AutoBeta(AutoBeta.net)09/05 Report--

According to the National Enterprise bankruptcy reorganization Information Network, on September 4, Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. added a bankruptcy review case to Zhengtai Electric Co., Ltd. the handling court is the Shanghai third Intermediate people's Court.

The Shanghai No. 3 Intermediate people's Court said in the announcement that the applicant Zhengtai Electric Co., Ltd. on the grounds that Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. was unable to repay its due debts and obviously lacked solvency. Apply to the court for the bankruptcy liquidation of Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd.

According to public data, Hengda Hengchi New Energy vehicle (Shanghai) Co., Ltd. was established in May 2018, formerly known as Evergrande National Energy New Energy vehicle (Shanghai) Co., Ltd., with legal representative Jiang Xiaojun, registered capital of 3.01 billion yuan and paid-in capital of 2.52 billion yuan. According to the shareholding structure, the company is jointly owned by Evergrande New Energy Automobile Investment holding Group Co., Ltd. and Evergrande Ruibo New Energy Automotive Technology (Shenzhen) Co., Ltd., with the former holding 99.6678%.

The Tianyan risk check system shows that at present, the company has a number of information about the person being executed, the consumption restriction order, the person who broke the promise and the final case. Among them, 44 cases were executed, the total amount of execution was 963 million yuan, 51 cases of breach of faith, the proportion of non-performance was 100%, 49 cases were final cases, the total amount of execution was 201 million yuan, the total amount of non-performance was 199 million yuan, the proportion of non-performance was 99.4%.

Prior to this, Evergrande announced that the company's subsidiaries Evergrande New Energy vehicle (Guangdong) Co., Ltd. and Evergrande Intelligent Automobile (Guangdong) Co., Ltd. (relevant subsidiaries) received a notice from the relevant local people's court on July 26, and the individual creditors of the relevant subsidiaries applied to the relevant local people's court for bankruptcy reorganization on July 25. On August 5, Evergrande Motor said that the relevant local people's court held a hearing on the bankruptcy reorganization of the relevant subsidiary on August 2, and the relevant local people's court ruled that the relevant subsidiary entered the bankruptcy reorganization procedure. It is understood that the above two bankruptcy restructuring companies are the main companies of Evergrande's vehicle production base in Nansha, Guangzhou, which basically completed the main body construction in 2020, but has not been qualified for vehicle production and has not been put into operation.

Evergrande has been trapped in the capital chain for a long time, at the same time, it also faces a series of problems, such as factory shutdown, subsidiary bankruptcy restructuring, survival crisis and so on. At present, Evergrande is in an insolvent situation, facing huge financial pressure. On August 30th, Evergrande reported the latest results. As of June 30, 2024, Evergrande's revenue was 38.377 million yuan, down 75.17% from the same period last year; gross profit was 2.433 million yuan, down 103.99% from the same period last year; and the net loss totaled 20.257 billion yuan, an increase of 194.73% over the same period last year, far exceeding the annual loss of 12 billion yuan in 2023.

Among them, Evergrande's revenue from the new energy vehicle business in the first half of the year was 16.095 million yuan, down 62.7% from the same period last year. Evergrande has only one mass-produced model, Evergrande 5. As of June 30, 2024, Evergrande Tianjin factory has produced a total of 1700 Hengchi 5, and delivered more than 1429 new energy vehicles.

As of June 30, 2024, Evergrande's cash and cash equivalents were only 39 million yuan, while total assets were 16.369 billion yuan and total liabilities were 74.35 billion yuan. Evergrande said in its financial statement that Evergrande is in a more tight financial position than in 2023 and must get a lot of financial support in the future. Evergrande is currently trying to save itself by bringing in potential third-party investors, which is seen by Evergrande as the last straw. However, as of press time, no substantial progress has been made in this initiative.

Nowadays, the entry threshold of new energy vehicles is low, but unlike in the past, the new energy market is in a state of extreme "inner volume". It is actually difficult to survive without sufficient funds to support it. Evergrande Hengchi New Energy vehicle (Shanghai) Co., Ltd. has filed for bankruptcy review, which undoubtedly makes Evergrande even more difficult. As for how far Evergrande, which is mired in debt crisis, can go, the outcome may not be difficult to predict.

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