Beijing baowo, which lost its business ability, finally declared bankruptcy, and the Beiqi Foton Motor Co.Ltd(600166) of "stepping on thunder" was also deeply tired.
Beijing baowo bankruptcy liquidation, Beiqi Foton Motor Co.Ltd(600166) withdrawal caused huge losses
On April 8, Beiqi Foton Motor Co.Ltd(600166) ( Beiqi Foton Motor Co.Ltd(600166) ) announced that Beijing baowo was unable to pay off its due debts due to its financial exhaustion 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.
Beiqi Foton Motor Co.Ltd(600166) said that the bankruptcy and liquidation of Beijing baowo will not affect the company's main business, but for the principle of prudence, a large amount of impairment provision will be made for Beijing baowo's loans, current debts, 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, the company will recognize the investment income due to the holding of Beijing baowo's equity, It is estimated that the total profit in 2021 will be about -5.326 billion yuan
in the 2021 performance forecast, Beiqi Foton Motor Co.Ltd(600166) disclosed more detailed accrual items:
dragged down by the above provision, Beiqi Foton Motor Co.Ltd(600166) it is estimated that the net loss in 2021 will be about 5.035 billion yuan and the loss after deducting non-profit will be 5.552 billion yuan; After deducting the relevant factors of baowo, the total profit is about 355 million yuan; In the same period of 2020, the net profit was 155 million yuan, with a loss of 996 million yuan after deducting non-profit.
previously, Beijing baowo had signs of bankruptcy. In December 2021, 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, which was necessary for the production and operation of Beijing baowo. On January 28 this year, Beiqi Foton Motor Co.Ltd(600166) again announced that Beijing baowo has entered a state of suspension due to the depletion of funds and the inability to continue its operation. The assets stored in Miyun factory have been sealed up by the court as a whole, the external liabilities have basically been overdue, and Beijing baowo has become insolvent
According to public information, Beiqi Foton Motor Co.Ltd(600166) spent 5 million euros to acquire German baowo in 2014, aiming to enter the field of passenger cars, and launched the first SUV model in 2016, with a total sales volume of more than 30000 in that year Beiqi Foton Motor Co.Ltd(600166) claims that Mercedes Benz, BMW, baowo and Audi are "four brothers of the same family in Germany", known as "bbba".
however, with the increase of new models, Beijing baowo's losses have expanded year after year. According to Beiqi Foton Motor Co.Ltd(600166) financial report, from 2016 to 2018, Beijing baowo sold 30000, 44000 and 32900 vehicles respectively, with revenue of 4.539 billion yuan, 5.76 billion yuan and 3.06 billion yuan respectively, net loss of 484 million yuan, 985 million yuan and 2.54 billion yuan respectively, and accumulated loss of 4.014 billion yuan in three years
Therefore, Beiqi Foton Motor Co.Ltd(600166) in 2018 decided to divest the loss making passenger car business and return to the main business of commercial vehicles. In October of the same year, Beiqi Foton Motor Co.Ltd(600166) transferred 67% equity of Beijing baowo to Changsheng Industrial Co., Ltd. for 3.972 billion yuan. In addition, Changsheng industrial needs to repay the shareholder loan of RMB 4.271 billion owed to Beiqi Foton Motor Co.Ltd(600166) in installments within three years from the date of completion of equity transfer.
Shenzhou Youche, a related party of Changsheng Xingye, provided a guarantee of 2.4 billion yuan for the acquisition. In 2019, Shenzhou Youche transferred 67% equity of Beijing baowo Automobile Co., Ltd. held by Changsheng Xingye, and the equity transfer price was about 4.11 billion yuan.
However, Shenzhou Youche was subsequently implicated in Ruixing's fraud, coupled with its long-term poor performance, it was difficult to repay the remaining equity transfer and loans to Beiqi Foton Motor Co.Ltd(600166) company. A year later, Shenzhou Youche also withdrew from the new third board. This is the source of shareholders' transfer balance and interest in the above accrued losses.
challenges in the field of commercial vehicles
Beiqi Foton Motor Co.Ltd(600166) focuses on the field of commercial vehicles, which also faces challenges. The production and marketing express shows that Beiqi Foton Motor Co.Ltd(600166) has sold 202300 vehicles in the first three months of this year, a year-on-year decrease of 30.79%; The sales volume of main products of commercial vehicles decreased sharply. For example, the cumulative sales of medium and heavy trucks was 32600, a year-on-year decrease of 54.01%; A total of 95700 light trucks were sold, a year-on-year decrease of 19.73%. Under the wave of electrification, the company's cumulative sales of new energy vehicles increased by 267.28% to 3199.
In order to speed up the recovery of blood, Beiqi Foton Motor Co.Ltd(600166) recently decided to increase to the controlling shareholder. On April 1, the company announced that it planned to issue 1.429 billion additional shares to the large stock northeast automobile group, raising 3 billion yuan, and the issue price was 2.10 yuan / share, which was nearly 20% lower than the closing price of the previous day. All the raised funds will be used to supplement working capital and repay debts.
In addition, Beiqi Foton Motor Co.Ltd(600166) successively plans to realize assets. On April 6, Beiqi Foton Motor Co.Ltd(600166) announced that it planned to publicly transfer 60% equity of Beijing Zhiyue in the automobile engine manufacturing sector, with a listing price of no less than 342 million yuan. Previously, Beiqi Foton Motor Co.Ltd(600166) also transferred the stamping business of Beijing Auman heavy truck factory, Hebei Reza heavy industry and Huairou heavy machinery factory at the listing prices of 196 million yuan, 247 million yuan and 1097 million yuan respectively.
