AutoBeta Home News New Vehicle Industry Report Data Report Industrial Economy

In addition to Weibo, there is also WeChat

Please pay attention

WeChat public account


All of a sudden! A holding company of a car company is filed for bankruptcy review.

2024-06-25 Update From: AutoBeta autobeta NAV: AutoBeta > News >


AutoBeta( Report--

According to the National Enterprise bankruptcy reorganization case Information Network, on August 28th, Ordos Huatai Automobile body Co., Ltd. added a piece of "bankruptcy reorganization" information, the case number is No. 19 in (2023), and the type of case is "bankruptcy examination case." the applicant is Tianjin Jiuyue Technology Co., Ltd., and the handling court is the Intermediate people's Court of Ordos City, Inner Mongolia Autonomous region.


Data show that Erdos Huatai Automobile body Co., Ltd. was established in December 2006. it was formerly known as Ordos Hengtai Auto parts Co., Ltd., with a registered capital of 550 million yuan and legal representative Miao Xiaolong. Is an enterprise mainly engaged in the automobile manufacturing industry. Equity information shows that the company is jointly owned by Shenzhen Xintong Electronics Co., Ltd. and Huatai Automobile Group Co., Ltd., with a shareholding ratio of 51% and 49% respectively. In other words, the company being filed for bankruptcy review is the holding company of Huatai Motor.


Tianyan inspection risk information shows that Ordos Huatai Automobile body Co., Ltd. currently has a number of persons subject to execution, with a total amount of 3.443217203 billion yuan, of which 334222368.0 yuan was executed on the 15th, and the execution court is the Ordos Intermediate people's Court; the total amount of the 10 items executed in the final case is 199.543146 million yuan, the proportion of non-performance is 97.5%, and most of the cases are filed in 2022. In addition, the company also has 95 consumption restriction orders and 3 pieces of information about people who break their promises.

On the other hand, Huatai Automobile Group Co., Ltd. (hereinafter referred to as "Huatai Automobile") also has a number of risk information, including the information of the person subject to execution, the restriction of consumption order and the information on the case of breach of trust and the final capital, among which, the cumulative total amount of execution has exceeded 6.1 billion, and two new pieces of information about the person subject to execution are added on August 15, with the target of execution being 440 million yuan and 330 million yuan respectively. There are 136 consumption restriction orders, 11 final cases, the total amount of execution is 2.996119372 billion yuan, the total amount of non-performance is 2.937088097 billion yuan, the proportion of non-performance is 98%, and the rate of breach of trust is 23, the proportion of non-performance is 100%.


Huatai Motors, if not people in the auto industry, may feel strange to it, because now the name Huatai Automobile has almost disappeared from the auto circle. According to public information, Huatai Automobile Group Co., Ltd. (hereinafter referred to as "Huatai Automobile") was established in May 2008 with a registered and paid-in capital of 300 million yuan. Miao Xiaolong, the legal representative, was formerly known as Huatai Automobile Co., Ltd. Equity information shows that the company is jointly owned by Zhang Xiugen and Miao Xiaolong, with Zhang Xiugen holding 99% and Miao Xiaolong holding only 1%.


Of course, as an independent brand car company with new energy vehicles, traditional cars and auto parts as its main business, Huatai Motors also had boundless scenery. Zhang Xiugen started his own business after he retired from the army in the early 1980s and has since entered the car circle. At that time, Zhang Xiugen was not chairman of Huatai Automobile. 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 has entered the automobile industry on a large scale and opened the road of self-made cars. Five years later, Huatai signed an agreement with South Korea's Hyundai Motor to obtain the "Santa Fe" domestic qualification, and introduced a number of SUV models, standing on the shoulders of Hyundai Motor. Huatai Motor quickly became popular in the car circle and reached its peak.


Data show that from 2012 to 2016, Huatai sold only a few tens of thousands of vehicles, including 71200 in 2015 and 73000 in 2016, and soared by 81.4% to 132600 in 2017, the largest year in domestic car production and sales, reaching 29.01 million and 28.87 million respectively. 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 fell to 86000, a far cry from its target of 200000.


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. By October 2019, it was rumored that Huatai Motor might go bankrupt, affecting many upstream and downstream loans, but Huatai Automobile immediately issued a statement saying: the network exposed that the information content was maliciously fabricated, completely false, affected by the continuous decline of the automobile industry. Huatai Automobile's operation has been affected, and the company is actively taking measures to reduce the risk. But before long, Huatai Automobile began to fall into a deep operational crisis. Its four vehicle manufacturing bases in Tianjin, Shandong, Inner Mongolia and Liaoning have all stopped production. While defaulting on employees' wages, they also face hundreds of lawsuits with extremely high debt ratios. In the domestic automobile market, it exists in name only.

In 2021, Huatai Motor was filed for bankruptcy reorganization twice because it was unable to repay its debts, but the applicants were eventually withdrawn. In September 2022, ST Dawn issued an announcement and verified with controlling shareholder Huatai Motor that on July 5, 2022, Zhang Xiugen, the actual controller of the company, was detained by the Tianjin Binhai New area Public Security Bureau on suspicion of "illegal transfer and reselling of land use rights"; on August 10, 2022, he was arrested for the above-mentioned transfer of land use rights.

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. On May 6, the official website of the Bancassurance Regulatory Commission published the "reply on the bankruptcy of Huatai Auto Finance Co., Ltd.". The CBIC said that it agreed in principle that Huatai Auto Finance should enter the bankruptcy procedure and asked it to carry out follow-up work in strict accordance with the requirements of relevant laws and regulations. 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, 4S stores have closed down, or even disappeared, and under the transformation of the automobile industry, the competition in the car market is becoming more and more fierce, and the possibility of Huatai making a comeback is becoming less and less likely.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat

Views: 0

*The comments in the above article only represent the author's personal views and do not represent the views and positions of this website. If you have more insights, please feel free to contribute and share.

Share To

Network commentsNetwork comments are only for expressing personal opinions and do not express the position of this website




© 2024 AutoBeta.Net Tiger Media Company. All rights reserved.