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The listing fell through! The voice of a new force: voluntary termination

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

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AutoBeta(AutoBeta.net)09/10 Report--

"Live like an animal," the Weima car has come to the edge of the cliff.

On September 10, Weimar Automobile said on its official Weibo: "After careful consideration, Weimar Automobile voluntarily terminated the RTO process with Apollo Travel on the Hong Kong Stock Exchange. At present, Weima Automobile is still an important shareholder of Apollo Travel and will continue to support the development of Apollo Travel in the future."

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The industry believes that WeiMa Auto voluntarily terminates the RTO process with Apollo Travel on the Hong Kong Stock Exchange or marks that WeiMa Auto has completely lost the opportunity to list Hong Kong shares. In addition, from another level, both lack of money and lack of quantity of products WeiMa car follow-up days or will be more difficult.

In fact, as early as two days ago, Apollo Smart Travel Group Co., Ltd.(hereinafter referred to as "APOLLO Travel") announced on the Hong Kong Stock Exchange that the relevant parties had agreed to terminate the acquisition of Weima Agreement, so the acquisition and placement will not proceed. The announcement mentioned that the reasons for terminating the acquisition included global market volatility and geopolitical conflicts, continued uncertainty in financial market sentiment and other business factors such as short-term economic recovery after the epidemic.

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Back at the end of 2022, WeiMa Automobile was reported negative news of salary reduction, and the reason for the salary reduction was pointed to "WeiMa Automobile capital chain tension". Since then, WeiMa Automobile has been seeking to go public, hoping to solve the capital problem through listing. In this context, in early 2023, Weimar announced an agreement with Apollo Chuxing to acquire Weimar's subsidiary for US $2.023 billion, which will be settled by way of allotment and issuance of consideration shares. In response to this action, the market generally believes that Weimar Automobile, which is in urgent need of "blood transfusion", has clarified its path of backdoor listing financing, and at the same time can solve the urgent need for lack of money.

WeiMa car official announced this acquisition after the sale, WeiMa car CEO Shen Hui immediately in micro bo shared a small segment from "Furong Town," and accompanied by "live, live like animals" words, since then, Shen Hui repeatedly mentioned WeiMa car to "live like animals," the future days are constantly releasing "good news."

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On May 4, Shen Hui said to the outside world: "Everything is going well!" And repeatedly said that it is stepping up the resumption of work. On July 25, Weimar released a "ready to go" message with photos of new cars in front of freighters. On the same day, Shen Hui also forwarded the official Weibo of Weima Automobile with the text "Let's go to see the sea together!" There was joy in his words, as if he was conveying the message that Weimar was showing signs of improvement.

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However, it seems that everything is good WeiMa car is actually a chicken feather. In addition to layoffs and salary reductions, all employees are suspended without pay, Weimar Service Center cannot provide maintenance services, and Weimar Automobile Production Company is also filed for bankruptcy.

WeiMa prospectus information shows, 2019 - 2021 WeiMa car accumulated losses of more than 17.4 billion yuan, According to the latest media reports, WeiMa car founder, Chairman Shen Hui has been reported to have "people overseas," And WeiMa car huge assets have also been frozen, Now WeiMa car situation has been considered by the outside world is "into quagmire."

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BYD Chairman Wang Chuanfu once said: "The new energy vehicle revolution is a technological revolution, and enterprises with core technologies can survive. If they are simply assembled, the probability of survival is very small." In his view, the window of opportunity for the industry is only three to five years." At present, the automobile industry has entered the knockout stage. For WeiMa Automobile, which lacks both money and quantity of products, with the termination of RTO process in Hong Kong Stock Exchange, it is obviously impossible to realize a big reversal in the future.

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