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The actual control of a car company is "missing"!

2024-03-02 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On July 26, Zhongtai Motor made another "big" news.

On the interactive platform, some investors asked "is Huang Jihong, the real controller of the company, working in Shenzhen in recent days?" Is the change procedure of the actual controller of the company already in the process of going through? " Dong replied: "Hello, the company does not know where Mr. Huang Jihong works in recent days. With regard to the change of the actual controller of the company, the company has not received any further exact news. Thank you for your attention to the company!"


It is really strange that the manager of the company does not know where the actual controller is going in recent days, which also leads to a heated discussion on the interactive platform.


Who is Huang Jihong? According to the data, Huang Jihong is the actual controller and general manager of Shenzhen Shang Holdings Group Co., Ltd. (hereinafter referred to as "Shen Shang Holdings"). At the same time, he is also the actual controller of Zhongtai Automobile Co., Ltd. (hereinafter referred to as "Zhongtai Automobile") and Giant Automobile Trade Group Co., Ltd. (hereinafter referred to as "Giant Group").

It is understood that Shenzhen Merchants Holdings is a large private enterprise jointly invested by 79 key private enterprises in Shenzhen, which is engaged in financial services, large-scale project investment, and high-tech development and production. Before 2019, Huang Jihong did not have much sense of presence in the capital market, but he became famous after participating in the restructuring of the huge group through the Shenzhen Merchant Group, and eventually Huang Jihong became the chairman of the giant group.

According to the reorganization Plan, the restructuring investors promised that the total net profit belonging to the owner of the parent company of the large group would reach 3.5 billion yuan between 2020 and 2022. However, from 2020 to 2022, the net profits attributed to the owners of the parent company are 580 million yuan, 898 million yuan and-1.441 billion yuan respectively, which is far from reaching the total commitment requirement of 3.5 billion yuan. At the end of June, * ST was forced to be delisted because its share price was less than 1 yuan for 20 consecutive trading days.


As the actual controller of the huge group and Zhongtai Automobile, Huang Jihong has attracted the attention of regulators on suspicion of encroaching on the interests of the controlling shareholders. In the regulatory work letter issued by the Shanghai Stock Exchange on May 18 to * ST, it was mentioned that the actual controller had violations such as hollowing out the cash and assets of listed companies, using delisting to evade performance commitments, and false repurchases of listed companies, including, but not limited to, Huang Jihong, the actual controller of the company suspected of occupying funds of listed companies in disguise through potential related parties. The total amount of vehicles and spare parts purchased by Zhongtai Automobile Co., Ltd. controlled by the actual controller, Huang Jihong, does not exceed 1 billion yuan, which is suspected of encroaching on the interests of the controlling shareholders.

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. At the same time, Zhongtai Automobile directors jointly elected Ye Changqing, a director, to perform the duties of chairman until a new chairman is elected.


On June 7, the Shenzhen Stock Exchange issued a letter of concern to Zhongtai Motor. The letter of concern not only requires the company to verify whether ST transfers benefits to the company, but also requires Zhongtai Automobile to combine the current equity and voting structure, the nomination control of the board of directors and management, as well as Huang Jihong's shareholding and position in the Shenzhen Merchant holding system, indicating whether Huang Jihong can exercise effective control over the company and whether there is a risk of change of control.

On the evening of June 28, Zhongtai Automobile announced that it had received a letter of concern from the Shenzhen Stock Exchange on June 7, concerned about whether there was a risk of change of control of the company. The main contents of the company reply are as follows: 1, the actual controller of the company is Huang Jihong; 2, the company is planning to change the actual controller of the company.

As a result, under the influx of speculative funds, Zhongtai's share price began to rise violently on July 3, the day after the innovation was low, for two consecutive times. As of July 19, a total of seven limit boards appeared, and reached a stage high of 4.66 yuan per share on July 20, with the highest increase nearly doubling during this period.


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.

For Zhongtai Automobile, recently, it has been repeatedly claimed that planning to change the controller is to cut off with a figure plagued by negative events, which is equivalent to a short-term benefit, but at the critical point of planning to change the controller, the company secretary suddenly claimed on the public platform that he did not know where Huang Jihong worked in recent days.

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