On the evening of February 23rd, 2020, 12, Zotye Automobile announced that its parent company Tieniu Group was seriously insolvent, and lacked the ability of going concern and the possibility of rescue. Yongkang court ruled to terminate the reorganization procedure and declare bankruptcy.
With the death of Zotye Automobile's parent company, Zotye Automobile's life is also very sad. Various employees and dealers often ask for wages and owe money. It is expected that it will be difficult for Zotye Automobile to find a person who can take over the market in the future. Zotye's bankruptcy is the fourth traditional automobile enterprise to close down after Lifan Automobile, Youth Automobile, Brilliance China and other traditional fuel vehicles.
Extended data
From June 5438 to February 2020, Zotye has issued two announcements in succession. According to the announcement, Zotye New Energy, Hangzhou Jieneng Power Co., Ltd., Hangzhou Yiwei Automobile Industry Co., Ltd. and Zhejiang Zotye Automobile Sales Co., Ltd., wholly-owned secondary subsidiaries of Zotye Automobile, have all been ruled bankrupt and liquidated by Yongkang Court; Reorganization of Zhejiang Zhongtai Automobile Manufacturing Co., Ltd., a wholly-owned secondary subsidiary.
It's not over yet. Zhongtai's parent company Tieniu Group is also in trouble, which invisibly casts a shadow over Zhongtai in the darkest moment. On the evening of February 23rd, 65438+,Zotye announced that Tieniu Group was ruled by Yongkang court to terminate the reorganization procedure and declare bankruptcy due to its serious insolvency, inability to continue its business and no possibility of rescue. The parent company goes bankrupt, and the subsidiary goes bankrupt+reorganizes. Zotye is too difficult and even more difficult.
Tieniu Group once had a high-light moment, and its actual controllers, Ying Ren Jian and Xu Meier, once became "the richest man in Yongkang". In recent years, because of the decline of Tieniu Group, they have become frequent customers who are restricted from high consumption. The data shows that 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%.
The reason why Tieniu Group slipped into the abyss of bankruptcy step by step is closely related to Zotye. From 2065438 to 2006, Tieniu Group acquired Zotye for11600 million yuan, 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 16-20 19 shall not be less than1210000000 yuan,14100000000 yuan and/respectively.
Zotye Automobile official website
Phoenix Net-insolvent, Zotye Auto's parent company declared bankruptcy!
Phoenix. Com- The parent company Tieniu Group declared bankruptcy, and Zotye Automobile was even more difficult.