Another “national God car” fell!
The bankruptcy reorganization of brilliance group, which is facing many difficulties, is still in progress, and its joint venture with Renault brilliance Renault Shenyang Jinbei Automotive Company Limited(600609) Co., Ltd. has also encountered great challenges.
On December 30, the national enterprise bankruptcy reorganization case information network showed that brilliance Renault Shenyang Jinbei Automotive Company Limited(600609) Co., Ltd. applied for bankruptcy, and the handling Court was Shenyang intermediate people’s court.
difficulties in development
Brilliance Renault golden cup was established on December 15, 2017. It is jointly established by Renault group and brilliance automobile group to build a leading light commercial vehicle brand from China to the world. Among them, brilliance accounted for 51% and Renault 49%.
It is reported that the golden cup brand was born in 1989. In 2010, the number of Jinbei passenger cars in the market exceeded 1 million, becoming the first brand of light passenger cars. And Shenyang Jinbei Automotive Company Limited(600609) is also known as the “national God car”, especially in the northeast. Now many golden cup cars can still be seen on the street.
When introducing the company’s development vision on the official website of brilliance Renault golden cup, it was mentioned that the company will enrich product types and realize the expansion of golden cup brand from a single market segment of narrow body and light passenger to MPV, SUV and new energy markets; The master, trafic and other models of Renault brand will be gradually launched in the Chinese market.
In October 2018, brilliance group, Renault group and Shenyang signed a strategic cooperation agreement. According to the agreement, brilliance Renault golden cup plans to introduce seven light commercial vehicles within three years, including three electric models.
In the Chinese market, joint venture car enterprises have already formed a relatively stable pattern. Compared with the joint ventures of other more well-known international automobile enterprises in China, Renault has no significant competitive advantage in the Chinese market.
In fact, after the establishment of brilliance Renault golden cup, it did not really implement the product launch as planned; In addition, under the new automobile development situation, the company’s R & D lags behind and the introduction of new cars is slow, so it encounters a huge bottleneck in the fierce market competition.
Finally, just four years after its establishment, brilliance Renault golden cup went bankrupt.
brilliance bankruptcy reorganization is still in progress
In recent years, brilliance group has long been mismanaged, its own brand has been in a state of loss, the debt ratio remains high, and the debt problem is hard to return. Especially since 2020, affected by the epidemic, the operation of brilliance group’s independent brand has further deteriorated, and the long-term accumulated debt problem has erupted.
In November 2020, after Shenyang intermediate people’s court ruled to accept the creditor’s application for reorganization of brilliance group, brilliance Group officially entered the bankruptcy reorganization procedure.
In September 2021, brilliance group received the decision on administrative punishment from the CSRC. Brilliance group was fined a total of 53.6 million yuan by the CSRC for a number of illegal acts such as illegal information disclosure in the inter-bank bond market; In addition, the relevant personnel were fined from 80000 yuan to 600000 yuan.
After more than a year, the bankruptcy reorganization of brilliance group did not make much progress, and the submission of the draft reorganization plan was repeatedly delayed.
In September 2021, upon the application of 12 enterprises such as brilliance group, Shenyang intermediate people’s court ruled that the submission period of the draft reorganization plan for the substantive merger of 12 enterprises such as brilliance group was extended to December 3, 2021.
At the end of this period, the relevant plans were postponed. In December 2021, Shenyang intermediate people’s court ruled that the deadline for submitting the draft reorganization plans of 12 enterprises such as brilliance group was extended to June 3, 2022.
After the bankruptcy reorganization of brilliance group, on December 4, 2020, the supervision committee of Liaoning Provincial Commission for Discipline Inspection announced that Qi Yumin, the former party secretary and chairman of brilliance group, was suspected of serious violation of discipline and law, and decided to conduct disciplinary review, supervision and investigation.
In June 2021, Qi Yumin was expelled from the party after being studied at the meeting of the Standing Committee of Liaoning Provincial Commission for Discipline Inspection and reported to the Liaoning provincial Party Committee for approval; Cancel the treatment enjoyed by them according to regulations; Confiscate their illegal gains; The suspected crime shall be transferred to the procuratorial organ for examination and prosecution according to law, and the property involved shall be transferred together.
Since then, the Chaoyang Municipal People’s Procuratorate has made an arrest decision on Qi Yumin on suspicion of bribery, misappropriation of public funds and abuse of power by personnel of state-owned companies.
(China Securities Journal)
