Is it still possible for Shanzhai wangzhongtai aut

2022-08-09
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Is it possible to recover the parent company, "Shanzhai Wang" Zhongtai automobile on the road

Zhongtai automobile (*st Zhongtai,) announced on July 14, 2016 that the output of cathode materials was 161600 tons. China and Japan announced that the parent company Tieniu group was likely to fail to complete the compensation for the company's performance in 2018, or was sued by the company

the time goes back to 2017, when Zhongtai automobile backdoor Jinma Co., Ltd. completed its listing. At that time, Tieniu group promised that the audited net profit after deduction of non-profit of Yongkang Zhongtai automobile (the main body of Zhongtai automobile listing) in 2016, 2017, 2018 and 2019 would not be less than 1.21 billion yuan, 1.41 billion yuan, 1.61 billion yuan and 1.61 billion yuan respectively. However, the net profits of Zhongtai automobile from 2016 to 2019 after non deduction were 1.233 billion yuan, 1.342 billion yuan, -1.241 billion yuan and -11.131 billion yuan respectively, and it failed to fulfill its performance commitments for three consecutive years

because the performance in 2018 did not meet expectations, the 468million shares of Zhongtai auto held by Tieniu group should be repurchased and cancelled. However, due to the freezing of 38.78% shares of Zhongtai auto held by the company, Tieniu group failed to complete the performance compensation commitment. In March this year, Zhongtai automobile said in the announcement that if necessary, iron bull group will complete the compensation through regular maintenance, forced collection and storage of land plots and real estate income

according to the data disclosed in the announcement, the annual compensation amount of Tieniu group to Zhongtai automobile will exceed the consideration paid by Yongkang Zhongtai at that time by 11.6 billion yuan

although it has two listed companies, the financial data of Tieniu group is not optimistic. By the end of June 2019, Tieniu group had 5.249 billion yuan of monetary funds in its accounts, a decrease of 19.17% over the end of the previous year, including 3.836 billion yuan of restricted funds and only 1.413 billion yuan of available funds. At the same time, its current liabilities reached 27.285 billion yuan, including 11.255 billion yuan of notes and accounts payable, 9.858 billion yuan of short-term loans, and 12.345 billion yuan of short-term liabilities due within one year

affected by the epidemic and many other factors, the asset revitalization and disposal of Tieniu group have not been implemented as planned, and the compensation may not be completed within the specified period. Suing for property preservation may become the last way for Zhongtai automobile to safeguard its own interests

the performance compensation of Tieniu group is Zhongtai automobile, which is intermittently shut down. One of the sources of funds for whether it can resume production as soon as possible at present is that the marking is drawn on the prepared sample by printing or manually (the addition of marking has no impact on the sample). According to the financial report previously released by Zhongtai automobile, the amount of compensation for its parent company's unfulfilled performance commitment in 2018 is about 2.03 billion yuan. According to the first quarter report of 2020 disclosed by Zhongtai automobile, as of the end of the reporting period, the company's current assets were 12.143 billion yuan, current liabilities were 12.175 billion yuan, short-term loans reached 4.89 billion yuan, notes payable 1.432 billion yuan, and accounts payable 37 measures were taken at the same time 8.4 billion yuan, while the balance of cash and equivalents was only 1.772 billion yuan

many dealers told first finance that due to the problem of the capital chain, Zhongtai automobile was actually unable to deliver the reserved models of the dealers as early as March 2019. The company only produced 16215 cars in 2019, and the car balance was 843 by the end of 2019. So far, three of the eight production bases of Zhongtai automobile in the country are in the state of shutdown and four are intermittent production. In the first half of this year, the production of new cars was only 574

also because the vehicles could not be delivered on time, dealers all over the country rushed to Jinhua Yongkang to ask for compensation for the rebate and operating losses owed to the dealers, and the unpaid employees also frequently asked for pay

is there any possibility for Zhongtai automobile to return to the road? This depends on whether the funding problem can be solved as soon as possible. Zhongtai insiders told that Zhongtai had sorted out its models and production capacity, and the biggest problem it was facing was "lack of money". "Since the second half of 2019, the company has negotiated with a number of financial institutions and formed a preliminary plan with its intended partners at the end of the year. The company borrowed billion yuan from financial institutions to resume production. Later, due to the failure of both parties to reach an agreement on risk mitigation measures and the impact of the failure to advance the due diligence of the outbreak at the beginning of this year, the plan failed to advance as expected."

at present, Zhongtai automobile puts the hope of financial solution on the government on the one hand, hoping to "strive for more support from governments at all levels and obtain financial support through multiple channels"; On the other hand, it will speed up the disposal of idle assets; The third is to strengthen the collection of accounts receivable. At present, the new energy subsidy in the company's accounts receivable is 2.558 billion, which has been reviewed and publicized by the Ministry of industry and information technology, and is expected to be disbursed soon

in terms of products and personnel, Zhongtai automobile said that in the field of traditional fuel vehicles, it will focus on the SUV market, and in the field of new energy vehicles, it will focus on urban commuting and urban operation. The A00 model is positioned as a first-line and second-line urban boutique car, and the subsequent launch will focus on the low-level urban commuting car market. We will continue to implement staff reduction and efficiency increase, reduce the scale of R & D and sales of new products, retain personnel according to the plan of two to three new models a year, and encourage second-line production staff to take up posts with first-line production staff to ensure the normal operation of production

if Zotye can successfully raise funds, how many opportunities will it have in the next market campaign? Many industry insiders interviewed expressed "not too optimistic" about its prospects. On the one hand, as the car market ebbs, the market share of Chinese brands has fallen to about 35% in the first half of this year, a new low in history; On the other hand, with the technological upgrading of Geely, great wall and other Chinese brands, strong products and market strategies have left weak brands with little room for survival. In the first half of this year, the market concentration of the top 15 auto enterprises has increased from 71.5% in the same period to 78%. In terms of independent brands, the market share of the top eight auto companies this year has exceeded 80%. In 2019, the sales volume of Zhongtai automobile was only more than 20000, and its cumulative sales volume in the first half of this year was only 3573

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