AutoBeta(AutoBeta.net)06/01 Report--

On May 31, Zhongtai Automobile announced that Mr. Huang Jihong applied to resign as chairman and director of the board of directors for personal reasons, as well as as a member of the Strategy Committee and nomination Committee of the eighth Board of Directors of the company. After the resignation of the relevant position, Mr. Huang Jihong will not hold any position in the company.

According to relevant information, Huang Jihong became chairman of Zhongtai Automobile Co., Ltd in December 2021 (hereinafter referred to as Zhongtai Automobile). At present, Huang Jihong is not only the actual controller and general manager of Shenzhen Shenshang Holdings Group Co., Ltd. (hereinafter referred to as "Shenzhen Shang Holdings"), but also the actual controller of Giant Automobile Trade Group Co., Ltd. (hereinafter referred to as "Giant Group").

Zhongtai, formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed on May 19, 2000. In 2003, the production line of Toyota extra sharp models in Taiwan was to be sold for financial reasons. Ying Jianren, the controller of Tieniu Group, finally acquired the production line, together with equipment and moulds, as well as technical workers and managers to bring it back to Yongkang. Zhongtai holding Group Co., Ltd. was established in the same year, and cooperated with Chengdu Xindi to obtain the qualification of car building, and officially started vehicle manufacturing.

In 2006, Zhongtai's first model, Dazhongtai 2008, appeared on the market, and its appearance was no different from that of Toyota, but it was soon sought after by the market because of its practicality and price advantages. Zhongtai, which won the first battle, continued to increase its weight, acquiring 70% of Jiangnan Automobile, which is facing restructuring the following year, not only solving the car-building qualification, but also reaping the brand of Jiangnan Otto.

As a result of the success of imitating Toyota Tetra, Zhongtai has also gone further and further in this way of building cars. In 2013, Zhongtai launched its first medium-sized SUV T600, which looks very similar to Audi Q5. In 2016, Zhongtai launched the SR9, which is highly similar to Porsche Macan. Although the appearance controversy is huge, the extremely low price has pushed Zhongtai to the peak and into the top 10 of its own brands.

In the final analysis, Zhongtai was able to reach the peak by imitation, but it was precisely because of imitation, followed by the outbreak of product problems, a decline in word-of-mouth, and the upward expansion of independent brands such as Geely, BYD, Changan and other independent brands in the same period. finally, Zhongtai's sales plummeted. By 2020, Zhongtai's production and operation business was almost at a standstill, and many of its subsidiaries and parent companies were liquidated.

In December 2020, Tieniu Group, the parent company of Zhongtai Automobile, was ruled by the court to go bankrupt because it was seriously insolvent and unable to continue to operate. From October 2020 to June 2021, eight Zhongtai companies were successively accepted by the people's court because of their debt crisis. In October 2021, Zhongtai Automobile restructuring investors were finally identified as Jiangsu Shenzhen Merchants, with a restructuring investment of 2 billion yuan, which will be used to pay restructuring costs, pay off debts, and take advantage of industrial synergy to help Zhongtai Automobile restore the national sales network as soon as possible.

Data show that Jiangsu Shenshang is wholly owned by Shenshang Holdings Group Co., Ltd. Shenshang Holdings is a large private enterprise engaged in financial services, large-scale project investment and high-tech development and production jointly invested by 79 key private enterprises in Shenzhen, and the actual control is Huang Jihong. At this point, Jiangsu Shenshang became the controlling shareholder of Zhongtai Automobile with a shareholding ratio of 24.22%, and Huang Jihong was elected Chairman of Zhongtai Automobile.

In October 2022, Zhongtai issued an announcement that since the completion of the reorganization at the end of 2021, it has been committed to the resumption of vehicle production. At present, the relevant preparatory work before resumption of production has been basically completed. The first batch of T300 models are scheduled to resume production in Yongkang base on October 20, 2022 and hold a ceremony.

It is understood that Zhongtai Automobile has a complete vehicle production base in Zhejiang, Hunan, Hubei, Shandong, Chongqing and other places, with a design capacity of 685000 vehicles, while the T300 model is mainly produced in Chongqing and Zhejiang, and other factories have not yet resumed production. In addition to the T300, Jiangnan Automobile also launched the Jiangnan U2 model in February, which is the first strategic product created by Jiangnan Automobile's new J-Smart 1.0 pure electric platform, with a price of 5.68-98800 yuan. However, whether it is Zhongtai T300 or Jiangnan U2, the specific sales can not be queried.

The financial report shows that Zhongtai's revenue in 2022 was 783 million yuan, down 5.09% from the same period last year; the net loss was 909 million yuan, down 28.82% from the same period last year; Q1 Zhongtai's revenue in 2023 was 163 million yuan, up 30.23% from the same period last year; and the net loss was 188 million yuan, down 19.72% from the same period last year.

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