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Li Silian of R & F Group: terminated the cooperation with Huatai Automobile and did not enter the automobile industry.

2024-11-21 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)08/23 Report--

On August 22, Li Silian, chairman of R & F Real Estate, said at the 2019 interim performance meeting that all cooperation with Huatai Motors had been suspended. before that, the two sides were only a cooperative intention and did not involve such links as full adjustment. There is no such thing as a stake.

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Li Silian said at the meeting that "we did not enter the automobile industry, and now we will not consider it." after the announcement of the cooperation intention in July, the market reacted badly to this, so he decided to suspend the possibility of further cooperation.

It is understood that Huatai Automobile announced through its official Weibo that it had reached a strategic cooperation with the real estate company R & F Group, which took a stake in Huatai Automobile and joined hands to develop the new energy automobile industry. Unlike Evergrande's previous high-profile investments of billions and tens of billions, the cooperation between the two sides is quite mysterious, and R & F's stake in Huatai Motors and the amount of investment have not yet been disclosed to the outside world.

R & F has made it clear that it will suspend its cooperation with Huatai Automobile, but so far, the latest news on Huatai Automobile's official Wechat and Weibo is still this cooperation.

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Real estate tycoons have become accustomed to entering the auto industry, and more than 10 real estate companies have entered the auto industry in the past four years. The same is true of the cooperation between R & F Group and Huatai Automobile, but after the cooperation between the two sides, the industry is not optimistic about cooperation again because of capital and bond problems. After the cooperation, Huatai Motor was disclosed to stop production, violations, credit downgrade and other circumstances, resulting in the final termination of this cooperation.

Dawning issued an announcement on July 26th, which found out that Huatai Motor had violated the rules, and was criticized by the Shanghai Stock Exchange. prior to this, Pacific Securities also sued Huatai Automobile and its legal person Zhang Xiugen in court because of a trading dispute, requiring the court to order Huatai Motor to pay 61.789 million yuan in bond principal and corresponding interest, overdue interest and liquidated damages.

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Previously, it was quite mysterious to cooperate with R & F Group. Huatai Automobile, which is on the edge of the market, declared that the vision of both sides was to build a world-class new energy car company. however, the reality is that Huatai Automobile has been repeatedly exposed that its sales data are suspected of fraud, local factory shutdowns and frequent news of arrears of wages. Huatai Motors has had a lot of negative information recently, and there were a lot of doubts in the industry at that time.

At present, Huatai Motor has an interest-bearing debt of nearly 30 billion yuan, and most of the shares held by the group's subsidiaries have been pledged or frozen, including Huatai Motor's stake in dawning, a listed company. Under the liquidity crisis, the public offering bond "16 Huatai 02" originally scheduled to pay back the principal and interest on July 29 has been substantially defaulted, but Huatai Motor has been slow to disclose this.

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On August 12, Dagong International Evaluation Credit Co., Ltd. issued a notice saying that Huatai Motor has a tight capital, a sharp decline in debt paying ability, weak repayment ability and a high risk of default, so it decided to adjust Huatai Motor's theme credit rating to BB and its evaluation outlook to negative.

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