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All of a sudden! The Baoneng Automobile project was transferred to bankruptcy.

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

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AutoBeta(AutoBeta.net)09/13 Report--

On September 8, the People's Court of Kunshan City of Jiangsu Province decided to transfer Kunshan Juchuang Energy Technology Co., Ltd.(hereinafter referred to as "Kunshan Juchuang") as the executee's execution case to bankruptcy, according to the adjudicative website.

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According to the notice of Kunshan City People's Court of Jiangsu Province, in the process of executing disputes such as Kunshan Yi Thinking Advertising Media Co., Ltd., Kunshan Letian Catering Management Co., Ltd., Dazu Laser Technology Industry Group Co., Ltd. and Zhejiang Hanxin Technology Co., Ltd., the above-mentioned executors applied to this court to transfer Kunshan Juchuang to bankruptcy. This court hereby transfers the bankruptcy examination according to law and notifies Kunshan Juchuang that if there is any objection to bankruptcy, please submit it within seven days and attach relevant evidence to this court.

According to Sky Eye Information, Kunshan Juchuang Energy Technology Co., Ltd. was established in January 2019, with Sun Li as its legal representative and a registered capital of RMB 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 demand, and is also an important part of Baoneng Group's comprehensive entry into the new energy business field. It was put into use in October 2020 and completed Phase I project, but the progress is not smooth at present.

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On August 29, three plots of land (323669.6 square meters) and unlicensed buildings and machinery equipment of Kunshan Juchuang Energy Technology Co., Ltd., a subsidiary of Baoneng Automobile, were successfully auctioned at a price of RMB 610 million yuan. The bidder was Kunshan City Industrial Development Investment Co., Ltd.

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It is understood that Kunshan Juchuang has a large number of litigation-related enforcement cases, with a total litigation-related debt of 428 million yuan (excluding interest calculated according to the judgment documents). Meanwhile, Science City (Guangzhou) Financial Leasing Co., Ltd. claims to enjoy the priority of compensation of 118 million yuan for the disposal of machinery and equipment, and Shenzhen Jianye Engineering Group Co., Ltd. claims to enjoy the priority of compensation of 425 million yuan for the above-mentioned disposal assets. At present, the applicant for execution applies to the People's Court of Kunshan City of Jiangsu Province for bankruptcy review on the grounds that the person subjected to execution cannot pay off the due debts and the assets are insufficient to pay off all debts and obviously lack solvency.

In fact, the starting point of Baoneng Automobile is not low. In March 2017, Yao Zhenhua, Chairman of Baoneng Group, entered the automobile track from real estate, and then established Baoneng Automobile. At that time, Baoneng Group had invested 6.63 billion yuan to acquire Qizhi Automobile under Chery, and then acquired 50% shares of Chang 'an PSA for 1.63 billion yuan, and obtained 1072 mu automobile manufacturing base. Since then, Baoneng Group planned to build production bases in many places in China, but Baoneng Automobile still could not successfully build cars.

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Since 2017, Baoneng has won 13 plots of land, more than 9000 mu of vehicle-building bases and project land in Guangzhou, Kunming, Hangzhou, Guiyang, Xi'an and Kunshan in the name of vehicle-building. In September 2022, Baoneng Group announced on its official website that it had laid out seven vehicle manufacturing bases nationwide, with a standard production capacity of 930,000 vehicles and an annual production capacity of 3 million vehicles in the long term. It is estimated that 300,000 vehicles will be produced and sold in 2023, and the goal of producing and selling more than one million vehicles will be achieved by 2026. Since entering the automobile industry for more than five years, Baoneng has invested 53 billion yuan.

Unfortunately, Baoneng Automobile, which invests heavily in automobile whole vehicle business, still has not gained any income at present. Although it owns BAO, Qunzhi Automobile and Youbaoli three passenger car brands, so far, there has been no mass production vehicle, and the overall business is at a standstill, even large-scale salary arrears. According to the "Table of Arrears in Baoneng Group System" circulated in the market before, Baoneng's entire system (16 plates) owes more than 1.3 billion yuan in arrears, among which, the arrears from July 2021 to April 2022 alone reached 720 million yuan, Baoneng Automobile alone accumulated 647 million yuan in arrears, and Guanzhi Automobile accumulated 130 million yuan in arrears. The automobile business has become a "serious disaster area" for arrears.

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In addition, up to now, Baoneng automobile factories have not produced. In April 2022, the Development and Reform Commission of Yunnan Province issued an announcement to remove two investment projects, namely,"Kunming Baoneng New Energy Automobile Parts Production Project" and "Construction Project of Guanzhi Automobile Co., Ltd.(Kunming) Branch", due to the failure to start construction within 2 years. In June 2023, Xi'an Automobile Base was also cancelled.

At present, the overall business of Baoneng Automobile has been deadlocked. Even if Yao Zhenhua has not given up the hope of seeking survival, Baoneng Automobile, which has fallen into the quagmire of many parties, has shown fatigue. No one knows how long Baoneng Automobile can continue to build cars. At present, the internal volume of the automobile industry is still continuing, the elimination race is accelerating, and the stragglers and the outcasts are common. Under such circumstances, it is really difficult for Baoneng cars that have not yet appeared in mass production to "survive".

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