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A new power in Shanghai is insolvent!

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


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According to the National Enterprise bankruptcy reorganization case Information Network, with the application of Weima Automotive Technology Group Co., Ltd. (hereinafter referred to as "Weima Technology Group"), the Shanghai No. 3 Intermediate people's Court issued (2023) Shanghai 03 Breaking No. 1041 Civil order on December 29th, 2023, ruling to accept the Weima Technology Group reorganization case. On January 4, 2024, the Shanghai No. 3 Intermediate people's Court appointed Beijing Dacheng (Shanghai) Law firm and Lixin Accounting firm (Special General Partnership) as the joint managers of Weimar Technology Group (hereinafter referred to as "managers").

According to the evaluation results of the pre-restructuring stage of Weima Technology Group, under the caliber of the consolidated statements, the value of the assessed assets is about 9.6 billion yuan, and the amount of audited liabilities is about 25 billion yuan. In addition to holding real estate, equipment inventory and other movable property, Weima Technology Group and its affiliated enterprises also have scarce qualification for vehicle production and intangible assets related to new energy vehicle production.

Weima Automotive Technology Group Co., Ltd. is the operating entity company of Weima Automobile, which was established in May 2012 and is wholly owned by Suzhou Weimar Wisdom Travel Technology Co., Ltd. the legal representative and chairman is Shen Hui, former vice president of Geely Holdings Group, senior vice president of Volvo and chairman of Volvo China. According to the "Heavenly Eye Survey", Weima Automotive Technology Group Co., Ltd. has 14 information about the person to be executed and 11 pieces of information about the person to be executed in bad faith, with a total amount of 984.994 billion yuan. In addition, the company also has a number of equity freezes, restrictions on consumption orders and final case information.

It is understood that Weima Automotive Technology Group Co., Ltd. filed for bankruptcy reorganization in October 2023, and the handling court is the Shanghai third Intermediate people's Court. On January 2, the Shanghai No. 3 Intermediate people's Court accepted the application for pre-restructuring of Weima Automotive Technology Group Co., Ltd. During the pre-restructuring period, Weima Group has completed audit evaluation, claims declaration, asset verification and other work, and contacted a number of prospective investors to achieve preliminary results. On January 15, Weimar Technology Group openly recruited strategic investors with an estimated target amount of RMB 300 million, and the final recruitment was determined by the manager according to the registration of the investors.

According to incomplete statistics, Weimar Automobile is one of the car companies with the most financing in the new power of car building. Tianyan check information shows that since its inception, Weima Motor has completed 12 rounds of financing, and the financing scale of the announced quota has reached 35 billion yuan. investors include Shanghai State-owned Investment platform, SAIC Group, Tencent Investment, Baidu, Sequoia Capital China, Hongta Group and so on.

In April 2018, Weima's first production car, the Weima EX5, was officially put on the market with a subsidised price range of 11.23-149800 yuan. In 2019, Weima sold 16900 vehicles for the whole year, second only to Weilai in the ranking of new power. At that time, Shen Hui was in high spirits and made a bet on Weibo with Wang Xing, founder of Meituan, that Weima would become one of the Top3 to create new forces.

In 2019, Weima firmly occupied the echelon of the new power, and its sales were once comparable to or even surpassed "Wei Xiaoli". In 2020, Weimar sold a total of 22400 vehicles, still ranking fourth among the new power car companies. In 2021, Weimar ranked fifth with sales of 44200 vehicles, while Wei Xiaoli all sold more than 90, 000 vehicles, and even the latest Nashi cars were 25000 more than Weimar. After entering 2022, Weima will no longer release sales data to the public, along with broken capital chains, wage arrears, layoffs and pay cuts, and Weima finally became a member of the wave of new energy vehicles.

Apart from the fact that the market performance is not as good as expected, Weimar's financial crisis is the real crisis. According to the prospectus, Weimar lost 13.632 billion yuan from 2019 to 2021. At the end of 2021, Weimar's total debt reached 40.6 billion yuan. By the end of June 2022, Weimar had only 4.156 billion yuan in cash flow on its books.

Weima Automobile pointed out in the announcement that "after legal procedures to verify the basic situation, assets and liabilities of Weima Group, intended strategic investors generally believe that although Weima Group is facing a liquidity crisis, it still has certain value and potential in product technology, industrial chain, market operation and manufacturing capacity." Weimar said that it will actively cooperate with the work arrangements of managers and courts, strive to get out of difficulties and restore business capacity, so as to better protect and realize the legitimate rights and interests of users, employees, shareholders, creditors, and other parties, and achieve good social and economic benefits.

As one of the earliest new car-building forces in China, Weima Automobile is one of the few enterprises with production qualifications, which will be produced by complete vehicle production bases in Wenzhou and Huanggang. However, due to the broken capital chain, the two major production bases of Weima Motor have stopped production since 2023, the park is overgrown with weeds, and batch machines may be scrapped. At present, Weima Automobile Manufacturing Wenzhou Co., Ltd. and Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. have filed for bankruptcy restructuring.

In the face of huge debts, how to restructure and invigorate assets will become the first problem that Weimar must solve, but it is also unknown who will become the white knight of Weimar.

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