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Less than a month! A new force is frozen by equity again.

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >

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Recently, according to Tianyan information, Tianji Automotive Technology Group Co., Ltd. has added five pieces of equity freeze information in less than a month, the total amount of which is more than 240 million yuan.

This time, the persons to be executed are Ningbo Haicheng Investment Management Partnership (limited partnership), Ningbo Mingneng Investment Management Partnership (limited partnership), Ningbo Shenli Investment Management Partnership (limited partnership), Ruineng Huichi Technology Hong Kong Co., Ltd., Zhi Dian Hengtong Technology (Hong Kong) Co., Ltd. It is understood that the freeze period is three years. In addition, according to risk information, a number of shares held by Tianji Automotive Technology Group Co., Ltd. have been frozen.

It is worth noting that in early December last year, Tianji Automotive Technology Group Co., Ltd. has added four pieces of equity freeze information, the total amount of frozen equity is 838 million yuan. The freeze period is from December 4, 2023 to December 3, 2026. The enforcement courts are the people's Court of Cixi City, Zhejiang Province and the people's Court of Yuecheng District, Shaoxing City.

Relevant data show that: Skyline Motor was established in June 2015, the company's business scope is engaged in science and technology promotion and application services-based enterprises. Tianji Automobile, formerly known as Electric Cafe, was once one of Letv's investment projects in the upstream and downstream of the automobile industry chain. In 2017, when Letv's car capital chain broke, Jia Yueting emptied Letv's 35 per cent stake in electric coffee cars, which was then offered by Zhang Hailiang, then Letv's CEO, as chairman. EV10, the first model of the electric coffee car, went on sale in 2017, and the new car is positioned as a small pure electric car with a subsidised price of 59800 to 67800 yuan. If you look at the price of EV10 alone, there are still many advantages, but in the new car just launched soon suffered a large-scale subsidy slope, there is no subsidy policy, EV10 sales have also been hindered.

In order to break the situation, Electric Cafe launched a new brand Skyline in November 2018, turning to the high-end market. In 2019, "Zhejiang Electric Automobile Technology Co., Ltd." was officially changed to "Tianji Automotive Technology Group Co., Ltd.". On December 28, 2019, the ME7, Skyline's first production car, was officially announced that it had received 8000 orders and was expected to be officially delivered in the first quarter of 2020, but it was not officially available until September 19, 2020 due to delays in delivery. The new car was priced at 21.88-289800 yuan at that time. However, due to the low product power and popularity, the sales of ME7 are doomed to be depressed. Data show that the total sales of Skyline ME7 in 2020 is 97.

In July, 2021, Skyline Motors launched the added compact SUV Skyline ME5. The new car launched a total of two equipped models with a price range of 14.99-159900 yuan. However, sales figures for Skyline ME5 are equally dismal. According to the data, total sales of Skyline cars were 1778 in 2021 and 5321 in 2022. Sales are not good, the financial situation is naturally tight. In 2019, it was exposed that Skyline was in arrears with employees' wages, partners' fees and so on. In order to boost sales, Skyline Motors has accelerated the development of offline store channels to boost sales, but the results did not meet official expectations. Subsequently, Skyline Automobile or due to the shortage of capital chain, offline store channels have also been closed one after another. In April 2022, Tianji Motor withdrew from its central store on the first floor of Dongfang Xintiandi in Beijing.

In 2023, Skyline Motor is in an even more difficult situation. The news of the suspension of production was reported in April last year, and according to an official notice issued by Skyline, starting from April 1, 2023, due to the impact of the company's financial situation and production and sales plans, some positions in the company have implemented the policy of suspending production and stopping work. During the period of suspension of work and production, the social security of employees shall still be declared in accordance with the original base. After the first payment cycle, the relevant employees will pay living expenses in accordance with the local minimum wage until the company resumes production. During this period, employees can find new employment opportunities on their own and leave voluntarily.

At the same time, in recent months, Skyline has been repeatedly sued by suppliers, and the situation is getting worse and worse. On June 27 last year, Harbin Dongan Automobile Power Co., Ltd. issued a notice saying that it had filed a lawsuit with the people's Court of Harbin Cottage District, asking Tianji Automobile (Changsha) Group Co., Ltd. to pay the company's arrears. After the lawsuit, the company applied for property preservation to the court of first instance. At present, the court of first instance has taken measures to preserve the corresponding assets of Skyline Motors, and the company has requested the court to order Skyline Motor to pay 16.1123 million yuan to the company and bear the interest of delayed payment. In July last year, Tianji Automotive Technology Group Co., Ltd. was listed as a dishonest executor (Lao Lai) by the Cixi people's Court for violating the property reporting system.

Because of the tight capital chain, financing has become a channel for Skyline Motor to get funds. In mid-March last year, a person familiar with the matter revealed that Skyline would complete a new round of financing of more than 750 million yuan to promote the resumption of work and production. However, judging from the current situation of Skyline Motors, the money may not have arrived yet. After all, at the moment, capital is becoming more cautious about investing in the new power of building cars, and it is not easy for Skyline to get financing. In addition, Skyline's own sales are not high, and frequently reported production shutdown, equity freeze and other negative news, it is difficult to get a huge amount of financing.

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