[Capital power] is not a "strong alliance"! Can Yinyi shares borrow Zhidou Automobile to turn over?

Housing enterprises into the new energy vehicle track is not a new thing, such as Baoneng Group set up Baoneng Automobile Group, but also Chery Holdings under the Qoros Automobile into the pocket, Evergrande Automobile established by Evergrande Group, although it later faced a debt crisis, but the recent mass production is in sight, the dawn of dawn is approaching.

Recently, another housing company wants to enter the new energy vehicle track. Yinyi shares intend to spend 400 million yuan to pocket the bankrupt Zhidou Automobile.

On the evening of March 2, *ST Yinyi issued an announcement that in order to accelerate the company's strategic deployment in the field of new energy vehicle manufacturing, enhance the company's core competitiveness and sustainable development capabilities, the company intends to invest no more than 400 million yuan to participate in the restructuring and reorganization plan change procedures of Zhidou Automobile.

On March 2, Yinyi Co., Ltd. signed a Memorandum of Understanding with the manager of Zhidou Automobile, that is, the company intends to obtain the actual control and independent operation right of Zhidou Automobile as a new restructuring investor of Zhidou Automobile, so that Zhidou Automobile can be regenerated; at the same time, the company will pay the intention of 40 million yuan within 3 working days after the signing of the memorandum.

What is the source of this Zhidou car? What are the value points worth investing in?

Lanzhou Zhidou Automobile was established in July 2006 with a registered capital of 420 million yuan, founded by Bao Wenguang, founder of New Ocean Mechanical and Electrical Group.

New Ocean Electromechanical is a private enterprise that produces molds, plastic parts, brushless motors and controllers for electric vehicles.

In 2013, the first product of Lanzhou Zhidou came out.

However, suffering from no production qualifications, Lanzhou Zhidou can only be exported overseas. In 2013, the "Zhidou" electric vehicle passed the EU E-Mark and other standard certifications, and began to export to Europe, with the first batch of more than 1,000 units sold.

Later, Lanzhou Zhidou, which has not been qualified for production, found Zotye Automobile to cooperate, and also obtained a quasi-birth certificate, but "Zhongtai Zhidou" was only short-lived, and the two parted ways after a year of cooperation.

In order to obtain a birth permit, Lanzhou Zhidou had to continue to seek cooperation with car companies.

In 2015, Lanzhou Zhidou and Geely jointly established Zhidou Electric Vehicle Co., Ltd., with the help of Geely, Zhidou has passed the approval of the National Development and Reform Commission and the Ministry of Industry and Information Technology in 2017, and officially obtained the production qualification of new energy passenger cars, and was the only 8 dual-qualification car companies in the country at that time that passed the dual qualification of the National Development and Reform Commission and the Ministry of Industry and Information Technology.

Zhidou's signboard was quickly established in China, and sales climbed year by year, with sales of 25,300 vehicles in 2015, 24,000 vehicles in 2016, 43,000 vehicles in 2017, and nearly 100,000 cars sold in three years, ushering in his highlight moment, and after getting the B round of financing in the same year, Zhidou was once valued at 8 billion yuan.

On June 22, 2016, Geely announced that it would withdraw from zhidou's shareholder camp and break up with zhidou.

Regarding the reasons for the breakup, Geely said, "Since Geely Automobile Company is a registered vehicle company and is the controlling shareholder of Zhidou, Zhidou's electric vehicles cannot apply for a national independent announcement separately, and at the same time ensure that the Blue Geely Action Plan is realized on time." ”

After all, this is Geely's unilateral statement, about the real reason for Geely's withdrawal, some analysts believe that perhaps although the sales of Zhidou automobiles are good, they still rely on government subsidies, the profit space is small, seeing that the subsidy slide of small electric vehicles is close at hand, there is no need to consume excess energy to do a non-profitable thing; perhaps Geely is not in a controlling position, the right to speak is not enough, decided to quit, and concentrate on the blue Geely action.

In 2017, Zhidou ranked Second in the domestic electric passenger car sales list with an annual sales of 43,000 vehicles, leaving many of its peers behind and also winning the 6th place in the global new energy vehicle sales list.

Unfortunately, in September 2017, Zhidou received a judgment from the court, unveiling the secret of the low-priced sales of Zhidou electric vehicles, and the term "fraudulent compensation" was very popular.

According to the judgment, at the end of 2015, of a vehicle order with a total price of about 83.41 million yuan in Lanzhou Zhidou, the local government subsidy could reach 41.24 million yuan. In addition, Zhidou Company can also get a state subsidy of 45,000 yuan / vehicle.

In other words, for every car sold by Zhidou, subsidies from local governments and the state have exceeded 50% of the price of the vehicle.

The market questioned that in order to get subsidies, the technical indicators of Zhidou have also been closely following the subsidy policy. In 2015, the subsidy for new energy vehicles requires "double 80", that is, the mileage is 80 kilometers and the maximum speed is more than 80 kilometers per hour, and the Zhidou D1 and D2 listed this year are just card lines; in 2016, the subsidy standard for new energy vehicles was raised from "double 80" to "double 100", and the maximum speed of the newly released Zhidou D2S this year also mentioned 100 kilometers per hour.

In 2018, the subsidy policy for new energy vehicles has declined sharply, and electric vehicles under 150 kilometers have encountered a wave of "de-compensation", which has made Zhidou electric vehicles slump since then, sales have dropped from the lowest four digits to single digits, and the lack of income has gradually intensified, and the financial crisis has accumulated.

In January 2019, Zhidou Automobile was listed as a dishonest person by the Ningbo Intermediate People's Court for accumulating more than 200 million yuan in arrears to suppliers and related interest.

As of June 30, 2019, zhidou's total book assets were about 1.9 billion yuan, of which only 1.16 million yuan in cash and 1.84 billion yuan in liabilities, of which 730 million yuan were accounts payable and 11.498 million yuan in salaries payable to employees.

In November 2019, Zhidou, a "car-occupying artifact" that sold 100,000 vehicles in three years, after experiencing production suspension and layoffs, finally went to the end of bankruptcy auction, and Bao Wenguang, the founder of Zhidou, was also restricted from high consumption, and was called Lao Lai by the industry.

Although the current Zhidou is somewhat sloppy, it is not worthless.

It should be known that Zhidou Automobile is the only 8 enterprises in the country that have passed the audit of the National Development and Reform Commission and the Ministry of Industry and Information Technology and have independent and complete new energy vehicle production qualifications.

How sought-after is this qualification? Take the new car-making forces as an example, Ideal Automobile spent 650 million yuan to acquire Lifan Automobile for qualifications; Xiaopeng Automobile spent 16 million yuan to acquire Fudi Automobile for qualifications; Weilai is still using Zotye and processing to obtain "quasi-life".

Of course, in addition to the scarce resource of valuable car-making qualifications, Zhidou Automobile also has some fixed assets, plant equipment and so on.

Zhidou Automobile is headquartered in Ninghai County, Ningbo, Zhejiang Province, and has production bases in Lanzhou and Ninghai. Among them, the Lanzhou base covers an area of more than 800 acres, with a complete complete new energy vehicle production line and professional equipment, with normal vehicle production and operation conditions; Ninghai base covers an area of 563 acres, with non-independent new energy vehicle production qualifications, the current base construction of new energy vehicle assembly workshop has been completed.

Starting with real estate and promoting Ningbo's well-known large-scale real estate enterprises, Yinyi took more than 20 years, while from cross-border automobile manufacturing to filing for bankruptcy reorganization, Yinyi only took three years.

In 2016, Yinyi Group spent 12 billion yuan to acquire three industry-leading foreign auto parts manufacturers - ARC of the United States, Arifu of Japan and Bunge of Belgium, and injected two of them into Yinyi shares.

The speed at which the car-making plan was implemented was truly staggering. The financial report of Yinyi shares shows that in 2016, the revenue from auto parts has exceeded 30% of the total revenue; in 2017, the revenue of the automobile business even exceeded the real estate business, accounting for about 60% of the total revenue.

With the forward deduction of the car-making process, the huge demand for funds has become a major obstacle to the transformation of Yinyi.

On the one hand, Yinyi shares chose to sacrifice the real estate business that was already quite large at that time, and resolutely injected a large amount of funds into the car-making business; on the other hand, Yinyi shares began to borrow heavily and pledge the equity of major shareholders to fill their car-making dreams.

As of March 2018, Yinyi Holdings had total assets of 57.815 billion yuan, total liabilities of 42.876 billion yuan, and an asset-liability ratio of 74.16%.

On May 6, 2019, yinyi shares were subject to other risk warnings since the opening of the market, and the stock abbreviation was officially changed from "yinyi shares" to "ST yinyi".

In 2019, the operating income of auto parts of Yinyi Co., Ltd. was 4.786 billion yuan, accounting for 67.9%; in 2020, the operating income of auto parts was 3.154 billion yuan, accounting for 39.62%, and most of the revenue of the year came from real estate sales and property management; the 2021 interim report showed that the operating income of auto parts was 1.458 billion yuan, accounting for 68%, and the income from real estate sales fell to 238 million yuan in the same period.

By observing the changes in the revenue structure in the past three years, it is not difficult to find that Yinyi shares have indeed achieved some phased results in the transformation of the auto parts track, and the main business of Yinyi shares has shifted from the real estate in the past to the automotive industry.

In 2019, Yinyi shares were applied for bankruptcy reorganization by the controlling shareholder, and the reorganization procedure was only settled recently, and on February 27, 2022, Yinyi shares announced that the controlling shareholder was changed to Jiaxing Zihe Jinxin Equity Investment Partnership (Limited Partnership), the actual controller was changed to Ye Ji, and it is very likely that the participation in the restructuring of Zhidou Automobile was arranged in advance by Zihe Jinxin.

That is to say, Zihe Jinxin first spent money to obtain the controlling position of Yinyi Shares, obtained the financing window of the listed company, and then immediately used Yinyi Shares to pocket Zhidou Automobile to obtain scarce car-making qualifications and some production lines.

The controlling shareholder behind the left hand Yinyi shares, the right hand Zhidou Automobile, and the zihe Jinxin is Chiji Holding Group Co., Ltd., and the actual controller is the mysterious person - Ye Ji, who has many companies, among which the largest company controlled is Ningbo Chengcheng Ecological Construction Co., Ltd. Can Ye Ji revitalize Yinyi and Zhidou? Worth looking forward to.

Author Hui Ze Lee