In late June, Lifan announced that chongqing lifan Passenger Car Co., Ltd., a factor company, had raised 654.38 billion yuan from Hengqin Jintou International Financial Leasing Co., Ltd. through financial leasing, and some of the funds were overdue, so about 604 million unrestricted shares held by chongqing lifan Holding Co., Ltd. (referred to as Lifan Holdings) were frozen. The frozen shares account for 45.96% of the total share capital of Lifan.
Up to now, almost all the shares of Lifan Holdings held by Yin Mingshan, the founder of Lifan Group, and his family have been frozen by the court. This situation is quite difficult for the founder who is now 8 1 year old and still insists on Lifan's dream of building a car.
In addition, Lifan recently cancelled the second extraordinary shareholders' meeting of 19 originally scheduled for July 23rd, which was originally used to consider the proposal to supplement the previously raised 379 million yuan as working capital.
However, as Lifan shares were disclosed on July 13, and the due raised funds were not returned to the Shanghai Stock Exchange, the corresponding audit procedures for permanently replenishing working capital will not be initiated. Therefore, Lifan cancelled the second extraordinary shareholders' meeting of 19.
Moreover, the rising debt ratio has made Lifan unable to cope. In the past two years, Lifan's asset-liability ratio has reached more than 70%. The latest statistics show that in the first quarter of this year, Lifan Motor's total assets were 26.8 billion, while its total liabilities were as high as 654.38+093 billion, and its asset-liability ratio reached 72%.