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On October 10, Tianyan information showed that Pangda Automobile Trading Group Co., Ltd.(hereinafter referred to as "Pangda Group") and Pangda Leye Leasing Co., Ltd. added a new piece of information on the person subject to execution, with an execution target of more than 220 million yuan. The enforcement court was the Intermediate People's Court of Tangshan City, Hebei Province.

According to public information, Pangda Automobile Trading Group Co., Ltd. was established in March 2003. It was once known as Tangshan Pangda Automobile Trading Co., Ltd., its legal representative is Cheng Zhengzhi, and its registered capital is 10.2 billion yuan. In October last year, Huang Jihong officially stepped down as legal representative and chairman, and Cheng Zhengzhi took over. At the same time, the company type was changed from other joint-stock limited company (listed) to other joint-stock limited company (unlisted).

Pangda Group is a national automobile dealer group whose main business is automobile sales and after-sales services. It mainly handles more than 30 passenger car brands such as Mercedes-Benz, FAW Audi, FAW Volkswagen, FAW Toyota and Subaru. It was once the largest in China. Automobile dealer group was once called the "King of 4S Stores" in the industry. As early as 2014, Pang Group began selling new energy vehicles and became the earliest new energy vehicle dealer in China. In addition, Pang Da Group was also the "No. 1 stock in China's auto trade." In April 2011, Pang Group was listed on the Shanghai Stock Exchange. At the beginning of listing, its market value reached 36 billion yuan, becoming the "No. 1 share in China's auto trade." This was also the peak period of Pang Group's development. After that, it started large-scale expansion.

However, due to poor management, the huge group began to decline since 2017. It not only encountered liquidity shortage difficulties, but also directly fell into huge losses in 2019. Due to insolvent, the creditor finally applied for reorganization. Data shows that from 2017 to 2019, the non-net profit deducted by Giant Group was-2.09, -6.841 and-4.052 billion yuan respectively. Due to the company's serious losses, Pang Qinghua resigned as chairman of the board of directors in 2019. In May of the same year, due to failure to repay its due debts, Giant Group applied to the court for bankruptcy reorganization.

Nowadays, the huge group not only misses the title of "King of 4S Stores", but also faces a financial crisis. In June last year, *ST Pangda issued an announcement stating that the Shanghai Stock Exchange had delisted the company's shares, which means that Pangda Group has now delisted.

Tianyan information shows that there are currently multiple pieces of information on persons subject to execution in a huge group, and the total amount of execution exceeds 382 million yuan; the total amount of execution targets in the final case is 9.5156 million yuan, and the total amount of unfulfilled performance is 9.318 million yuan, with an unfulfilled performance ratio of 97.9%. In addition, the company's equity in several companies has been frozen.

As the former "king of 4S stores" of car dealers, the early Huanda Group's own "qualifications" were excellent. Unfortunately, Huanda Group failed to keep up with the mainstream of the market. Despite several years of reorganization, it was still unable to get rid of delisting. The mandatory execution of 220 million yuan this time is undoubtedly worse for the huge group.

Industry sources said that in the context of new energy vehicles accelerating the replacement of fuel-fueled vehicles, subsequent traditional car dealers will face greater challenges.

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