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Sigh! The former chairman of a car company was warned.

2024-04-24 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

On December 8, the official website of the State Administration of Financial Supervision and Administration revealed that Yin Mingshan, then chairman of Chongqing Lifan Finance Co., Ltd. (hereinafter referred to as "Lifan Finance"), was warned because he was responsible for the weak credit management, improper loan management and serious violations of the bill business of Chongqing Lifan Finance Co., Ltd.

Data show that Chongqing Lifan Finance Co., Ltd. was established in January 2014, with a registered capital of 3 billion yuan, and the legal representative is Yin Mingshan. According to the shareholding structure, Chongqing Lifan holding Co., Ltd. holds 51%, and Lifan Technology (Group) Co., Ltd. holds 49%. On August 31, 2023, the State Administration of Financial Supervision and Administration agreed to approve the dissolution of Chongqing Lifan Finance Co., Ltd. On September 1, Lifan Finance Company was fined 1.5 million yuan for serious defects in the management of credit authorization, failure to perform its duties in three loan investigations, and serious violations in bill business, and was fined 1.5 million yuan by the Chongqing Administration of Financial Supervision and Administration of the State Financial Supervision and Administration.

In the final analysis, Yin Mingshan is also one of the legends in Chongqing. Lifan Automobile, founded by Yin Mingshan, once carried half the sky of Chongqing Automobile, and it was also the first private enterprise in Chongqing to obtain the qualification of automobile production.

Born in January 1938, Yin Mingshan entered the Chongqing synthetic Chemical Plant in 1958 and regained his "freedom" in 1978. After that, Yin Mingshan worked in education, media and other industries. In 1997, Yin Mingshan, nearly 60 years old, founded Lifan Group. After that, Yin Mingshan became an out-and-out "pioneering generation", successively working as an English teacher, editor of a publishing house, and chairman of a book company. Until 1997, the nearly 60-year-old Yin Mingshan founded Lifan Group. In 2010, Lifan Group was listed on the Shanghai Stock Exchange and was the first private passenger car company in China to be listed on A-shares.

Like Geely, Lifan started as a motorcycle. With its 100mL electric engine and 110mL vertical engine, Lifan quickly became a leading company in the motorcycle engine field, and was once known as the "king of Chinese motorcycles". As a result, Yin Mingshan was on the Forbes China Rich list. Then, due to the huge impact of the "motorcycle ban" policy, Lifan had to transform into the automobile market and changed its name to Chongqing Lifan Automobile Co., Ltd. After buying 80% of the shares in Chongqing special vehicle factory. Lifan 520, the first model, was launched in 2006, but due to the lack of bright spots, it did not achieve good market performance.

In 2009, Lifan launched the Lifan 320, which is so similar to the BMW MINI from the inside to the outside that it is called the "Chinese version of MINI" after its launch. Although this has been criticized by the industry, it does not affect the hot sales of this model. Since then, Lifan began to follow the route of imitating cars. the replacement of Lifan 520 is similar to FAW Toyota Wechi, and the replacement of Lifan 620 is similar to FAW Toyota Corolla, but the difference is that neither of the two models has been able to open the market. Later, Lifan launched the Lifan X80, which is almost exactly the same as GAC Toyota's Hanlanda, and Lifan Xanlang, which also imitates Ford's S-MAX, supporting overall Lifan sales despite complaints of plagiarism.

Imitation is still imitation after all. due to the lack of technical support, Lifan soon received a large number of complaints, which eventually led to a market collapse. In 2020, under the ravaging of the global epidemic, Lifan was mired in a business crisis and finally went bankrupt and reorganized. In July 2020, because Lifan was unable to pay off its maturing debts, a number of subsidiaries were applied to the court for judicial restructuring by creditors, and the company will be at risk of bankruptcy due to restructuring failure. Five months later, Lifan completed the restructuring successfully, and the controlling shareholder was changed from Lifan Holdings to Chongqing Manjianghong Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Manjianghong Fund"). Geely became the largest shareholder of Lifan, with a shareholding of 29.99%. Later, with the help of Geely, Lifan successively launched the new energy vehicle brands "Maple Leaf" and "Ruilan", focusing on developing the B-end market and exploring special application scenarios such as taxis, ride-hailing and intercity lines.

Today's Lifan technology is no longer the former Lifan, but a Geely "sub-car company" with the name Lifan, and as the founder of Lifan, Yin Mingshan and the Yin family began to fade out of the Lifan system after 2020. According to industrial and commercial files, Yin Mingshan currently holds senior positions in a number of companies, including director of Chongqing Lifan holding Co., Ltd., director of Chongqing Panda car Leasing Co., Ltd., supervisor of Ancheng property Insurance Co., Ltd. On September 22, Yin Mingshan attended the opening ceremony of Yuyuan of Taikang Family, which attracted public attention. The white-haired old man was the first reservation resident of Yuyuan Community of Taikang Family.

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