Securities code: Beiqi Foton Motor Co.Ltd(600166) securities abbreviation: Beiqi Foton Motor Co.Ltd(600166) No.: lin2022041 Beiqi Foton Motor Co.Ltd(600166)
About Beijing baowo Automobile Co., Ltd. applying for bankruptcy liquidation
Suggestive announcement
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.
On April 8, 2022, the company received a written notice from Beijing baowo Automobile Co., Ltd. (hereinafter referred to as "Beijing baowo"). Beijing baowo has held an extraordinary general meeting of shareholders on April 8, 2022, issued a resolution of the extraordinary general meeting of shareholders, deliberated and adopted the proposal on the company's application for bankruptcy liquidation, and submitted relevant applications to Beijing No. 1 Intermediate People's Court on April 8. The details are as follows:
1、 Main contents of written notice
Due to the financial exhaustion of Beijing baowo, it is indeed unable to pay off its due debts, and its assets are not enough to pay off all its debts, Beijing baowo held an extraordinary general meeting of shareholders on April 8, 2022, decided to apply for bankruptcy liquidation according to law, and submitted relevant applications to Beijing No. 1 Intermediate People's Court on April 8.
2、 Main contents of the resolution of Beijing baowo extraordinary general meeting of shareholders
Because Beijing baowo cannot pay off its due debts and its assets are insufficient to pay off all its debts, it plans to apply to the people's court for bankruptcy liquidation in accordance with the provisions of Article 2 and paragraph 1 of Article 7 of the enterprise bankruptcy law of the people's Republic of China.
3、 Main contents of Beijing baowo bankruptcy application
Applicant: Beijing baowo Automobile Co., Ltd; Address: 188 Xitong Road, Miyun District, Beijing; Legal representative: Chen Liangyun, position: manager.
Purpose of application: because the applicant Beijing baowo cannot pay off the due debts and the assets are not enough to pay off all the debts, we hereby apply for bankruptcy liquidation according to law.
Facts and reasons: the applicant, Beijing baowo, is another joint stock limited company (unlisted) that was established and validly existing on January 18, 2016 with the unified social credit code of 91110228ma0037btxb approved by the market supervision and Administration Bureau of Miyun District, Beijing. The registered capital of the company is 665498125 yuan, and Shenzhou Youche (Xiamen) Information Technology Co., Ltd. holds a total of 752065% Beiqi Foton Motor Co.Ltd(600166) holds 247935%. Business scope: manufacturing automobiles (including cars); Production of engines; Sales of automobiles and auto parts; Technology development, technology transfer, technical services and technical consultation; Import and export of goods; Technology import and export.
Since the establishment of the control chain, the applicant has failed to repay the debt, and the actual production chain has been seriously affected by the debt recovery crisis, which will lead to the failure of the controller to repay the debt. The applicant has been unable to pay off the due debts, and the assets are not enough to pay off all the debts.
On April 8, 2022, the applicant's shareholders held an extraordinary general meeting, which resolved that the applicant apply to Beijing No. 1 Intermediate People's court for bankruptcy liquidation. Accordingly, the applicant is unable to pay off the due debts and the assets are insufficient to pay off all the debts. The applicant hereby applies to Beijing No. 1 Intermediate People's court for bankruptcy liquidation in accordance with the provisions of Article 2 and paragraph 1 of Article 7 of the enterprise bankruptcy law of the people's Republic of China.
4、 Impact of this event on the company
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 (see announcement Lin 2021101 for details); The extraordinary general meeting of shareholders of Beijing baowo judged that Beijing baowo no longer has the ability of sustainable operation (see Lin Announcement No. 2022014 for details). 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 (see announcement Lin 2022015 for details)
Due to financial exhaustion, Beijing baowo was unable to pay off its due debts, and its assets were insufficient to pay off all its debts. In order to protect the legitimate rights and interests of Beijing baowo shareholders and creditors, it applied to the court for bankruptcy liquidation according to law.
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. (see Lin Announcement No. 2022015 for details)
Beijing baowo applied to the court for bankruptcy liquidation. There is uncertainty about whether the court will accept it and how the final ruling will be made. The company will actively safeguard the legitimate rights and interests of the company, timely pay attention to the follow-up progress of Beijing baowo bankruptcy liquidation and timely disclose it. Please pay attention to the investment risks.
It is hereby announced.
Beiqi Foton Motor Co.Ltd(600166)
Board of directors
April 8, 2002
