Four Chinese auto companies filed for bankruptcy of 50 billion bad debts in the supplier industry chain

 Four Chinese auto companies filed for bankruptcy of 50 billion bad debts in the supplier industry chain

Affected by this, the bank requests that the four automobile enterprisesupstream and downstream industrial chains be involved in the stock customers, and that the affected situation should be understood in detail, and the risk mitigation plan should be formulated in time according to the affected degree.

Some media have deeply understood that the risk investigation is not carried out by only one branch, which needs to feedback the investigation to headquarters in the follow-up.

Cheetah automobile sales declined. Earlier, it was exposed that employees had cut salaries, shut down production, and the court sealed up bank deposits. A summary document of the internal meeting issued on May 29 shows that Changfeng Group decided to implement the staff salary adjustment and pay reduction. The content shows that in view of the dramatic changes in the automotive industry, the companys production and operation losses are serious, and the production base is seriously inadequate. The meeting ensures survival through salary adjustment, pay reduction and other means.

The salary adjustment includes 50% salary reduction for some senior managers at headquarters, 10% - 50% salary reduction for research institutes and 30% - 50% salary reduction for employees at production bases. If there is no job arrangement to wait for posts or take turns, the salary will be calculated according to the minimum wage standard in the area where the base is located this year.

This document has been confirmed by the relevant cheetah officials, as a 70-year-old enterprise, cheetah is also in trouble, into a difficult time of shutdown.

After Huatai automobile was suspended and paid back this year, some media reported that the court had conducted an asset investigation on Huatai automobile and found that all its subsidiaries had been pledged and all the shares of listed companies held by Huatai automobile group had been frozen. All bank deposits under Huatai automobile group added up to only 132239 yuan, and there was no other property available for execution. Huatai automobile and several subsidiaries were one of them. Since then, it has been classified as an implementer of dishonesty.

In fact, Huatai automobile has been exposed many times a variety of problems, the four production bases of Huatai have basically stopped production, the wages of employees in arrears have been collectively visited by employees to safeguard their rights, and most 4S shops have chosen to close down, the next desolate scene of the enterprise.

Lifan automobile entered the second half of the year and was basically in a semi-stop state. The monthly output of passenger cars was only a few hundred, and the production and sales fell sharply year-on-year. Lifan has gone through 27 years since its inception and 13 years since its entry into automobile manufacturing. At present, Lifan is facing a huge crisis.

In addition to debts, Lifan also used three times in July 2018, December 2018 and April 2019 to raise a total of 449 million yuan to temporarily replenish liquidity, which is now due and has not yet been repaid.

Lifan made profits by selling assets in 2018 and lost 100 million yuan in the first quarter of 2019.

Zhongtai Automobile is also in trouble, headquarters rights protection incidents occur frequently. According to media reports, Zhongtai Automobiles main business almost stagnated, with hundreds of millions of yuan of loans due in one year each quarter. Zhongtais Junma car has been unable to carry, the factory stopped production, this August more than 100 Junma car dealers gathered in Yongkang, Zhejiang Zhongtai Automobile Headquarters to safeguard rights.

There are too many subsidiaries of Zhongtai Automobile, and problems in the operation of its subsidiaries have also had a negative impact on Zhongtai. Zhongtai automobile sales totaled 124,400 vehicles in August, down 32.3% year on year. It is said that Zhongtai Automobile has adopted various ways to finance blood transfusion, and recently signed a trust loan agreement with Shanxi Trust with a total amount of not more than 200 million yuan.

Affected by the downturn of the automotive industry, automotive enterprises are also facing shuffling, brand automotive enterprises in the third and fourth lines are difficult to sustain, the living space is constantly squeezed, and they are facing the risk of bankruptcy. Tan Benhong, Executive Vice President of Changan Automobile Company, said earlier, Chinas automotive industry has entered a comprehensive phase-out period. The stronger the strong, the more pressure the weak will face. The survival of the fittest is more evident. 50% of the Chinese automobile brands, I think, will not exist for a long time.

Source: Responsible Editor of Car Industry Concern: Chen Hequn_NB12679