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Since the postponement of equity transactions was criticized by the Shanghai Stock Exchange several times, Huatai Motor has recently been listed by the court as an unfaithful executor (commonly known as Lao Lai) for failing to pay wages. Huatai Motor has been frequently exposed production suspension, layoffs, insolvency and other negative news, this time by the court confirmed its identity as a veteran, but also made Huatai Motor difficult in the future.

According to the information published on the China Executive Information publicity website, Huatai Motor owed the defendant a total of 700000 yuan in wages from July 28, 2017 to September 28, 2018, which was determined by the court to be capable of performance but refused to perform the obligations determined by the effective legal documents. Therefore, Huatai Motor is listed as the executor of breach of trust, and Huatai Motor is required to pay 700000 yuan in arrears to the plaintiff within 7 days. If the plaintiff fails to perform this judgment, the plaintiff may file a lawsuit in court within 15 days.

As early as July 26, the Shanghai Stock Exchange issued a notice announcing that Huatai Motor would be criticized and recorded in the integrity files of listed companies. The Shanghai Stock Exchange believes that in the equity transaction between Huatai Automobile and dawning shares, Huatai Automobile did not disclose the information on the equity transfer in a timely manner, and there was an obvious lag, and its repeated postponement of equity transfer misled investors and affected the reasonable expectations of investors. in view of the above circumstances, the Shanghai Stock Exchange decided to criticize Huatai Automobile and record it in the integrity files of listed companies.

July 26 was originally the payment date of Huatai Automobile "16 Huatai 02" bonds, but Huatai did not reply whether or not to repay the bonds; on July 29, Huatai should have paid the resale principal and interest of "16 Huatai 02", but the issuer Huatai did not pay the interest on time. In view of the above, China Securities rating has downgraded the debt credit ratings of "16 Huaqi 02" and "16 Huatai 02" to BBpi, and Huatai Motor's main credit rating has been downgraded to BBpi and put on the watch list.

Huatai Motor has been downgraded by public trust agencies one after another, making its debt crisis more serious. In response, Huatai Motor announced in early July that it had reached a strategic cooperation with R & F Group to introduce R & F Group to take a stake in Huatai Automobile, in an attempt to resolve its debt storm through R & F's assistance. But as far as R & F is concerned, its debt ratio has increased year by year since 2015, with total debt reaching 321.861 billion yuan in the first quarter of this year, an increase of 8.62% over the same period last year, and its own economic situation is not optimistic. In the future, Huatai Motor wants to tide over the debt crisis through the support of R & F, but the future is still not optimistic.

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