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According to relevant media reports, "another auto parts company was found to be in arrears of wages." Such reports have appeared more than once recently.

Recently, a photo of "Guowei Technology employees pulling banners at the gate of the factory to protest against unpaid wages" was frantically reprinted on the Internet. The report said: "Chinese auto parts supplier Guowei Technology is on the verge of bankruptcy because of asset chain problems. 5000 employees are in arrears for nearly half a year, with debts as high as 1 billion yuan.

It is reported that the impact involves 14 mainframe factories being forced to stop production (including Volkswagen, Great Wall, Haima, Southeast, Zhongtai, Geely, etc.), most of which are own-brand cars, and the government and SASAC have been involved. "

Guowei Technology was founded in 1996, the main business is auto parts (excluding engines), motorcycle accessories, electronic products research, manufacturing, processing, sales and so on. According to public data, among the customers of Guowei Technology, including FAW-Volkswagen, Shanghai Volkswagen, FAW Haima, Dongfeng Motor, Changan Automobile, Hyundai Huatai, brilliance Automobile, Chery Automobile, Southeast Motor, SAIC General Wuling, Tianjin FAW Xiali, Changan Suzuki, Hafei, Geely Automobile, Changhe Suzuki, Jiangling Holdings and other dozens of automobile enterprises.

In fact, as early as last June, Guowei Technology employees revealed on the Internet that "the company often owes wages in arrears, at least one month, at most two months, and there is a serious problem with the capital chain."

Former employees of Yueqing Guowei Technology said in a message on the job search website that the company has more than 1000 people in the local area, but there are some problems, such as strict management, high turnover rate, abnormal capital chain and excessive overtime of front-line employees. The company often owes its employees wages for one or two months. It is difficult for employees to leave, and their salaries are often deducted for no reason.

As for the bankruptcy of Guowei Technology, some Guowei Technology employees believe that the bankruptcy of Guowei Technology is related to Geely's arrears of payment. But the claim was denied by Geely and said "rumors are rumors".

However, according to the information learned by Geely Automobile Public Relations Department, Geely learned indirectly from a third party that Guowei Technology had invested hundreds of millions of dollars in real estate in the local area and Shanghai, and in this case Geely made payment in advance and tried its best to help out of the predicament. At the same time, it also pointed out that according to Guowei technology financial data, the amount of cooperation with Geely accounted for less than 20% of the company's revenue in 2018. At present, the amount of Geely's accounts payable is very small and is in the account period.

Judging from the information released, Guowei Technology did invest in Wenzhou Hongyuan Real Estate Development Co., Ltd., with a 10% stake and a subscription amount of 2.5 million yuan. The company was written off and liquidated last year.

According to insiders, Chen Li, general manager of Guowei Technology, invested all his wealth, together with hundreds of millions of funds raised by his employees, into real estate, but they were tied up in Nanhong Square in Yueqing and 10 garden villas in Shanghai, which eventually led to a break in the capital chain. finally, we can only mortgage the fixed assets, including the production of customers' moulds and so on.

Tianyan survey data show that Guowei Technology does have great operational problems. From 2016 to 2019, there were 15 legal lawsuits, including disputes over sales contracts, processing contracts and unjust enrichment; there are also 6 valid chattel mortgages with a mortgage amount of more than 100 million yuan.

In the face of the huge debt pressure of being unable to repay, some insiders said that Guowei has begun to blackmail the mainframe factory with a cut-off, and a number of mainframe factories, including Geely, have been affected.

In this regard, some media contacted Guowei science and technology-related personnel, although they do not want to disclose more, but said that something has happened recently, and the local government has been involved. Whether Guowei Technology has gone bankrupt, so far there is no official channel to give publicity, it is difficult to determine, but judging from the news we have learned so far, there is indeed a problem with the funding chain of Guowei Technology.

Nowadays, the overall environment of China's auto market fluctuates greatly, which has a great impact on the whole industry. Due to the sluggish sales of most automobile mainframe factories, it is also difficult for suppliers in the upstream chain, and there is often news of suppliers losing money and going bankrupt. Guowei Technology is said to be bankrupt, which is related to the overall environment of the car market, but its own poor management is the main reason.

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