Bojun Automobile was filed for bankruptcy reorganization and once formed a joint venture with FAW Xiali

Recently, Nanjing Bojun New Energy Automobile Co., Ltd. (hereinafter referred to as "Bojun Automobile") added bankruptcy reorganization, case number is (2021) Su 0111 Breaking Shen No. 70, the respondent is Bojun Automobile, the applicant is Nanjing Shengshi Yangzi New Energy Automobile Industry Investment Fund (Limited Partnership), the public date is December 2.

According to the enterprise investigation information, the applicant is the sixth largest shareholder of Bo County Automobile, with a shareholding ratio of 5.2%. Bojun Automobile was established at the end of 2016, the legal representative is Huang Ximing, and the registered capital is 138 million yuan. The company's business scope is new energy vehicles and parts research and development, manufacturing, sales, technical services. Bojun Automobile's predecessors are American Advanced Vehicle Technology Co., Ltd. (AVT), which is engaged in chassis design, and Shanghai Sizhi Automotive Engineering Technology Co., Ltd., which is engaged in chassis design and vehicle performance development services. After the establishment of the company, Bojun Automobile announced that it would invest 10 billion yuan to build a pure electric vehicle manufacturing base in Nanjing, and the next year, Sixun New Energy, an investment company under Bojun Automobile, settled in Huai'an High-tech Zone, with a total investment of about 5 billion yuan. In November 2018, Bojun Automobile announced the construction of a new production base of Bojun Automobile in The Lingang Industrial Zone, with a total investment scale of about 3.5 billion yuan.

At the press conference in April 2019, Bojun Automobile announced that it has built three highly flexible and scalable platforms of i-SP, i-MP and i-LP, and will spawn dozens of models covering the three mainstream market segments of A-class, B-class and C-class in the future. At the same time, Bo County Motors released two new cars. According to the plan, Bojun Automobile's first model, the iV6, will be officially mass-produced in Tianjin at the end of 2019, and delivery will begin in the first quarter of 2020. According to public information, Bojun Automobile has experienced 6 rounds of financing since its inception, and the latest round was led by Yin'an Capital, Shengshi Investment, Pukou High Investment, Sumitomo Corporation Asia Capital, Yuanxing Investment and other capitals on June 3, 2019, with a total of 2.5 billion yuan in funds.

As early as May 2019, Bo County Automobile was sued by employees for non-payment of wages and year-end awards, and more than 800 employees were in arrears of salaries. In order to obtain production qualifications, in October 2019, Bojun Automobile and FAW Xiali, which has been losing money for consecutive years, established a joint venture company, Tianjin Bojun. Among them, FAW Xiali contributed with vehicle-related land, plant, equipment and other assets and liabilities; Bojun Automobile invested 2.034 billion yuan in cash, becoming the majority shareholder, and Tianjin Bojun also received more than 800 employees from the former FAW Xiali. However, after the establishment of the joint venture, Bojun Automobile did not fulfill its obligations. FAW Xiali said in its announcement that as of January 12, 2020, Bo County had only paid 14 million yuan to the joint venture company, and the remaining capital injection had not arrived.

In March 2020, it was reported that Bo County Automobile requires employees to pay social security by themselves, in addition to the personal payment part that needs to be paid out of their own pockets, the company's payment part also needs to be borne by employees themselves, and Bo County Automobile is fully waiting for work. In June 2020, Huang Ximing said in an open letter: "Bo county automobile is currently encountering serious operational difficulties, decided to reposition the company's business model to form results and products, actively cooperate with the outside world, strive to create positive cash flow, and strive to lead Bo county automobile out of the predicament." ”

However, due to financial problems, Bo County Automobile did not get out of the predicament. FAW Xiali insiders once told the first financial reporter: "Huang Ximing had hoped to obtain financial assistance through Tianjin and Nanjing, and although the Tianjin municipal authorities agreed, the local industrial fund company did not support it." At that time, Nanjing had agreed to invest 1.5 billion yuan, but because the new car-making forces in Jiangsu Province were "thunderstorm" one after another, they proposed to be led by another company. If Tianjin can support, Nanjing will also follow, and some social capital will follow, and overall it can raise about 3 billion yuan, and Tianjin Bo County will be able to start. ”

In August 2020, Tianjin Bo County's internal liquidation plan was exposed. A number of Bo county auto employees have confirmed to the first financial reporter that the company has been in arrears for more than half a year at that time, and Tianjin Bo County has not had substantial production since the establishment of the company. Subsequently, Tianjin Bo County entered the liquidation stage, more than 800 employees bought out and retired, and FAW Xiali's mixed reform was also shattered.

At present, Bojun Automobile has 1 record of the executor, the total amount of execution is 42.4919 million yuan, there are 7 historical executors, the total amount of historical execution is about 200 million yuan, and the company has 4 records of restricted high consumption.

Automobiles are capital-intensive, technology-intensive and long-term investment return period of the industry, "burning money" is the only way, which tests the ability of car companies to store grain and grass for a long time. For the new car-making forces, financing and capital management are very important. Due to the failure to do a good job in the planning and management of funds and other aspects, coupled with the gradual rationality of the capital market, in addition to Bo county automobile, byton, Yangtze River, future and other new car-making enterprises have tasted the bad results, and finally fell into a predicament.