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Recently, due to the overdue payment of Huatai auto bonds, Hunan Anren Rural Commercial Bank sued Huatai Automobile Group Co., Ltd. and its legal representative Zhang Xiugen in court on the grounds of bond trading disputes. request the court to freeze Huatai Automobile and Zhang Xiugen bank deposits of 50 million yuan or seize assets of corresponding value, and this request has also been approved by the court. At this point, Huatai's debt crisis has further aggravated, and it can be said that "the house leak meets the rain all night."

Huatai Motor has a long history of financial difficulties. As early as July 26, the Shanghai Stock Exchange issued a notice criticizing Huatai Automobile and recording it 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.

Recently, Huatai Motor has a public offering of "16 Huatai 02" and a private offering of "16 Huatai 02" due on July 26 and July 29 respectively, but until now, Huatai has not made a positive response on whether to repay the bonds. In response, some bondholders took Huatai Motor to court in order to ensure that their own interests were not harmed. Earlier, Pacific Securities asked the court to order Huatai to pay 61.789 million yuan in principal and corresponding interest on the bonds in arrears, and recently Hunan Anren Rural Commercial Bank took Huatai to court for the same reason. request the court to freeze Huatai Motor and Zhang Xiugen Bank deposits of 50 million yuan or seize assets of corresponding value. 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's debt scandal is more than that. in July, Huatai was listed by the court as an executor (commonly known as Lao Lai) for failing to pay wages. Huatai Motor and its affiliated companies have been in arrears with plaintiffs since July 2017 and have accumulated 700000 yuan in arrears as of September last year, according to a court notice. In this regard, the court ruled that Huatai Motor had the ability to perform but refused to perform, and listed it as the executor of breach of trust.

A series of scandals have exposed Huatai's debt-laden financial situation, and its group is trying to change the dilemma. In early July, Huatai announced that it had reached a strategic cooperation with R & F, introducing R & F into Huatai Automobile, in an attempt to resolve its debt crisis through R & F's rescue. 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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