AutoBeta(AutoBeta.net)10/25 Report--

Recently, a car company equity auction project appeared on Ali judicial platform, which is called "100% equity of Lanzhou Zhidou Electric vehicle Co., Ltd.". The project is the first auction, with a starting price of 138 million yuan and a project valuation of 197 million yuan. The project will start an one-day auction on November 24.

The 100% stake in Lanzhou Zidou Electric vehicle Co., Ltd. includes assets such as land, plant and vehicle production line. But relative to these assets, its passenger car production qualification makes the car company more valuable, and many new energy car companies are unable to produce because of the lack of this "pass".

Some analysts have pointed out that only the new power of car building will need production qualification, and if there is no bid, it may show that the new force of car building is really out of money.

According to Tianyan, Zhidou Automobile is a domestic mini-electric vehicle brand, while Lanzhou Zhidou Automobile Co., Ltd. is a wholly-owned subsidiary of Zhidou Automobile.

Lanzhou Zhidou was established on July 4, 2006 with a registered capital of 420 million yuan. The company's business scope includes the technical development of electric vehicles and spare parts, automobiles and key parts, etc., which holds the production qualification of pure electric passenger vehicles, and owns land, factory buildings and vehicle production lines.

In March 2017, the National Development and Reform Commission approved the Lanzhou Zhidou pure electric passenger vehicle project with an annual production capacity of 40,000 vehicles. In October of the same year, the Ministry of Industry and Information Technology announced the information that Zhidou Electric vehicle Company had entered the list of new vehicle manufacturers. Lanzhou Zhidou's products entered the recommended catalogue of new energy vehicles and obtained the production qualification of new energy vehicles.

2017 can be said to be the peak of Zhidou, when sales of pure electric passenger cars reached 42000. After 2017, due to the state's adjustment of the subsidy policy for new energy vehicles, the state will not subsidize pure electric vehicles lower than 250km. The subsidy for models with driving 250km-400km will be reduced from a maximum of 45000 yuan to 18000 yuan, and that for vehicles with driving range above 400km will be reduced from 50, 000 yuan to 25000 yuan. At present, among the pure electric passenger cars, only Zhidou D3 can enjoy state subsidies, and other products do not meet the national subsidy standards for new energy vehicles.

Affected by this, Zhidou car sales have dropped sharply. In 2018, the cumulative sales of Zhidou were only 15000, down 63.90% from the same period last year. Sales of Zhidou cars in the first half of 2019 were only 2005, down 84.31% from a year earlier.

In addition, Lanzhou Zhidou has been repeatedly exposed for arrears of wages, while the company also faces a number of legal cases. According to data, as of June this year, Lanzhou Zhidou Electric vehicle Co., Ltd. had total assets of 1.902 billion yuan, net assets of 64.823 million yuan and total liabilities of 1.838 billion yuan.

Nowadays, there are many negative assets of Zhidou Automobile and Lanzhou Zhidou, and it is still unknown whether Lanzhou Zhidou can be taken over under the environment that the new energy vehicle industry is facing reshuffle and elimination.

It is worth noting that although Lanzhou Zhidou auctioned its shares, it is still in a state of normal operation. Ningbo Intermediate people's Court said in the announcement that Lanzhou Zhidou Electric vehicle Co., Ltd. is still in normal operation, and there will be some changes in the company's operating assets. Gansu provincial government, Lanzhou municipal government, Lanzhou New area Management Committee and Lanzhou Zhidou Electric vehicle Co., Ltd. have signed a corresponding cooperation agreement, which has certain restrictions and agreements on specific operations. please consult Lanzhou New District Economic Development Bureau and so on. The "Plant and equipment Lease contract" and the supplementary agreement mentioned in the evaluation report were terminated on September 20, 2019, and the contract was no longer performed.

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