Recently, according to the information of China executive information disclosure network, Huatai Auto Finance Co., Ltd. (hereinafter referred to as “Huatai auto finance”) has once again become the executee, with the execution target of 200000 yuan. The information in the station shows that at present, Huatai auto finance has 21 executed information.
Tianyancha information shows that at present, the total amount of execution of Huatai auto finance is 342 million yuan, 28 pieces of information have been executed, 10 times have been listed as dishonest Executees, and 19 times have received cancellation orders. It is a “Laolai” company. From the “dilemma” of Huatai auto finance, it can be seen that Huatai auto group, its initial shareholder, went down the cliff. Although the latter has not publicly announced its withdrawal from the market, it has long been hovering on the edge.
According to the official website of Huatai auto finance and tianyancha information, Huatai Auto Finance officially launched its business in February 2015. It was initially jointly established by Huatai auto and Bohai bank. Huatai bank holds 90% of the shares and Bohai bank holds 10%. The registered capital is 500 million yuan. Zhang Xiugen, the founder of the company, is the legal representative and chairman of Huatai auto finance. He is also the founder and largest shareholder of Huatai auto group.
In 2000, Zhang Xiugen acquired Shandong Rongcheng automobile factory from FAW Group and renamed it Rongcheng Huatai Automobile Co., Ltd., which is the predecessor of Huatai Automobile. In May 2008, Huatai Automobile was established, but it did not focus on the main industry of car making. Instead, it expanded its scale and carried out sidelines such as real estate, finance and coal mining.
In 2011, Huatai Automobile won 30% of the fixed increase of Bank Of Beijing Co.Ltd(601169) 118 billion yuan. In addition, the Bank of Inner Mongolia, Weihai commercial bank and Jinzhou bank can also see the investment figure of Huatai Automobile. After 2016, Huatai Automobile continued to expand its scale through loans and bond issuance, and acquired nearly 20% equity of Liaoning Sg Automotive Group Co.Ltd(600303) ( Liaoning Sg Automotive Group Co.Ltd(600303) . SH).
The diversified development strategy may make Huatai Automobile gradually ignore the development of the automobile industry, pursue high income without delving into core technology, and fail to form core competitiveness in the automobile industry. Of course, this is not the fuse that directly brought down Huatai Automobile.
What makes Huatai Automobile fall into the debt quagmire is a series of events, such as corporate dishonesty, judicial freezing, performance fraud, all three production bases stop production, employee salary arrears, equity pledge and so on. In December 2019, the China Securities Regulatory Commission published all the administrative measures of Huatai Automobile Regulatory Commission.
In sharp contrast, Zhang Xiugen, the head of Huatai Automobile, sits firmly at the top of the “wealth pyramid”. According to public data, Zhang Xiugen ranked 137th in China’s rich list with a value of 13.8 billion in 2018; In 2019, Zhang Xiugen ranked 1116 on the Forbes Global billionaire list; In 2020, Zhang Xiugen ranked 213 in the “2020 New Fortune 500 rich list” with a wealth of 13.99 billion yuan; In 2021, Zhang Xiugen was listed on the New Fortune 500 rich list with RMB 14.13 billion, ranking 330 in the list. From 2013 to 2021, Zhang Xiugen or his family were “famous” on the list.
Tianyan investigation showed that Huatai Automobile involved 383 judicial cases, was listed as dishonest Executees 43 times, received 108 cancellation orders, and the amount of non execution was nearly 3.6 billion yuan. In 2021, Huatai Automobile was applied for bankruptcy reorganization twice. Zhang Xiugen himself has also become a dishonest executee for five times and received 30 cancellation orders. At present, the total amount of execution is 1.105 billion yuan.
In 2021, the equity of Huatai auto finance was auctioned due to the dispute between Huatai auto and The Pacific Securities Co.Ltd(601099) securities The Pacific Securities Co.Ltd(601099) securities required Huatai Automobile to pay 61.789 million yuan of principal, corresponding interest, overdue interest and liquidated damages of the bond named “16 Huatai 01”, which was supported by the court.
According to tianyancha, in June 2021, Huatai Automobile withdrew from the ranks of shareholders of Huatai Automobile Finance, and the equity was transferred to Kyushu securities, Xiamen International Bank and The Pacific Securities Co.Ltd(601099) securities. At present, the shareholders of Huatai auto finance are Kyushu securities, Xiamen International Bank, The Pacific Securities Co.Ltd(601099) securities and Bohai bank, with shareholding ratios of 40%, 30%, 20% and 10% respectively.
According to the official website, Huatai auto finance’s main business scope includes: personal and institutional car purchase loans, inventory financing, spare parts financing, dealer store building financing and other auto finance businesses. On its official website, Huatai auto finance claimed that it was the only auto finance institution of its kind that made profits in the first year of operation, made profits continuously in the past two years, and its business volume increased by 1000% annually.
