AutoBeta(AutoBeta.net)08/31 Report--

BAIC Yinxiang Automobile Co., Ltd. announced that on August 30, the Chongqing Municipal Government and BAIC signed an agreement to promote the strategic restructuring of BAIC Yinxiang.

BAIC Yinxiang did not disclose the details of the restructuring project.

A person familiar with the matter told the media, "the Chongqing Municipal Government and BAIC will immediately repay the arrears of the remaining dealers, with a total amount of about 300 million yuan."

From a notice of suspension of production in July last year, BAIC Yinxiang still failed to get out of the predicament and stopped production for more than a year. During this period, BAIC Yinxiang also encountered incidents such as salary demands by employees, door-to-door visits by dealers and suppliers.

In mid-August, a piece of inside news about BAIC Yinxiang's "suspension of production and holiday" spread on the Internet attracted attention. Group chat screenshots showed that BAIC Yinxiang would carry out a "holiday of 1-3 years" and wait to be reorganized to lay off employees, and employees would only give IOUs regardless of whether they went or stayed. On August 23, BAIC Yinxiang Automobile Co., Ltd. issued a statement: all are false information.

BAIC Yinxiang official said that online "BAIC Yinxiang dissolution", "restructuring requires a holiday of 1-3 years", "compensation payment company will issue IOUs" and other information, as well as chat records, are false information. We will reserve the right to investigate the legal liability of the relevant personnel who release false statements and information and disrupt the operation and restructuring of the enterprise.

As for the progress of the company's restructuring, BAIC Yinxiang also revealed that under the joint efforts of the Chongqing Municipal Government, BAIC Group and Yinxiang Group, it is moving forward in an orderly manner, and the difficulties currently faced by BAIC Yinxiang will be properly resolved after the completion of the reorganization. BAIC Yinxiang will respond to the concerns of all sectors of the community in a timely manner and communicate with relevant parties on the progress of the work as soon as possible.

BAIC Yinxiang Automobile Co., Ltd. was established in 2011, in which three enterprises in Chongqing Yinxiang hold a total of 61.35%, Beijing Automobile Group Co., Ltd. holds 26% as major shareholders, and China Development Bank's Guokai Development Fund Co., Ltd. holds 12.65%. In 2014, BAIC Yinxiang launched the BAIC Magic Speed Brand. By 2017, BAIC Yinxiang's annual sales have reached 300000 vehicles, and the development of the enterprise has also reached its peak. Thanks to the success of the magic speed brand, Chongqing Yinxiang also set up its own brand "Speed car" in November 2016.

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