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The property of the centennial car company has been disposed of!

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

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AutoBeta(AutoBeta.net)09/18 Report--

On September 18, the official website of Beijing Equity Exchange issued the announcement on the disposal of bankruptcy liquidation property of Baowo Automobile (China) Co., Ltd.(hereinafter referred to as "Baowo China"). According to the announcement, on August 4,2023, the First Intermediate People's Court of Beijing City ruled that Baowo China was declared bankrupt, and the administrator disposed of Baowo China's property according to law. The manager of Baowo China plans to auction 798 patents of Baowo China by online bidding, with an evaluation price of 1.5787 million yuan and a starting price of 646,600 yuan.

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In April this year, Baowo China filed for bankruptcy liquidation with the court on the grounds that it could not pay off due debts and its assets were insufficient to pay off all debts. The court held that the company was an eligible subject of bankruptcy application and had already had bankruptcy reasons, so its bankruptcy liquidation application was accepted.

According to public information, Baowo China was founded in July 2015 and is 100% owned by Beijing Baowo Automobile Co., Ltd. At present, Baowo China has not fulfilled the total amount of more than 400 million yuan, and there are many pieces of information related to the person subject to execution and the consumption restriction order. It should be noted that its parent company Beijing Baowo Automobile Co., Ltd. has also filed for bankruptcy review.

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At this point, eight years into China, the self-proclaimed Audi, BMW, Mercedes-Benz famous Baowo car to "bankruptcy" way to end. Looking at the development process of Baowo, one can have many destinies.

Founded in 1919 by German engineer Karl Bowo, it belongs to the German luxury brand and was once the third largest automobile manufacturer in Germany. In the late 1950s, it sold more than 1 million vehicles annually, leading Mercedes-Benz and BMW, and once occupied 60% of the German automobile export market. However, it was not long before Bowo suffered a debt crisis due to poor management, and finally declared bankruptcy in 1961, and fixed assets were bought by BMW and Mercedes Benz.

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It took more than half a century to be acquired by Chinese commercial vehicle brand Foton Automobile. In 2014, Foton Motor acquired the Baowo brand for 5 million euros. Originally, it hoped to enter the passenger car market with the help of Baowo's German gene. However, the appearance of Baowo Automobile not only did not help it open the passenger car market, but brought huge losses to Foton Automobile.

In January 2016, Beijing Baowo Automobile Co., Ltd. was established. In July of the same year, it launched the first SUV model Baowo BX7, which sold for RMB 169,800 - 302,800 Yuan at that time. At the beginning of listing, Baowo Automobile promoted itself in a high profile, emphasizing its own German lineage, and tied itself with BBA and called it "Four Brothers of German Family". With this title, the sales volume of Baowo Automobile reached about 30,000 vehicles in that year, which opened a good start for the recovery of Baowo brand. Since then, Baowo has successively launched BX5, BX7 TS, BXi7 and BX6 models, but the sales volume of products has declined instead.

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Although Baowo Auto bundles itself with BBA and its product pricing is more people-friendly than BBA, consumers don't buy it because it is far from BBA in terms of brand image, product coverage and core technology. According to the data, from 2016 to 2018, the cumulative sales volume of Baowo Automobile in three years was only 106,900 vehicles, and the accumulated loss reached RMB 4.014 billion yuan.

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In March 2019, Changsheng Xingye officially transferred 67% equity of Beijing Baowo Automobile to Shenzhou Youche with RMB 4.109 billion yuan. After the completion of the transaction, Shenzhou Youche became the largest shareholder of Beijing Baowo Automobile, and its Shenzhou Car Rental subsequently purchased a large number of Baowo models, which also made the sales volume of Baowo Automobile temporarily improved. In 2019, the annual sales volume of Baowo Automobile was 54,500 vehicles. However, it was not long before Ruixing Coffee was exposed to financial fraud. Influenced by this, Shenzhou Company turned from prosperity to decline in 2020. In addition, there has been no new model launched after Shenzhou Youche acquired Baowo. A series of decisions directly led to the sales volume of Baowo Automobile falling into a cliff-like deadlock again. In 2020, the annual sales volume of Baowo Automobile was only 8703 vehicles, and in 2021, it plummeted to 3612 vehicles again.

In April 2022, Foton Automobile submitted bankruptcy liquidation application to the First Intermediate People's Court of Beijing City. In November 2022, the court ruled that Beijing Baowo Automobile Co., Ltd. was formally bankrupt because Baowo Automobile Company could not pay off its due debts and its assets were significantly less than its liabilities, which was insufficient to pay off all debts. The announcement shows that the net assets of Baowo Automobile are negative 2.29 billion yuan, and the assets have been significantly less than the liabilities. At this point, Baowo Automobile once again ended in the way of "bankruptcy".

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For Baowo Automobile, it may not be unexpected to come to this situation today, but for consumers, it is a little worried, after all, involved in the vehicle follow-up maintenance and warranty issues. However, the above announcement shows that in order to ensure the normal operation of the after-sales service of Baowo brand automobile, Baowo China has licensed 59 patents related to after-sales service to Baowo Automobile Technology (Beijing) Co., Ltd.(hereinafter referred to as Baogwo Beijing) for free use, and signed the Patent Implementation License Contract. During the period when the Buyer enjoys the rights according to law, the Buyer shall unconditionally authorize BOGOVO Beijing or its designated party to continue to use the above patents free of charge in the after-sales service process, and the license period shall not be less than 9 years, subject to the specific agreement in the contract. During the license period, the Buyer shall pay the fees to maintain the validity of the patent. If the Buyer transfers the patent again, such obligations shall be inherited by the transferee, so as to ensure that Bogor Beijing can use the relevant intangible assets free of charge and ensure the normal operation of after-sales service.

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According to the data, Baogwo Automobile Technology (Beijing) Co., Ltd. was established in March 2022, and its legal representative is Liu Zhengyao. It is an enterprise mainly engaged in automobile manufacturing industry. The company is 100% owned by Shenzhou Youche Co., Ltd.

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