Securities code: 600166 securities abbreviation: Beiqi Foton Motor Co.Ltd(600166) No.: pro 2022-014 Beiqi Foton Motor Co.Ltd(600166)
About receiving the notice of the extraordinary general meeting of shareholders of Beijing baowo Automobile Co., Ltd
Announcement of the resolution
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or material omissions in the contents of this announcement
And bear individual and joint liabilities for the authenticity, accuracy and integrity of its contents.
Important content tips:
The company received the resolution of the extraordinary general meeting of shareholders of Beijing baowo Automobile Co., Ltd. sent by Beijing baowo on January 27, 2022. Beijing baowo no longer has the ability of sustainable operation, and then carry out relevant work according to the project situation.
Impact on Listed Companies: Based on the principle of prudence, the company will make large impairment provision for relevant matters of Beijing baowo, which is expected to affect the total profit of about - 4.704 billion yuan in 2021. In addition, considering the investment income recognized by the company due to its holding of Beijing baowo's equity, it is expected to affect the total profit of about - 5.326 billion yuan in 2021. The impact of the above impairment events on the profit of 2021 is finally subject to the data confirmed by the accountant's annual audit. The above matters will not affect the normal operation of the company. The company will continue to follow up and take, including but not limited to, legal means to recover the relevant creditor's rights of Beijing baowo; The company will pay close attention to the follow-up progress of Beijing baowo and disclose it in time. Please pay attention to the investment risk.
The company received the resolution of the extraordinary general meeting of shareholders of Beijing baowo Automobile Co., Ltd. sent by Beijing baowo Automobile Co., Ltd. (hereinafter referred to as "Beijing baowo") on January 27, 2022. The details are hereby announced as follows:
1、 Main contents of the resolution of Beijing baowo extraordinary general meeting of shareholders
All shareholders of Beijing baowo extraordinary general meeting approved the proposal on Beijing baowo business judgment by unanimous vote. The resolution is as follows:
At present, Beijing baowo is unable to continue its operation due to the depletion of funds, and has entered a shutdown state. Beijing baowo's production and operation have stagnated, and the assets stored in Miyun factory have been sealed up by the court as a whole. There is no possibility of introducing new funds to resume production in the short term. Beijing baowo's external liabilities are basically overdue, and Beijing baowo is insolvent. Based on the above situation, the board of directors judges that Beijing baowo has been unable to operate continuously.
The general meeting of shareholders agreed with the above judgment and carried out relevant work according to the situation of the project.
2、 Impact of this event on the company
According to the above resolutions received by the company, Beijing baowo no longer has the ability of sustainable operation; At the same time, by the end of 2021, the relevant assets necessary for production and operation held by Beijing baowo had been sealed up (see Announcement No.: pro 2021-101 for details). The company judged that Beijing baowo did not have the ability of sustainable operation, which had a significant impact on the recovery of loans, current arrears, guarantees and equity of Beijing baowo held by the company, Based on the principle of prudence, the company will accrue large amount of impairment reserves for relevant matters of Beijing baowo, which are as follows:
As of December 31, 2021, the balance and interest of Beijing baowo equity transfer were RMB 1.671 billion, and the cumulative impairment is expected to be about RMB 1.65 billion (including about RMB 995 million in 2021); The borrowings and interests of Beijing baowo shareholders are RMB 1.873 billion, and the cumulative impairment is expected to be about RMB 1.813 billion (including about RMB 1.387 billion in 2021); Beijing baowo owes 1.485 billion yuan to each other, and the accumulated impairment is expected to be about 1.342 billion yuan (including about 1.014 billion yuan in 2021); The long-term equity investment is 534 million yuan, and the impairment is expected to be 534 million yuan in full in 2021; Baowo vehicle assets recovered are RMB 1.456 billion. Considering the recoverable value, it is estimated that the impairment will be about RMB 774 million in 2021.
To sum up, the above impairment is expected to affect the total profit of about -4.704 billion yuan in 2021. In addition, considering the recognition of investment income due to the company's equity holding in Beijing baowo, it is expected to affect the total profit of about -5.326 billion yuan in 2021. The impact of the above impairment matters on the profit of 2021 is finally subject to the data confirmed by the accountant's annual audit. For details, see the company's website of China Securities News, Shanghai Securities News, securities daily and Shanghai Stock Exchange (www.sse. Com. CN) on the same day Announcement of annual performance loss in 2021 (Announcement No.: Lin 2022-015) disclosed on the. The above matters will not affect the normal operation of the company. The company will continue to follow up and take, including but not limited to, legal means to recover the relevant creditor's rights of Beijing baowo; The company will pay close attention to the follow-up progress of Beijing baowo and disclose it in time. Please pay attention to the investment risk.
It is hereby announced.
Beiqi Foton Motor Co.Ltd(600166)
Board of directors
January 28, 2002
