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611 million! The assets of a car company were auctioned off.

2024-06-17 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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Baoneng, which is short of money, has made a new self-rescue measure-- selling its assets. Auto Industry concern learned from that on August 29th, three pieces of land (323669.6 square meters), unlicensed buildings, machinery and equipment of Kunshan Ju Innovation Energy Technology Co., Ltd., owned by Baoneng Automobile, were successfully auctioned at a price of 610 million yuan. The bidder is Kunshan Industrial Development Investment Co., Ltd.



According to Tianyan check information, Kunshan Ju Innovation Energy Technology Co., Ltd. was established in January 2019, with Sun Li as its legal representative and registered capital of 1 billion yuan. It is an enterprise mainly engaged in research and experimental development. The company is a battery project set up by Baoneng Automobile to meet the supporting needs. According to an article released by the official account "Kunshan Development Zone release" of Wechat in October 2020, the Kunshan innovative energy project is an important part of Baoneng Group's comprehensive foray into the new energy industry. The production base of the project is divided into two phases, with a production capacity of 8.5GWh, and a maximum of 200000 new energy vehicles after full production. Judging from the above construction time node, although the company was put into use and completed the first phase of the project in October 2022, the progress of its sales plan is slow.

In March 2017, Yao Zhenhua, chairman of Baoneng Group, announced cross-border car building, then established Baoneng Automobile Group, bought a 51% stake in Guanzhi for 6.63 billion yuan, and then invested 1.56 billion yuan to increase his stake in Guanzhi Automobile to 63%, becoming a major shareholder. Baoneng started building cars.


The arrival of Baoneng Group has brought good market feedback to Qoros, which sold 63200 vehicles in 2018, up 320% from a year earlier. At that time, the brand of Baoneng was so good that Yao Zhenhua, with deep pockets, even announced a "five-year plan" to invest more than 50 billion yuan in Qoros and said it would take 10 to 15 years to build Baoneng into a powerful group. The goal is to launch 26 new models by 2022. However, things went against one's wishes, and the following year, Qoros sales plummeted rapidly. Data show that between 2019 and 2021, Qoros car sales fell to 22700, 13100 and 5200 respectively, and today, Yao Zhenhua has failed to deliver on his promise.


It should be noted that since Baoneng announced its entry into the auto circle in 2017, it has successively built new energy vehicle and parts production bases in Hangzhou, Kunming, Guangzhou, Xi'an, Shenzhen and other cities. In September 2022, Baoneng Group announced on its website that it had laid out seven vehicle manufacturing bases across the country, with a standard production capacity of 930000 vehicles, with a long-term production capacity of 3 million vehicles a year, and estimated production and sales of 300000 vehicles in 2023. And sprint to achieve the goal of producing and selling more than one million vehicles in 2026. Since entering the automobile industry for more than 5 years, Baoneng has invested 53 billion yuan.

Unfortunately, Baoneng, which has invested heavily in the automotive business, has not yet made any profit. Although it owns three major passenger car brands: BAO, Qoros and au Poly, there are no mass-produced cars so far, and the overall business is stagnant, or even large-scale wage arrears. According to the "wage arrears Table of Baoneng Group system" circulated in the market, the wage arrears of the entire system (16 sectors) of Baoneng exceeded 1.3 billion yuan, of which the arrears of wages from July 2021 to April 2022 alone reached 720 million yuan, and only Baoneng Automobile accumulated 647 million yuan in arrears. Qoros's accumulated arrears of wages is 130 million yuan, and the automobile business has become the "hardest hit" of wage arrears.


In addition, Baoneng Motor has also won 13 cases of land in Guangzhou, Guiyang, Kunming, Kunshan and Xi'an, with a total area of about 4.5744 million square meters, including 81500 square meters of residential land. However, on July 13 this year, information disclosed on the website of the Development and Construction Management Committee of Xixian New area in Shaanxi Province showed that due to the failure to return the certificate of immovable property rights to the Bureau of Natural Resources and Planning of Xixian New area within the prescribed time limit, three cases of use rights of state-owned construction land owned by Xi'an Baoneng Automobile Co., Ltd. were cancelled. At present, the National Public Resources Trading platform (Shaanxi Province) Public Resources Trading Center has issued a notice for the sale of the right to the use of state-owned construction land in Xixian New area. According to the announcement, the Development and Construction Management Committee of Xixian New area in Shaanxi Province has approved the public sale of three cases of the use rights of state-owned construction land from August 10 to September 8, 2023, including Baoneng Automobile Xi'an base. the starting price of the base is 610 million yuan, and the bidding deposit is 120 million yuan.


In addition, a number of property assets of Baoneng have also been disposed of. In April this year, Shenzhen Yintong Qianhai Financial assets Trading Center issued two investment promotion notices related to Baoneng's creditor's rights on its website, involving that many assets of Baoneng will be disposed of. They are Baoneng real estate entrusted loan claims and Baoneng auto trust loan claims, including a number of collateral and collateral, including Shenzhen Longgang Baoneng Science and Technology Park.


At present, Baoneng is almost in a state of shutdown, even though Yao Zhenhua has not given up the hope of survival and has high expectations for the auto business. But the reality is that Baoneng has reached the edge of the cliff. On the one hand, the products that Baoneng has failed to mass produce so far have failed to catch up with the dividends of the new energy vehicle era; on the other hand, the knockout process of the automobile industry is accelerating, and the competition in the auto market is particularly fierce. As for Baoneng Automobile, although it has not announced many developments since 2023, the actual Baoneng Automobile has reached a stalemate. In addition to selling its assets, it is also involved in various debt disputes and negative news such as increasing information about the person being executed.

Obviously, the times have changed, and the pattern of the car market has also changed. Whether it is Baoneng Automobile or Yao Zhenhua, if it does not make substantial changes quickly, it will be very difficult for Baoneng Automobile, which has been caught in a quagmire in many ways, to "survive."

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