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Headquarters has been vacated! 4 billion of the assets of a new force have been frozen

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

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AutoBeta(AutoBeta.net)09/25 Report--

According to the information of "Automotive Industry concern", Weima Automotive Technology Group Co., Ltd. added a piece of equity freeze information. The equity was executed by Weima Automobile Manufacturing Wenzhou Co., Ltd., and the frozen equity amount was as high as 4.04 billion yuan. The freeze period is from September 20, 2023 to September 19, 2026. The enforcement court is the Shanghai Pudong New area people's Court.

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It is understood that 4 billion of Weimar's assets were frozen because of financial loan contract disputes. It should be noted that in March this year, the 4.04 billion RMB stake held by Weima Automotive Technology Group Co., Ltd. was frozen by the Shanghai Financial Court once. The word "holding insurance" was written in the document number of the enforcement notice of the freezing of equity at that time. "Court protection" means property preservation (refers to the compulsory measures taken by the court to restrict the disposition of the parties to the property or the subject matter of the dispute in order to ensure that the future effective judgment can be enforced or avoid the loss of property before or after the parties sue).

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Data show that Weima Automotive Technology Group Co., Ltd. was established in May 2012, is a company mainly engaged in the automotive manufacturing industry, the legal representative is Weima founder SHEN HUI (Shen Hui), registered capital of 6 billion yuan, wholly owned by Suzhou Weima Wisdom Travel Technology Co., Ltd. As for Weima Automobile Manufacturing Wenzhou Co., Ltd. was established in May 2016, mainly engaged in the automobile manufacturing industry, the legal representative is also SHEN HUI, the registered capital is exactly 4.04 billion yuan, the company is a wholly-owned subsidiary of Weima Automotive Technology Group.

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As one of the first domestic "new power of car building" brands, the early Weima car brand is not bad, especially in terms of financing, the amount of public financing is more than 35 billion yuan, of which D-round 10 billion yuan financing, which is led by Shanghai State assets and SAIC, Baidu and SIG, is the most financing of new power car enterprises. However, Weimar, which was founded in 2015, only got up early in the morning and caught up with the evening collection. In recent years, the living situation of Weimar can be described as twists and turns. On Sept. 10, Weimar announced the termination of the RTO (reverse takeover listing) process with Apollo on the Hong Kong Stock Exchange, meaning it completely lost the opportunity to list its Hong Kong shares, but it was acquired by Kaixin Motor in just one day.

Although the "disaster survived", the Weima car, which has been suspended for a long time, is in dire straits.

At present, Weima Automobile has two major production bases in China, Wenzhou, Zhejiang and Huanggang, Hubei, whose main companies are Weima Automobile Manufacturing Wenzhou Co., Ltd. And Hubei Xinghui New Energy Intelligent Automobile Co., Ltd., but both companies are listed as executees. As mentioned above, Weimar Wenzhou Manufacturing's equity was frozen in March. Hubei Xinghui was also frozen twice during the year, among which Weima Automobile added a 6 billion yuan equity freeze in August, and the equity was executed by Hubei Xinghui Company, the main body of the Huanggang factory. In addition, on August 22nd, the company was also filed for bankruptcy restructuring by a manufacturing supplier in Shanghai, while the company's Weima Automobile production company mainly produces Weima W6 models.

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According to the previous prospectus, Weima lost more than 17.4 billion yuan from 2019 to 2021, but it was insolvent as early as 2021, with net assets of RMB-20.5 billion yuan at that time, and now its huge assets have been frozen. The danger of Weimar is much more than that. recently, Weima has been exposed that the accumulated arrears of wages exceeded 13 million in four months from February to May, and the Shanghai headquarters is now empty.

It should be noted that Weimar, which "lives like an animal", has also tried to save itself several times. In March this year, Weimar jointly built cars with the Fortune 500 Zhengwei Group and established Zhengweima (Shanghai) Co., Ltd., in which Weimar holds a 45% stake in the company. In May, Weimar founder Shen Hui said to the outside world: "everything is for the better!" And said many times that it was stepping up efforts to resume work and production; since then, Weimar has frequently launched efforts in overseas markets such as the Middle East, Europe, and Southeast Asia. In July, Weimar posted "ready to go" on social media, accompanied by a number of photos of new cars in front of the freighter, supported by Shen Hui and accompanied by the article "Let's go to see the sea!" Joy is revealed in the words, which seems to send a message to people that there are signs of improvement in Weima. However, the Weimar car that seems to be for the better is actually a chicken feather.

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The industry believes that Weimar has come to this stage, in addition to financial constraints, but also related to the weak competitiveness of its products in the auto market and insufficient investment in research and development. Shen Hui said bluntly at the beginning of the year: "Weimar lacks some features in the initial product positioning and misses some opportunities." Data show that during the period from 2019 to 2021, Weima invested 893 million yuan, 992 million yuan and 981 million yuan respectively. As a reference, NIO invested 4.18 billion yuan in R & D in 2021 alone. So far, Weimar has four models on sale, including EX5, W6, E.5 and M7, but it is almost out of production and sales. At the same time, Weimar also faces a number of lawsuits and huge assets frozen.

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In the changing and inward-rolling new energy car market, Shen Hui said: "We are very confident that we will become the first new car manufacturer in the world to make a real profit for the whole year. We hope to run ahead of Tesla and firmly believe that we can do it." It has become a slogan, and as to whether Weima, which has sold its body to Happy Motor, can still be recognized by domestic consumers, the answer may soon emerge.

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