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Land at last! Major changes in Zhongtai Automobile

2024-05-30 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On September 4, Zhongtai Automobile Co., Ltd. (hereinafter referred to as "Zhongtai Automobile") announced that Huang Jihong is no longer the actual controller of the company, and the company has no actual controller after this change. According to the announcement, shareholders of seven parties, including Jiangsu Shenshang holding Group Co., Ltd. (hereinafter referred to as "Jiangsu Shenshang"), agreed to terminate Huang Jihong's voting delegation, with a total shareholding of 24.22%.



It is understood that the controlling shareholder of Zhongtai Automobile is Su Shen Shang holding Group Co., Ltd. (hereinafter referred to as "Jiangsu Shen Shang"), and the shareholder of Jiangsu Shen Shang is Shenzhen Shenzhen Shang Holdings Group Co., Ltd. (hereinafter referred to as "Shenzhen Shang Holdings"). As the equity of Shen Shang Holdings is relatively scattered, Shenzhen Shang Holdings has no controlling shareholders. Therefore, after the termination of the trust relationship of voting rights, the company has no actual controller. At present, Jiangsu Shenzhen Merchants owns 14.81% of Zhongtai Motor.


Zhongtai Motors said that the removal of the delegation of voting rights will not affect the company's daily business activities; it will not affect the personnel independence, financial independence and asset integrity of listed companies; and will not affect the corporate governance structure and management stability.

According to the data, Huang Jihong once served as chairman of Guangdong China Automobile Leasing Co., Ltd., president of China Minsheng Investment Co., Ltd., and chairman and founder of Shenzhen National Transport Technology Group Co., Ltd. In December 2019 and October 2021, Huang Jihong joined the giant group and Zhongtai Automobile as a bankruptcy restructuring investor, serving as chairman of the giant group and chairman of Zhongtai Automobile.


In fact, since the huge group entered the delisting process at the end of May, there has been a strong expectation that Huang Jihong will lose the actual control of Zhongtai Motor.

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. On June 31, Zhongtai Automobile said in a reply to the Shenzhen Stock Exchange, "at present, the actual controller of the company is still Huang Jihong, but he is planning to change the actual controller of the company." Today, two months later, the change of control of Zhongtai Motor has finally landed.


Huge Group + Zhongtai Automobile two companies complement each other in business, Huang Jihong joined Zhongtai Automobile, so that the industry is full of confidence in Huang Jihong's investment.

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.

In 2023, Huang Jihong's failure in the huge group has spread to the development of Zhongtai Automobile. On April 20, Shenzhen Merchants Group announced that Huang Jihong had been removed from his post as president by a resolution of the board of directors of Shenzhen Merchants Group. In May, the information disclosed by the Shanghai Stock Exchange showed that some investors had revealed that Huang Jihong was suspected of occupying the funds of listed companies through potential related parties in disguise, and that the controlling shareholders were suspected of evading 3.5 billion yuan in compensation obligations for restructuring performance. Since then, Huang Jihong resigned as chairman of Zhongtai Automobile for personal reasons and received inquiries from the Shenzhen Stock Exchange.


According to the financial report, 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; in the first half of 2023, Zhongtai's revenue was 371 million yuan, up 24.55% from the same period last year; and the net loss was 284 million yuan, down 2.37% from the same period last year.

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