On the evening of February 23rd, 65438+,Zotye Automobile announced that the company had recently received a civil ruling issued by Yongkang Court, and the parent company (actual controller) Tieniu Group was seriously insolvent and lacked the ability of going concern, so it lacked the possibility of being saved. In accordance with the provisions of the first paragraph of Article 78 of the Enterprise Bankruptcy Law of the People's Republic of China, the reorganization procedure is terminated and bankruptcy is declared.
As early as 65438+February 2, Zotye Automobile announced that its wholly-owned secondary subsidiary Zotye New Energy Automobile Co., Ltd. was ruled by the court to accept bankruptcy liquidation. Now, the parent company Tieniu Group has also declared bankruptcy. Where will Zotye Automobile, which is already in crisis, go?
Tieniu was dragged down by Zotye.
According to public information, Tieniu Group was established in 1992, and owns two listed companies, Zotye Automobile (000980) and Tongfeng Electronics (600237). The main business of the Group covers automobile manufacturing and sales, key parts, real estate, electronic materials and parts.
Tieniu Group, headquartered in Jinhua City, Zhejiang Province, is a private enterprise. Ying Ren Jian and Xu Meier hold 90% and 10% of the shares of the company respectively, which are the actual controllers of the company. Because of the development of Tieniu Group, the husband and wife once became "the richest man in Yongkang". In 20 17, their net worth was as high as14 billion yuan, ranking 239th on the Hurun Report.
However, in 20 19, Tieniu Group suffered a huge loss of1247.6 billion yuan, of which the loss attributable to the owner of the parent company was 5.983 billion yuan. By the end of 20 19, Tieniu Group had total assets of 36.747 billion yuan, liabilities of 32.278 billion yuan, net assets of only 4.469 billion yuan and asset-liability ratio of 88%.
According to the survey data of enterprises, as of February 23rd this year, 65438, there were as many as 298 self-risk warnings under the name of Tieniu Group, including 2 bankruptcy and reorganization messages, which were restricted to high consumption for 8 times and executed messages 10.
It is worth mentioning that Tieniu Group has a lot to do with Zotye Automobile.
In 20 16, Tieniu Group borrowed11600 million from Jinma to acquire 0/00% equity of Zotye Auto, with a premium rate of 428.52%.
At that time, Tieniu Group signed a performance gambling agreement, promising that the audited non-net profit of Zotye Automobile in 20 16 to 20 19 shall not be less than121million and14/0/million respectively.
However, Zotye Auto's net profit after non-deduction in recent four years was 83 million,11040,000,-1241000,000 and-131000,000 respectively, which was a huge loss in four years. According to the agreement, Tieniu Group should compensate Zotye Automobile.
However, Tieniu Group did not fulfill the compensation agreement. In June this year, 5438+065438+ 10, Zotye Automobile announced that the company declared its creditor's rights to Tieniu Group according to the compensation agreement, that is, Tieniu Group transferred its total 1 565,665,896 shares to the company and cancelled them. If the shares are not compensated, Tieniu Group shall fulfill the obligation of cash compensation, and the total amount of cash compensation shall be 65,496.
Now, with Tieniu Group being ruled bankrupt by the court, the future of Zotye Automobile is even more uncertain.
Where will Zotye go in the future?
Zotye Automobile said in the announcement that Zotye Automobile and Tieniu Group remain independent in assets, business and finance, and the company's main business is currently suspended, which will not have a major impact on daily operations; The subsequent disposal of Tieniu Group's bankruptcy may lead to changes in the actual control rights of the company.
In other words, Zotye Auto is likely to change hands.
At present, Tieniu Group holds 38.78% shares of Zotye Automobile, making it the largest shareholder with a total shareholding ratio of 43.99%.
Zotye Automobile, which made its fortune by "copying" and "imitating", achieved good results in the domestic automobile market in its early years with Zotye 2008, Zotye 5008, Zotye SR9 and other models, and reached its peak in 20 16, selling 330,000 vehicles.
However, since 20 17, due to frequent product quality problems and fierce market competition, more and more high-quality products are available for consumers to choose from, and the sales of Zotye Automobile began to plummet. In 20 17 and 20 18, the annual sales of zotye automobile were 3170,000 and 234,000 respectively.
Especially since July of 20 19, the automobile emission standard was upgraded to "national six", and "national five" vehicles were banned, which brought a fatal blow to Zotye automobile without "national six" vehicles, and the annual sales volume further declined to153,000 vehicles. In this year, Zotye Automobile was treated as "delisting risk warning" and became "*ST Zotye" because its huge loss exceeded11billion yuan.
By 2020, Zotye Automobile has been interacting with keywords such as shutdown, production suspension, unpaid wages and bankruptcy. The financial report shows that in the first half of the year, the company produced a total of 574 cars and sold 14 17 cars, almost in a state of car-free sales. In the first three quarters, the losses of *ST Zotye reached 41.70 million, 1.34 million and 1.563 million respectively.
Without core technology, there are many product quality problems. Selling cars depends on face value, and this face value still depends on plagiarized design. Under the general trend of industry upgrading and transformation, such Zotye cars are destined to be eliminated by the times.
Now that the parent company Tieniu Group and its subsidiary Zotye New Energy have gone bankrupt, Zotye Auto's last breath may not last long.
When Zotye can persist, whether it will welcome the help of the nobles or declare bankruptcy and reorganization according to the fate of the parent company, time will give the answer.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.