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Senior executives leave frequently, Zhongtai Motor is questioned

2024-05-27 Update From: AutoBeta NAV: AutoBeta > News >


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On May 7, Zhongtai Motor announced that it had received an inquiry letter from the Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") to its 2023 annual report. The inquiry letter revolves around the company's supervisor Lou Guohai's inability to guarantee the authenticity, accuracy and completeness of the annual report, as well as the company's annual report on sales and major financial data, and requires it to explain whether there is a false increase in revenue or profits.

The contents of the announcement show that during the reporting period, Zhongtai Automobile sold 1112 vehicles, including 42 new energy vehicles. In this regard, the Shenzhen Stock Exchange asked Zhongtai Automobile to explain the specific situation of vehicle sales during the reporting period, including but not limited to the names of major customers and suppliers, relationship, transaction amount, etc., and combined with the relevant business model, revenue recognition policy and gross profit margin, net profit, cash flow of operating activities and other major financial data to explain whether its operation is quite different from the industry average and reasonable. Whether the revenue recognition and cost accounting are true, accurate and complete, and whether there is a false increase in income or profit during the reporting period.

According to Zhongtai's previous financial report, Zhongtai's operating income in 2023 was 734 million yuan, down 6.28% from the same period last year; the net loss of homing was 927 million yuan, and the loss increased by 0.7% compared with the same period last year.

In addition, the Shenzhen Stock Exchange asked Zhongtai Automobile to explain the technical sources, property rights ownership and real production capacity of the new energy model Jiangnan U2, and explained that the model is still in the process of improving product quality and optimizing the production line since it was launched in 2023.

It is understood that Jiangnan U2 is a mini electric vehicle of Jiangnan Automobile, a subsidiary of Zhongtai Motors, which was launched in February 2023. It is the first strategic model based on Jiangnan Automobile J-Smart 1.0 pure electric platform, and it is also the first new car released after the bankruptcy reorganization of Zhongtai Automobile. It has launched a total of six models with a price range of 56800-98800 yuan. However, since the launch of the new car, the specific sales of the car can not be queried.

In addition to sales and financial results, the frequent changes of Zhongtai auto executives have also attracted the attention of the Shenzhen Stock Exchange. The announcement shows that since the reporting period, a number of directors and senior managers of Zhongtai have left their jobs, and after their directors and presidents of the Central Plains have just left office, the current senior managers of the company have no relevant resumes related to vehicle manufacturing.

On May 8, Zhongtai Automobile announced that the board of directors recently received a written resignation report submitted by Mr. Lian Gang, a director of the company. Mr. Lian Gang applied to resign as a director of the eighth board of directors of the company for personal reasons. at the same time, he resigned as a member of the strategy committee and nomination committee of the board of directors. After resigning from the above-mentioned positions, Mr. Lian Gang will no longer hold any position in the company.

In fact, no matter from the field of automobile product design, R & D or manufacturing, it is not too late for Zhongtai Automobile to enter the automobile manufacturing industry, but the road of its development is not smooth.

Zhongtai Automobile Co., Ltd., formerly known as Huangshan Golden Horse Co., Ltd., established in 1998, was listed in May 2000 and registered in September 2003. the following year, the production line of Toyota super-sharp models in Taiwan was sold for financial reasons. Ying Jianren, the controller of Tieniu Group, finally acquired the production line, together with equipment and moulds, as well as technical workers and management personnel, and established Zhongtai holding Group Co., Ltd. In the same year. At the beginning of 2006, Zhongtai Motor obtained the qualification of car manufacturing through Chengdu Xindi Automobile Company, and officially started vehicle manufacturing. Data show that Zhongtai car sales fell from 154800 in 2018 to 21000 in 2019.

In December 2020, Tieniu Group, the parent company of Zhongtai Automobile, was ruled by the court to go bankrupt because it was seriously insolvent and unable to continue to operate. Until October 2021, Zhongtai Automobile restructuring investors were finally identified as Jiangsu Shenzhen Merchants, with a restructuring investment of 2 billion yuan. Affected by this incident, Zhongtai vehicle production was almost at a standstill from 2020 to 2021.

According to the announcement, Zhongtai Motors completed bankruptcy restructuring in January 2022, but its main business has not yet been substantially improved and continues to suffer losses, so Zhongtai Automobile is required to explain the response measures and effects of management to improve sustainable operating capacity so far, and verify whether the parties concerned have violated their commitments.

In the financial report announcement released earlier, Zhongtai Automobile said that due to the lack of liquidity, the vehicle production and manufacturing business in 2020-2021 was almost at a standstill, and the vehicle business began to resume gradually in 2022. The scale of production and marketing of the whole vehicle business in 2023 is relatively small, so the operating income still mainly comes from the sales of auto parts and door industry, which has the stage and particularity. Does not constitute a substantial change in the main business.

In response to the above matters, the Shenzhen Stock Exchange requires Zhongtai Motor to disclose the relevant explanatory materials to the public before May 15 and copy them to the dispatched offices at the same time.

As of May 9, Zhongtai Motor shares closed at 2 yuan, down 0.99%, with a total market capitalization of 10.085 billion yuan.

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