Entering 2020, Zotye Automobile, which once sold 330,000 vehicles per year, seems to have encountered a lot of trouble. News about the suspension of production of the “Zhongtai Group”, owed wages and rights protection, bankruptcy reorganization, bankruptcy liquidation, etc. continue to spread. Following Zhongtai, Junma, Hanteng, and Hanlong, another "Zhongtai" company was in a debt crisis and was filed for bankruptcy and liquidation by its creditors.
Recently, *ST Zotye issued an announcement showing that it has recently received the "Civil Ruling" issued by Zhejiang Yongkang Court, Zotye Automobile Co., Ltd. (hereinafter referred to as "Zhongtai Automobile") second-level wholly-owned subsidiary Zhongtai New Energy Automobile Co., Ltd. , The creditors Hangzhou Tiecheng Information Technology Co., Ltd. and Kumho (China) Tire Sales Co., Ltd. were filed for bankruptcy and liquidation on the grounds that they were unable to repay their due claims and their assets were insufficient to pay off all debts. The content of the
announcement shows that after Zotye New Energy enters the bankruptcy liquidation process, if Zotye New Energy subsequently changes to the reorganization process due to legal circumstances and the company acts as a reorganization investor and contributes to the success of the reorganization of Zotye New Energy, Zotye New Energy will become an important company The source of profit will play an important role in the company's continued operation and development. If Zotye New Energy does not switch to the reorganization process and is finally declared bankrupt by the court or, although it is converted to the reorganization process, but other parties other than the company act as reorganization investors, the company will lose control of Zotye New Energy, and Zotye New Energy It will no longer be included in the scope of the company's consolidated statements.
Tianyan check information shows that Zotye New Energy was established in March 2011 with a registered capital of 100 million yuan and is a wholly-owned subsidiary of Zotye Automobile Co., Ltd. Zotye Automobile stated in the announcement that its wholly-owned three-tier subsidiaries Hangzhou Jieneng Power Co., Ltd., Hangzhou Yiwei Automobile Industry Co., Ltd. and Zhejiang Zotye Automobile Sales Co., Ltd. were all ruled for bankruptcy and liquidation by the Yongkang Court.
In fact, it is not surprising that Zotye New Energy was filed for bankruptcy and liquidation. In April of this year, more than 70 employees of Zotye New Energy went to Hangzhou Qiantang New District Social Security Comprehensive Management Service Center to defend their rights because of arrears of wages. According to employees, most of the employees were owed wages from October last year to the period of rights protection, and only a small number of new employees received their January wages. Subsequently, a screenshot of a suspected Zhongtai response showed that the 2019 salary will be settled by the end of June, and the 2020 salary will be reissued after the operation is normal, and then paid on a monthly basis.
Earlier, Zotye New Energy was also sued for arrears with suppliers. In November last year, Zotye Automobile announced that its wholly-owned subsidiary Hangzhou Energy Conservation Power Co., Ltd. owed Shenzhen BAK Battery Co., Ltd. a total of 616 million yuan in payment and overdue payment of liquidated damages, and requested an order for Zotye New Energy Automobile Co., Ltd. and Yongkang Zotye Automobile Co., Ltd., Zotye Automobile and Jin Zheyong shall be jointly and severally liable for the above-mentioned debts.
Zotye Automobile used to sell more than 300,000 vehicles per year. Early Zotye Automobiles were sought after by consumers for their "a tape measure", especially the T600 and SR9 models are the most popular. However, due to the lack of core technology, Zotye Automobile has been unable to sell vehicles in most areas due to the inability to launch vehicles that meet the National VI emission due to the continued decline in product reputation and sales. At present, Zotye Automobile has also been filed for bankruptcy reorganization by creditors because it cannot pay off its due debts. If the reorganization fails, there is a risk of being declared bankrupt.
At present, "Zhongtai" companies including Junma, Hanteng, Hanlong, Zotye and other "Zhongtai" enterprises are in operating difficulties, with news of suspension of production, owed wages, rights protection, and no cars available for sale. In addition to Zotye Automobiles, car companies including FAW Xiali, Changfeng Cheetah, Chongqing Lifan, and Brilliance Zhonghua have also encountered operational difficulties. This time Zotye New Energy has filed for bankruptcy and liquidation, and the survival of fringe car companies has once again sounded the "wake-up call". We will continue to pay attention to the subsequent development of these car companies.
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