Another car company is "cool". Due to the financial exhaustion, it is indeed unable to pay off the due debts, and the assets are not enough to pay off all the debts. Beijing baowo held an extraordinary general meeting on April 8, 2022 and decided to apply for bankruptcy liquidation according to law.
Beijing baowo, once a brother of BBA, is now going bankrupt. In the torrent of development of the automotive industry, this outcome is really sad. There is some helplessness between the lines of the announcement.
In addition, it is worth noting that the largest shareholder of Beijing baowo is Shenzhou Youche, and the chairman is Lu ZhengyaoP align = "center" financial exhaustion and insolvency p align = "center" Beijing baowo filed for bankruptcy liquidation
On April 8, Beiqi Foton Motor Co.Ltd(600166) announced that due to the financial exhaustion of Beijing baowo, it was indeed unable to pay off its due debts, and its assets were insufficient to pay off all its debts. Beijing baowo held an extraordinary general meeting of shareholders on April 8, resolved to apply for bankruptcy liquidation according to law, and submitted relevant applications to Beijing No. 1 Intermediate People's Court on April 8.
Since the end of 2021, relevant assets necessary for production and operation have appeared in Beijing baowo and have been sealed up by Beijing No. 3 intermediate people's court; The resolution of the extraordinary general meeting of shareholders of Beijing baowo judged that Beijing baowo no longer has the ability of sustainable operation. Based on the above, the company disclosed the announcement of annual performance loss in 2021, and made a large amount of impairment provision for relevant matters of Beijing baowo.
The announcement said that Beijing baowo has suffered serious losses since its establishment. In order to repay its historical debts, it has paid off or mortgaged its assets. In addition, affected by the failure of the actual controller to lead the war, the capital chain has been broken, financing difficulties and a serious debt crisis. So far, it has failed to resume production. The applicant has been unable to pay off the due debts, and the assets are not enough to pay off all the debts. In order to protect the legitimate rights and interests of shareholders and creditors of Beijing baowo, it applied to the court for bankruptcy liquidation according to law.
Beiqi Foton Motor Co.Ltd(600166) said that the bankruptcy liquidation of Beijing baowo will not affect the company's existing main business and will not have a significant impact on the company's continuous operation. Based on the principle of prudence, the company will make large impairment provisions for Beijing baowo's borrowings, current arrears, guarantees and the recovery of Beijing baowo's equity held by the company. 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 of Beijing baowo, 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.
In addition, Beiqi Foton Motor Co.Ltd(600166) also suggested that Beijing baowo applied to the court for bankruptcy liquidation, and there was uncertainty about whether the court would accept it and how the final decision would be madeP align = "center" Beijing baowo has long been in trouble
The signs of bankruptcy of Beijing baowo, which has stalled, have long been exposed. On December 9 last year, Beiqi Foton Motor Co.Ltd(600166) once announced that the relevant assets of Beijing baowo were seized by Beijing No. 3 intermediate people's court, and the book value of the seized property was 2.209 billion yuan; The assets seized this time are necessary for the production and operation of Beijing baowo, which will have a significant impact on Beijing baowo and have an adverse impact on the recovery of relevant creditor's rights of the company.
The relevant assets of Beijing baowo were sealed up by the court, mainly due to the inability to repay the debts of creditors such as suppliers. The relevant creditors applied to seal up the relevant assets of Beijing baowo, involving an amount of about 123565 million yuan. The book value of the seized property is about 2.209 billion yuan, and the seized assets are necessary for the production and operation of Beijing baowo.
Subsequently, on January 28 this year, Beiqi Foton Motor Co.Ltd(600166) again issued an announcement on the current situation of Beijing baowo. It said that at present, Beijing baowo cannot continue to operate because of the depletion of funds, and has entered a state of suspension. 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.
A few days ago, the execution ruling of Beijing No. 3 intermediate people's court showed that first planning (Beijing) culture Co., Ltd. applied to the court for compulsory execution of baowo automobile for about 2.07 million yuan and interest. After inquiring about the account, house ownership, vehicle registration and industrial and commercial registration of the person subjected to execution, the court found that the person subjected to execution had no property for executionP align = "center" Shenzhou Youche is the largest shareholder p align = "center" Lu Zhengyao appears in which
According to tianyancha data, Beijing baowo, founded in 2016, is an automobile manufacturer with independent positive development ability of complete vehicles, engines and new energy. Its product pedigree is divided into fuel vehicle BX series and new energy bxi series. Its products include traditional energy models bx7, Bx7 ts, bx5, BX6 and new energy model bxi7.
From the perspective of shareholders, the shareholders of Beijing baowo automobile are Shenzhou Youche and Beiqi Foton Motor Co.Ltd(600166) , holding 75.2% and 24.8% respectively.
At present, the legal person of Beijing baowo automobile is Chen Liangyun and the chairman is Lu Zhengyao.
In fact, baowo automobile has already become the "abandoned son" of Beiqi Foton Motor Co.Ltd(600166) . On December 28, 2018, Beiqi Foton Motor Co.Ltd(600166) announced that 67% equity of baowo automobile was successfully transferred to Changsheng Xingye, with a transaction price of 3.973 billion yuan. Changsheng Xingye and Shenzhou Youche are inextricably linked. In 2019, Shenzhou Youche announced that it planned to acquire 67% equity of baowo automobile held by Changsheng Xingye with RMB 410911 million. After the completion of the transaction, Shenzhou Youche directly became the largest shareholder of Beijing baowo.
In the agreement, Shenzhou Youche clearly stated that the payment method will be paid in cash. However, with the fermentation of Ruixing coffee's financial fraud, the development of Shenzhou department also went downhill. Shenzhou Youche was forcibly delisted, and relevant companies fell into financial crisis. So far, the above equity transfer of Shenzhou Youche has not been paid off.
On January 4, Beiqi Foton Motor Co.Ltd(600166) issued the announcement on the company's failure to receive the balance of equity transfer of Beijing baowo at maturity, which said that as of December 31, 2020, the company still had 1.671 billion yuan (including interest) of the balance of equity transfer of Beijing baowo. The guarantor Shenzhou Youche has the risk of failing to perform its guarantee obligations.
On March 25, Beiqi Foton Motor Co.Ltd(600166) announced that the company's arbitration case on the transfer of 1.48 billion baowo was accepted. It is worth noting that Lu Zhengyao became one of the respondent.
So far, Beijing baowo has involved a total of 145 legal proceedings, involving nearly 16.7 million yuan, with a total amount of 243 million yuan. In addition, Beijing baowo received 66 consumption restriction orders and was listed as dishonest Executees three times. Beijing baowo, once known as "German luxury", finally went into bankruptcy and liquidation. In the torrent of development of the automobile industry, this outcome is really sad.
