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According to media reports, the youth car was applied for bankruptcy liquidation by a state-owned enterprise, and the applicant Haining Asset Management Company applied to the court for bankruptcy liquidation of the Youth Automobile Group on the grounds that Youth Automobile Group Co., Ltd. failed to repay its due debts and clearly lacked solvency, but the application was rejected by the Intermediate people's Court of Jinhua City, Zhejiang Province.

Haining assets Company, established in December 1996, is a wholly state-owned company approved by the people's Government of Haining City. In August 2014, the Shanghai Arbitration Commission made more than a dozen awards, ruling that Haining Xianghe Auto parts Co., Ltd., Haining Geerui Auto parts Co., Ltd., and Haining Youth Light vehicle Co., Ltd. paid more than 500 million yuan in principal of the entrusted loan, interest and arbitration fees to Haining Asset Co., Ltd., and the youth group was jointly and severally liable for repayment, but the youth group has not fulfilled the obligations determined by the arbitration award. After that, Haining Asset Company applied to the court for bankruptcy liquidation of the Youth Group.

In the face of the bankruptcy liquidation application put forward by Haining Asset Company, the youth car raised an objection to the court that its property is greater than its liabilities and has high operating value. The property balance sheet shows that at the end of 2018, the Youth car Group has property of 1.583 billion yuan and liabilities of 735 million yuan, and property exceeds liabilities, which does not constitute the bankruptcy conditions prescribed by law.

The court held that youth cars and related companies mainly produce and sell new energy cars, and the industry belongs to the state-supported profession. Some of the central resources of the youth automobile series enterprises have operational value, and the youth group is still in continuous operation, and there is no situation in which the property cannot be realized completely, although the youth car group has certain difficulties in paying off. however, it is possible to pay off debts through self-negotiation, government assistance, introduction of capital contribution, and so on.

In the end, the court rejected Haining Asset's application and refused to accept it.

Although the court held that the youth car still has operational value, for now, its company is also "in danger". According to the Tianyan survey data, the legal representative of Youth Automobile is Pang Qing, and the registered capital of the company is 100 million yuan. Youth cars have a total of 8 messages about the person subject to execution, with a total of 6 messages since 2019, with an execution target of more than 710 million. In addition, there are 31 pieces of information about the person subject to execution, all of which are due to the ability to perform and refuse to perform the obligations set out in the legal instrument in force. At present, a number of senior executives Pang Qing, Wang Shudan and other shares have been frozen by the court.

In May this year, a news of "water-hydrogen engine coming off the line in Nanyang" attracted attention, while the youth group behind the construction of the car project also entered the public eye. Through understanding, it is learned that the youth car once said that there was a large investment in technology and patents, but in fact, a number of patents have been terminated. At present, the youth group has been listed as the executor of bad faith by the courts of Zhejiang, Tianjin, Nanchang and other places, involving a total loan of 1.1 billion yuan.

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