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A new power Shanghai company has been filed for bankruptcy!

2024-06-17 Update From: AutoBeta NAV: AutoBeta > News >


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According to the national enterprise bankruptcy reorganization case information network, Aichi Automobile (Shanghai) Co., Ltd. was filed for bankruptcy review, the handling court is the Shanghai third Intermediate people's Court, and the applicant is Anji Automobile Logistics (Shanghai) Co., Ltd.

Tianyan check shows that Aichi Automotive (Shanghai) Co., Ltd. was established in February 2017, with a registered and paid-in capital of 1 billion yuan, formerly known as Shanghai Gongbo Automotive Technology Co., Ltd., a wholly-owned subsidiary of Aichi Automotive Technology (Shanghai) Co., Ltd. Anji Automotive Logistics (Shanghai) Co., Ltd. was established in April 2011. with a registered and paid-in capital of 50 million yuan, it is a wholly owned subsidiary of SAIC Anji Logistics Co., Ltd. and is a member of SAIC Group.

According to the announcement, the applicant Anji Automotive Logistics (Shanghai) Co., Ltd. applied for bankruptcy liquidation with the Shanghai No. 3 Intermediate people's Court on the grounds that Aichi Automobile (Shanghai) Co., Ltd. was unable to repay its due debts and obviously lacked the ability to repay its debts. Aichi Automobile (Shanghai) Co., Ltd. should submit a written statement to the court within 7 days if it has any objection.

Aichi, founded in 2017 by Fu Qiang, who once held important positions in FAW-Volkswagen, SAIC Volkswagen Skoda, Beijing Mercedes-Benz and Volvo, is headquartered in Shanghai Changyang Valley Creative Industrial Park and its production base is located in Shangrao City, Jiangxi Province. Aichi was one of the first new power companies in China to achieve mass production and delivery. it obtained a production license through the acquisition of Jiangling Holdings, and obtained investment from well-known companies such as Ningde Times and DiDi, raising a total of more than 10 billion yuan.

Unlike other new powers, Aichi has focused on overseas markets. It has set up an electric sports car research and development center and factory in Germany, as well as an overseas division and an European sales company in Munich. But for Aichi, which is more focused on overseas markets, it has not achieved eye-catching results.

Since the beginning of 2023, Aichi Automobile has been in production and operation difficulties. Because the capital chain is broken, Aichi Automobile employees are unable to get their wages on time, and the Creative Industry Park in Changyang Valley in Shanghai is forced to move out because of long-term rent arrears. As a result, the factory in Shangrao, Jiangxi has stopped production for a long time. Under this background, Aichi car is in arrears for a long time, and more and more suppliers take it to court, and even apply for bankruptcy.

On July 21 this year, Aichi issued a notice on the appointment of the company's CEO and CFO. Aichi Automobile said that Zhu Xiaohua was appointed as the CEO of the company, responsible for the daily operation and management of the company, the appointment date is from July 18, 2023, and Tang Meiyu is appointed as the company's financial director, responsible for the financial management of the company, the appointment date is from July 18, 2023.

At the same time, Aichi Auto employees also received a notice on the establishment of an interim working group on shareholder governance sent by the Human Resources Department. The "notice" shows that in order to promote the healthy development of the company, rectify the company's business operations, and resume daily operation, the company's shareholders' meeting approved the establishment of a temporary working group on shareholder governance, with Zhu Xiaohua and Fu Qiang as the leaders of the interim working group on shareholder governance, responsible for the operation and management of the company. In addition, Aichi will set up working groups such as the work resumption group, the R & D group, the overseas group, the domestic sales group, the fuse financing group, the IT group, the personnel group, the finance group, the legal group, and the general affairs group.

The above two notices are intended to promote Aichi to resume production and return to the auto market, but so far there is no sign of resuming production and operation, but the Shanghai company has been filed for bankruptcy examination. In the long run, how to solve the problem of capital chain, how to protect the rights and interests of related parties, and how investors exit safely, this is still an insurmountable problem in front of Aichi.

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