On March 2, *ST Yinyi Disclosed signed a Memorandum of Understanding with the manager of Zhidou Automobile, in order to accelerate the company's strategic deployment in the field of new energy vehicle manufacturing, it is planned to invest no more than 400 million yuan to participate in the restructuring and reorganization plan change procedures of Zhidou Automobile. *ST Yinyi intends to act as a new restructuring investor of Zhidou Automobile and obtain the actual control and independent operation right of Zhidou Automobile. At the same time, *ST Yinyi will pay the intention of 40 million yuan within 3 working days after the signing of the memorandum.
For the participation in the restructuring of Zhidou Automobile, *ST Yinyi did not shy away from the announcement, and the importance was the new energy vehicle production qualification of Zhidou Automobile. According to the official website, Zhidou Automobile, founded in 2006, is one of the earliest enterprises in China to enter the field of new energy vehicles, and is also one of the only 8 enterprises in the country with independent and complete new energy vehicle production qualifications reviewed by dual ministries and commissions.
The founder of Zhidou Automobile is Bowen Guang, who started with motor and controller manufacturing in his early years, and later cut into electric bicycles and electric vehicles. However, suffering from no production qualifications, Zhidou has been struggling on the edge of the automobile market, and the models produced can only be exported to overseas markets.
Later, Zhidou cooperated with Zotye and Geely to produce, and Geely Jinan Factory also produced new cars for its OEM. Until March 2017, I finally got the qualification of new energy car manufacturing. However, getting the production qualification did not make Zhidou Phoenix nirvana, because new energy vehicles have higher requirements for manufacturing, but became the beginning of Zhidou's nightmare. In the next two years, Zhidou fell into the rupture of the capital chain, the debt crisis and other troubles, and finally came to the situation of bankruptcy and reorganization.
According to the data, Zhidou Automobile is jointly funded by New Ocean Mechanical and Electrical Group, Geely Holding Group, Ninghai Yinshi Investment Fund, GSR Venture Capital Fund, etc., covering electric vehicle research and development, production, sales, operation and other businesses. Among them, New Ocean Electromechanical and Geely Holdings held 31.45% and 26.44% of the shares respectively, ranking among the top two shareholders.
As the *ST Yinyi, which participated in the restructuring of Zhidou, its main business is the research and development, production and sales of auto parts, and it is committed to the research and development and production of hybrid and pure electric powertrain systems. In 2021, *ST Yinyi is expected to lose 1.9 billion yuan to 2.3 billion yuan, down 74.71% to 111.5% year-on-year. Due to the fact that the overseas business operation of its auto parts is still greatly restricted, the sales revenue of the auto parts sector has declined and the operating performance has resulted in losses.
* ST Yinyi performance loss, still struggling on the edge of the shell, Zhidou Automobile is more business suspension, in bankruptcy restructuring situation, so that the two companies together can save two companies? At present, *ST Yinyi has completed the change of actual controller, established a new joint venture operation service provider, and plans to explore deeper cooperation in the fields of new energy vehicles, semiconductors, mergers and acquisitions and restructuring. The restructuring of Zhidou Automobile is part of the *ST Yinyi plan, and it wants to use Zhidou Automobile to achieve obvious synergies in its auto parts manufacturing business, and has made a difference in the field of new energy vehicles.