AutoBeta(AutoBeta.net)09/06 Report--

Heavenly Eye check information shows that on September 2 and 3, Hechuang Automotive Technology Co., Ltd. (hereinafter referred to as "Hechuang Automobile") added two pieces of equity freeze information, the amount of which is 20 million RMB and 5 million RMB respectively. The enterprise whose equity is executed is Guangzhou Hechuang Automobile sales and Service Co., Ltd., with a freeze period of 3 years, and the executive court is the Guangzhou Nansha District people's Court.

On August 21, 100 million shares of Hechuang Automobile were frozen, and the company whose equity was executed was also Guangzhou Hechuang Automobile sales and Service Co., Ltd., with a freeze period of three years, and the executive court was the Guangzhou Nansha District people's Court. In other words, the cumulative amount of equity frozen in Hechuang Motor over the past three days is 125 million yuan.

In fact, this is not the first time that co-venture's stake has been frozen recently. Earlier, on August 15, Hechuang Motor added seven new equity freeze messages, all of which were executed by GAC MOTOR (Hangzhou) Co., Ltd. the total amount of frozen shares was 41.16 million yuan. the freeze period is from August 15, 2024 to August 14, 2027.

Hechuang Automotive Technology Co., Ltd. was established in April 2018, the legal representative is Li Zhihong, the registered capital and paid-in capital of the enterprise are 5.523 billion yuan. Equity information shows that the company is jointly owned by Guangdong Pearl Investment Intelligent Technology Investment Co., Ltd., Guangzhou Auto Ean New Energy Automobile Co., Ltd., GAC GROUP and other companies, of which the first two shareholdings are 68.5594% and 20.5411% respectively. Guangzhou Hechuang Automobile sales and Service Co., Ltd. was established in August 2023, the legal representative is Liu Yixin, the registered capital and paid-in capital of the enterprise are 100 million yuan. Equity information shows that the company is wholly owned by Hechuang Automotive Technology Co., Ltd.

Hechuang Automobile, formerly known as GAC Weilai, was jointly established by GAC GROUP and Weilai in April 2018. At that time, GAC and Weilai jointly invested 1.28 billion yuan, each holding 45 per cent of the equity, with the remaining 10 per cent held by the founding team. After the establishment of the new company, Guangqi Weilai launched the new new energy vehicle brand "Co-creation HYCAN" in December 2019, and launched the first production model 007 in May of the following year, but the market performance of the new car was poor after its launch, with sales of less than 1000 vehicles in 2020, a far cry from the expected annual sales target of 15000 vehicles.

In 2021, Guangqi Wei came to complete the capital increase and share expansion, and the strategic investor Zhujiang investment became the largest shareholder. GAC followed up the capital increase, but retreated to the second largest shareholder, while Weilai did not follow the investment and gradually faded out of management. in the same year, Guangqi Kilai officially changed its name to Hechuang Automobile, and then launched the second mass production model Hechuang Z03, with the help of the car. Hechuang's sales have increased significantly, from less than 3000 in 2021 to more than 20, 000. In August 2022, Weilai completely withdrew from the ranks of joint venture shareholders, and all its shares were taken over by Yaoyu Investment Holdings Co., Ltd., a new shareholder. Soon, co-chuang also launched including co-chuang A06, co-chuang V09 models, but co-chuang sales failed to achieve growth.

Hechuang's cumulative sales in 2023 were 18559, down 2.02% from the same period last year, with an average monthly sales of about 1500. After entering 2024, Hechuang still does not have much voice in the market and no longer takes the initiative to publish sales figures. According to statistics, from January to July this year, Hechuang accumulated sales of 4048 vehicles, of which, the highest sales model is the Hechuang Z03, which is 2139, the Hechuang A06 is 1290, the Hechuang V09 is 608, and the Hechuang 007 is 11.

As a new car-building force that once relied on GAC GROUP and Lai Motors, from the perspective of development process and model layout, Hechuang Automobile's qualification is not poor, and the action of product layout is not slow. Its models almost cover the three mainstream markets of SUV, sedan and MPV, but it is difficult to improve on the sales side. In addition, the current joint venture is also facing a serious cash flow crisis. People in the industry believe that the current situation of Hechuang Automobile is related to the unclear positioning of its brand market, insufficient product power, low brand influence and frequent changes in senior management.

Today, Hechuang has been gradually marginalized, with new energy vehicles entering the stock market, weak brands that lack hematopoietic capacity and do not have a large number of models are facing the test of life and death. Perhaps only the future can tell where co-venture will go in the future, or whether it will take a new turn and get back on its feet.

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