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Huatai Automobile has been executed more than 5.4 billion in total.

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)08/17 Report--

"Automotive Industry concern" learned from the heavenly eye that Huatai Automobile Group Co., Ltd. (hereinafter referred to as "Huatai Automobile") added a piece of information about the person subject to execution, which involved more than 400 million yuan of execution, involving disputes over corporate bond repurchase contracts. the enforcement court is the Beijing Financial Court, the case number is (2023) Jing 74 No. 532, and the case was filed on August 11, 2023.

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Tianyan check information shows that Huatai Automobile Group Co., Ltd. was established in May 2008, formerly known as Huatai Automobile Co., Ltd., with a registered capital of 300 million yuan and legal representative Miao Xiaolong, is an enterprise mainly engaged in automobile manufacturing. Equity information shows that the company is jointly owned by Zhang Xiugen and Zhang Xiugen, of which Zhang Xiugen holds 99% of the shares.

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As of the press time, Huatai Automobile Company has a number of information about the person being executed, the consumption restriction order, the person who broke the promise and the final case information. Among them, the cumulative total amount of execution has exceeded 5.4 billion; there are 135consumption restriction orders; there are 10 final cases, the total amount of the subject matter of execution is 2.980312401 billion yuan, the total amount of non-performance is 2.921281126 billion yuan, the proportion of non-performance is 98%; there are 23 people who break faith, and the proportion of non-performance is 100%.

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As an independent brand car company with new energy vehicles, traditional cars and auto parts as its main business, Huatai Motors also had unlimited scenery. Zhang Xiugen bought Shandong Rongcheng Automobile Factory from FAW Group in 2000 and later changed its name to Rongcheng Huatai Automobile Co., Ltd. since then, he began to enter the automobile industry on a large scale and open the road of self-made cars. Five years later, Huatai Motor signed an agreement with South Korean Hyundai Motor to obtain the domestic qualification of "Santa Fe". Standing on the shoulder of Hyundai Motor, Huatai Motor quickly became popular in the car circle.

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From 2015 to 2016, Huatai sold 71200 and 73000 cars, respectively, and by 2017, sales rose 81.64% to 132600, according to the data. The surge in sales has given Huatai confidence. At that year's auto show, Huatai set an ambitious goal of selling 200000 vehicles in 2018 and more than 500000 in 2020, and announced the launch of nearly 30 new cars in the next three years.

However, it was not long before Huatai was exposed that the sales figures were questionable. In January 2018, Huatai reported sales of 1316 vehicles, but it sold 21000 vehicles in December 2017, a huge difference. In 2018, Huatai sold 120700 cars, down 9.0% from a year earlier, a far cry from the target of 200000.

By 2019, Huatai Automobile began to fall into a deep operational crisis. Its four vehicle manufacturing bases in Tianjin, Shandong, Inner Mongolia and Liaoning had all stopped production, and faced hundreds of lawsuits while defaulting on employees' wages. The debt ratio is extremely high. In the domestic automobile market, it exists in name only.

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In March this year, ST announced that on March 21, 2023, it received an executive order from the Intermediate people's Court of Jinzhou City, Liaoning Province, that 97.895 million shares (14.49% of the company's total shares) held by the company's controlling shareholder Huatai Automobile Group Co., Ltd. would be auctioned to pay off debts. According to public information, Huatai Automobile's interest-bearing debt was 26.2 billion yuan in 2016. Huatai Automobile fell into the quagmire of litigation in 2018, and the legal person was included in the list of "restricted consumers" many times. Huatai Automobile and a number of subsidiaries were included as executees and people who broke their promises.

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On July 5, the change of rights disclosed by ST dawning revealed that Huatai Motor's shareholding in ST dawning had dropped to 5.28%, losing its controlling shareholder position, as a result of the transfer of ownership by judicial auction. Today, Huatai Automobile has become an empty shell, the factory has been shut down, S stores have closed down, or even disappeared, and with the increasingly fierce competition in the car market, the possibility of Huatai making a comeback is getting slimmer and slimmer.

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