is directly reflected in the financial results. From 2014 to 2016, the annual losses of Quan Zhi Automobile were 2.2 billion yuan, 2.5 billion yuan and 1.9 billion yuan respectively, with a cumulative loss of 6.6 billion yuan. In 2017, Chery transferred its stake in Qoros, and Baoneng became the pick-up, with the latter becoming the largest shareholder with a 51 per cent stake in Qoros for 6.63 billion yuan.

According to public information, Baoneng Group has five sectors: comprehensive property development, finance, modern logistics, cultural tourism, and people's livelihood industries. Yao Zhenhua officially announced the cross-border car building and the establishment of Baoneng Automobile Group in 2017. Guanzhi Automobile can be said to be the starting point of Baoneng car building, but also a crucial link. In order to promote the development of Baoneng automobile business, Yao Zhenhua also poached three former BAIC executives. At that time, Yao Zhenhua, chairman of Baoneng Group, was full of confidence and planned to invest 10 billion yuan in new car research and development each year for five consecutive years starting from 2018, with 26 new models expected to be launched by 2022.

However, after joining Baoneng Group, the situation of Quan Zhi Automobile has not been improved. In the early stage, it mainly relies on the linkage cloud car rental platform to achieve sales growth, but its performance in the end market is indescribable. Starting from 2021, Guanzhi Motor began to have internal staff loss, external suppliers and dealers to protect the rights and other problems, the current operating situation is particularly difficult. According to the inquiry, in the past few years, when the relevant people's courts inquired about the clues of Guanzhi automobile property information through financial institutions and on-the-spot investigation, almost all of them concluded that Quan Zhi Automobile had no property that could be executed immediately.

In May 2022, the Shandong Automobile Circulation Association issued a document that included Quan Zhi brand cars in the consumer blacklist and issued a consumer warning to consumers because the association received a number of complaints about after-sale maintenance of 4S stores in Jinan. At the same time, the inquiry letter mailed by the association to the headquarters of Baoneng Group was also returned.

At present, a number of Guanzhi 4S stores across the country are in a state of shutdown, and Guanzhi owners generally encounter problems such as "no door" for car repair, difficult to cash in delayed maintenance, and so on. On the complaint platform, there are more than 400 complaints about Guanzhi brand cars. The main reasons for the complaints include missing after-sale vehicles, non-cash gift maintenance services, sales fraud and so on. According to the official website, Guanzhi car models currently on sale include Quan Zhi 7, Quan Zhi 5S and Guanzhi 3. Terminal sales show that Guanzhi 7 sold 53 vehicles in the first half of the year.

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