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Shenzhen Longgang District people's Court is hearing a dispute over the trading contract between Shenzhen Bic Battery Co., Ltd. and Zhongtai New Energy Automobile Co., Ltd. Changsha Branch and Zhongtai New Energy Automobile Co., Ltd., according to relevant media reports citing people familiar with the matter. According to people familiar with the matter, Zhongtai Motors eventually appealed to the people's Court of Longgang District of Shenzhen City for defaulting hundreds of millions of yuan on Bic battery, asking Zhongtai Motor to freeze 40 million yuan of property. According to a civil ruling on June 11, the plaintiff Bic battery filed an application for property preservation with the Shenzhen Municipal Court, requesting to seize, detain or freeze the defendant Zhongtai New Energy.
A few days ago, a notice circulating on the Internet about the risk investigation of some car companies within a joint-stock bank made four car companies, including Zhongtai Automobile Co., Ltd., trapped in a whirlpool of public opinion. As the incident continued to ferment, Zhongtai Motor also took the lead in issuing a statement to refute the rumor. However, it was revealed today that Zhongtai Motor had been sued by Bic Battery to the court for freezing its assets of more than 40 million yuan because it owed hundreds of millions of yuan to Shenzhen Bic Power Battery Co., Ltd., a lithium battery supplier. According to insiders, the Longgang District people's Court of Shenzhen is hearing the case. According to public information, on May 27 this year, Longgang District, Shenzhen City.
According to data, the installed capacity of power batteries from January to October this year was 46.28GWh, an increase of 33.2% over the same period last year. Among them, Bick battery ranks among the top 10 in the domestic power battery list with the installed capacity of 557MWh. However, even the current situation of the power battery company is hardly optimistic, and a number of companies have sought debt from Bic Battery. On November 6, Rongbai Technology announced that the overdue accounts of Bick Power exceeded 206 million yuan, which may not be recoverable. On November 7, Dangsheng Technology announced that the balance of accounts receivable in Shenzhen Bic and Zhengzhou Bic totaled 378 million yuan, which could not be recovered.
On the evening of November 8, Zhongtai Motors announced that Zhongtai Motor had received a letter from the controlling shareholder Tieniu Group that the shares of the company held by Tieniu Group had been judicially frozen. According to the contents of the announcement, due to contract disputes, Tieniu Group's shares held by the company were judicially frozen, and the frozen state was preserved by litigation, with a total of 487 million shares frozen for a period of three years. It is worth noting that of the above-mentioned frozen shares, 417 million shares are waiting for the freeze, and the judicial freeze is carried out by the Yongkang City people's Court. As of the date of announcement, Tieniu Group held a total of 786 million shares, accounting for 38.78% of the company's total share capital.
After 's upstream Bic battery fell into "serial debt", one of its suppliers, Rongbai Technology, in order to protect the relevant creditor's interests, has filed a lawsuit to the court to protect and obtain ruling support, but because the Bic battery failed to meet the schedule. Pay the second installment in full, and once again send a letter through the Shanghai Stock Exchange to ask whether Bick battery is capable of repayment.
Today, media reported that Zhongtai Automobile and the French liquid-Air Technology Innovation Center formally signed a cooperation agreement, the two sides will jointly develop metal bipolar plate fuel cell stack, and applied to Zhongtai Automobile. It is understood that as early as the beginning of 2016, Zhongtai Automobile has begun to layout hydrogen fuel cell passenger vehicles, and hydrogen fuel as the development direction of new energy vehicles. The Zhongtai E200 FCV was officially unveiled at the Shanghai Auto Show in April this year. The new car has been renovated and is expected to go on sale next year. Zhongtai Automobile said that combined with the mass production planning of fuel cell vehicles, according to the sales volume of 10,000 units, the sales revenue can be achieved 22.
Recently, Bick battery encountered a debt whirlpool, affecting the nerves of many listed companies. So far, four companies, including Rongbai Technology, Dangsheng Technology, Hangke Technology and New Zebang, have issued reminders about the risk of accounts receivable, involving about 731 million yuan. Bick Battery, founded in 2001, started with 3C batteries and was once a battery supplier to Hewlett-Packard, Dell and other notebook manufacturers. In 2008, Bick batteries began to enter the field of new energy vehicles. As an established lithium battery company, although it is not a listed company, it has a complete industrial chain in the A-share market. The upstream includes Science and Technology Innovation Board.
Since October this year, four independent car companies, including Zhongtai Motors, have been exposed that they will enter bankruptcy proceedings because of bad debts involving upstream and downstream auto parts suppliers totaling about 50 billion yuan. although various car companies have refuted the rumors, the situation has not improved. According to the Financial Associated Press, the factory is still in a state of suspension.
Zhongtai Automobile announced that it recently received a letter from its controlling shareholder, Tieniu Group Co., Ltd., that part of the shares held by Tieniu Group and its concerted actor Huangshan Golden Horse Group Co., Ltd. had been judicially frozen, with a total of 365 million shares frozen. Specifically, nearly 250 million shares of Tieniu Group were judicially frozen by Beijing second Intermediate people's Court, Shenzhen Intermediate people's Court of Guangdong Province and Shanghai Pudong New area people's Court due to contract disputes, accounting for 31.83% of the shares. 106 million shares held by Jinma Group were also frozen and frozen by the Shenzhen Intermediate people's Court of Guangdong Province because of contract disputes.
On the evening of November 27th, Zhongtai Automobile issued the latest announcement that its wholly-owned subsidiary Hangzhou Energy Saving Power Co., Ltd. owed a total of 616 million yuan in arrears and overdue liquidated damages to Shenzhen Bic Battery Co., Ltd., and requested that Zhongtai New Energy Automobile Co., Ltd., Yongkang Zhongtai Automobile Co., Ltd., Zhongtai Automobile and Jin Zheyong be jointly and severally liable for the above debts. The case was accepted by the people's Government of Jinkang City. The trial has not yet been held. Zhongtai Automobile said in the announcement that because the above litigation case has not yet formed a final judgment, it is not possible to judge the impact of the lawsuit on the company's current or post-term profits. The company will follow the law.
With the official statement, Zhongtai Automobile and other four auto companies "bankruptcy door" incident has been temporarily quelled, Zhongtai said the content of the online news is completely false. However, a lawsuit from the supplier plunged Zhongtai, a 20-year-old independent car company, into a "debt door", and the problem of capital chain was still simmering. Shenzhen Bic Power Battery Co., Ltd. sued Zhongtai Motors for 600 million yuan. On October 14, Bick Battery issued a notice to disclose the details of the case. The company's lawsuit against Zhongtai four companies was filed in Hangzhou Intermediate people's Court on August 5. The case was withdrawn after the two sides reached a settlement agreement, but Zhongtai failed to comply with the agreement and has now filed another lawsuit.
In the face of the continuous downturn of the domestic automobile market, marginal car companies are facing the risk of being reshuffled by the industry. On the evening of October 28th, Zhongtai Automobile released its results for the third quarter of 2019. In the first three quarters, the company achieved an operating income of 5.401 billion yuan and a loss of 760 million yuan, including a loss of 470 million yuan in the third quarter. Behind the operating loss is a sharp decline in Zhongtai's auto business. According to the latest sales report, Zhongtai Motor sold 9085 units in September, down 27% from January to September with a total of 99600 units, down 45.97% from a year earlier. Zhongtai Automobile is facing the double of sales volume and performance.
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Under the influence of multiple scandals such as bankruptcy and litigation at the end of last year, has caused the company to estimate a goodwill impairment of about 6 billion yuan in 2019. To this end, the Shenzhen Stock Exchange issued a letter of concern to Zhongtai Automobile, which needs to be supplemented by the specific changes in the company's current operating results and signs of impairment of goodwill.
According to Tianyan survey data, Zhongtai Motor added bankruptcy cases and bankruptcy review cases on June 29, and the applicants were Zhejiang Yongkang Rural Commercial Bank Co., Ltd. (hereinafter referred to as "Yongkang Nong Commercial Bank"). The handling court is the Intermediate people's Court of Jinhua City, Zhejiang Province. This is not the first time Yongkangnong has applied for Zhongtai Automobile bankruptcy reorganization. On September 16, 2020, Yongkang Agricultural Commercial Bank applied to the people's Court of Yongkang City for pre-restructuring on the grounds that Zhongtai Motor was unable to pay off its maturing debts and obviously lacked solvency, but it still had restructuring value. On October 13, 2020, Yongkang Agricultural Commercial Bank went to Zhejiang Province.
In 2020, Zhongtai Motor, which once sold 330000 vehicles a year, seems to have encountered a lot of trouble. news about "Zhongtai system" shutdown, wage arrears and rights protection, bankruptcy reorganization, bankruptcy liquidation and so on. After Zhongtai, Junma, Hanteng and Hanlong, another "Zhongtai" enterprise was mired in debt crisis and was filed for bankruptcy liquidation by creditors. Recently, * ST Zhongtai issued a notice that recently received a "civil order" issued by Zhejiang Yongkang Court, Zhongtai Automobile Co., Ltd. (hereinafter referred to as "Zhongtai Automobile") second-class wholly-owned subsidiary Zhongtai New Energy Automobile Co., Ltd., by creditors Hangzhou Tiecheng Information Technology Co., Ltd. And Jin.
Due to the great difficulties encountered in the business process, Junma Motor, which has just been established for two years, has been almost unsustainable, the news of dissolution and bankruptcy has been frequently reported, and Junma dealers have also protected their rights for many times, and the after-sales problems of many car owners can not be guaranteed. Zhejiang Zhongtai Automobile sales Co., Ltd. issued a statement promising to solve the after-sales service problem of Junma Automobile, according to media reports. On October 24, Zhongtai issued a note saying: since the establishment of Changsha Junma Automobile sales Co., Ltd., due to the severe market environment and its own poor response, Junma sales has encountered great difficulties in the process of operation. Zhejiang Zhongtai Automobile sales Co., Ltd.
According to the latest sales figures released by the China Automobile Association, car sales in China in November were 2.457 million, down 3.6% from a year earlier, with cumulative sales of 23.11 million vehicles from January to November, a year-on-year total of 9.1%. Under the cold winter season of the car market, a total of 7.478 million Chinese brand passenger cars were sold from January to November, down 16.9 percent from the same period last year, accounting for 38.9 percent of the total passenger car sales, and the share decreased by 3.0 percentage points compared with the same period last year. According to the top 15 ranking of Chinese brand passenger car sales from January to November released by the Federation of passengers, a total of 12 Chinese brand car companies showed a year-on-year decline in sales, with only 3 cars.
On November 2, Zhongtai Automobile issued an announcement on the cancellation of other risk warnings and suspension of trading in the company's stock, which was changed from "ST Zhongtai" to "Zhongtai Automobile". In May this year, it was reported by the media that Zhongtai Motor had obtained an application for delisting risk warning and some other risk warnings for the company's stock trading.
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