Sky eye inspection information shows that Shandong Depuda Motor Co., Ltd. and Redding Automobile Group Co., Ltd. have published the execution decision on property preservation. According to the documents, Shandong Depuda Motor Co., Ltd. applied to the court to take preservation measures against the property of the respondent Redding Automobile Group Co., Ltd., sealing up, freezing and detaining the property of the respondent worth RMB 9.0753 million yuan. The case No. is (2023) Lu 0391 Zhibao No.1469. The document type is execution ruling. The trial court is the People's Court of Zibo High-tech Industrial Development Zone.
After examination, the court held that the respondent failed to fulfill relevant legal obligations according to the contents determined by the effective legal documents, and the applicant's request for taking preservation measures such as sealing up, freezing and distraining his property complied with the legal provisions. Therefore, the bank deposit or network fund of the respondent Redding Automobile Group Co., Ltd. of RMB 9075300 Yuan shall be frozen, or other property of corresponding value shall be sealed up, frozen or detained. This ruling shall be implemented immediately. If you are dissatisfied with this ruling, you may apply to this court for reconsideration once within five days from the date of receipt of the ruling. During the period of reconsideration, execution of the order shall not be suspended.
Redding Automobile Group Co., Ltd. was established in October 2012 with registered and paid-in capital of RMB 100 million. Its legal representative is Wang Dejin. The company used to be named "Shandong Melad Energy Power Technology Co., Ltd." and its controlling shareholder is Bidwen Holding Group Co., Ltd.
From the beginning of the year self-exposure of the capital chain break, bankruptcy application, founder Li Guoxin overseas settlement to now has been listed as a discredited executee and frozen equity and other negative news, Reading car's current situation is at stake. By the time of publication, Reading Automobile faced a number of court announcements and legal proceedings, among which the total amount of legal proceedings amounted to 49.3933213 million yuan, while 34 persons were executed, and the total amount of execution exceeded 100 million yuan.
In addition, according to the previous Chinese adjudicative website, Redding Automobile has been ruled to freeze funds many times due to the loss of the contract dispute, while the shares of Sichuan Yema Automobile Co., Ltd. and Shandong Bidwen Power Technology Co., Ltd. held by Redding Automobile have also been frozen many times.
Now that Reading Motor has filed for bankruptcy, it is undoubtedly worse for Reading to be frozen again with 9.07 million assets. Of course, Reading's dismal exit was no surprise. In fact, since the end of 2021, Redding Automobile has been exposed to negative news such as the application of middle and senior management within the company to actively reduce salary to survive the crisis, suspected production suspension, upstream and downstream launching "debt recovery" against Redding Automobile and defaulting on dealer payment. However, in 2022, only 7042 new cars were on the line, down 47.29% year-on-year and 0.13% market share.
As the automobile industry enters a more intense mode of survival of the fittest, it also accelerates the elimination of weak brands with poor sales volume and tight capital chain to a certain extent. On the premise that the product cost performance and leading technology are not available, perhaps the fate of Reading Automobile has already been doomed.
Earlier, the relevant person in charge of Reading Automobile once said to the media: "We are looking for investors to hope for successful bankruptcy reorganization," but Cui Dongshu, secretary general of the Association, thinks: "Reading Automobile is unlikely to be accepted, because Reading Automobile has no core technology, the value of passenger car production qualification is not high and there are many problems."
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