Phoenix Network "Eye of the Storm" produced
On March 22, #Baoneng Yao Zhenhua's whereabouts are unknown# appeared on the hot search.
The news came from the announcement of the Guangzhou Intermediate People's Court.
For a debt of 700 million yuan, the Bank of Guangzhou sued Baoneng Company and Yao Zhenhua in court. However, Yao Zhenhua could not be contacted, and a copy of the complaint could only be served by the announcement, resulting in the above-mentioned "unknown whereabouts" hot search.
Baoneng quickly refuted the rumor, "Yesterday (March 21), the chairman was still participating in the company's activities.
Subsequently, the court announced the revocation.
However, after reviewing the beginning and end of Yao Zhenhua's "running away door", it will be found that things are far from being so simple.
Although Baoneng released pictures of Yao Zhenhua inspecting the Shenzhen automobile base, "as we all know, Baoneng's automobile business has basically collapsed."
Seven factories, two cars built in six years?
Baoneng Automobile claims that the arrival rate of the Shenzhen plant on March 21 was 99.4%, and the four major process workshops and functional departments have fully resumed work.
Is this really the case?
This vehicle base, located in Guanlan Street, Longhua District, Shenzhen, is the location of the former Changan Peugeot Citroen Company. According to people familiar with the matter, some of the production lines in the factory are transformed from Peugeot.
It is reported that the total investment of the factory is close to 1 billion yuan, and the land area is nearly 1 million square meters. Among them, the total workshop area is about 74,000 square meters, with an investment of 270 million yuan and an annual production capacity of 300,000 units.
Although the trend of factory construction and resumption of work is vigorous, as of now, the time for mass production vehicles to roll off the production line is still unknown, and the official only gives that "the mass production of Baoneng Automobile's first intelligent pure electric SUV and other models" is being promoted.
On January 22, 2022, Baoneng Automobile held a press conference and two new cars were unveiled. Respectively, the first model of Baoneng's luxury new energy brand, BAO GX5, and Qoros 6.
The BAO GX5 can be basically determined to be the "first self-developed model" previously announced by Baoneng, with the internal code name GX16 and positioned as a B-class pure electric SUV.
The project was originally scheduled to be released in 2021 and started delivery. According to Baoneng's official information, the GX16 was originally scheduled to be launched in July 2021, but was postponed to October. It was then revealed that the progress of the GX16 was still stuck in the EP prototype, that is, a prototype with only one shell and still in the design stage.
At that time, some internal employees revealed that the status of GX16 was "basically yellow, because the hard mold has not yet been opened, Baoneng will not give money" And others questioned the moisture of Baoneng Automobile's self-research in GX16 production, "This is a car under the banner of Baoneng, which is actually made by Shanghai Qoros."
In addition to the two cars, at this conference, Baoneng Automobile announced the future planning of the BAO brand.
Launch at least 16 models in 5 years, including medium and large pure electric SUVs, compact pure electric SUVs, high-end MPVs, and high-performance cars and sports cars, gradually covering the market segment of high-end pure electric vehicles. There are also more than 10 series models such as GX18, GX15, DS05, etc., which are being stepped up in research and development and testing.
Today, whether these planned models can be landed is still unknown.
Build cars in the open and secretly "encircle the land"?
In 2016, Yao Zhenhua announced that he had entered the car market.
In 2017, Baoneng Automobile, with a registered capital of 1 billion yuan, was established. Subsequently, Baoneng Group acquired Qoros Automobile, which had been losing money for three consecutive years, and spent 6.63 billion yuan to acquire 51% of its equity.
In 2019, following the Changshu Qoros factory, Baoneng Automobile opened the layout of seven bases in Shenzhen, Guiyang, Kunshan, Xi'an, Guangzhou, Kunming and Fuyang, and from the information disclosed, the total investment of the official announcement can be counted to exceed 100 billion.
The total area of all factories has exceeded 10 times that of Tesla's Shanghai Gigafactory. When fully completed, it will have a production capacity of up to 3.3 million vehicles, including 2 million new energy production capacity.
Some analysts pointed out that the industrial land scale acquired by Baoneng Automobile in the past few years exceeded 4 million square meters. Previously, the supervision and management department investigated the investment in new energy vehicles in various places, and also specifically named Baoneng and Evergrande.
Under the offensive of large-scale factory construction, Baoneng Automobile has "encircled" countless lands. However, its self-developed pure electric vehicle model has not landed after six years.
According to some sources, of the more than 4 million square meters of industrial land obtained by Baoneng Automobile, only 10% of it was completed and put into production, and the rest of the land was still deserted.
At that time, Yao Zhenhua announced that Baoneng Group would invest 10 billion yuan per year in the research and development of Qoros from 2018 to 2022, and by 2022, it is expected to launch 26 new models. But so far, counting the newly opened press conference, Qoros Has only launched two models, namely the Qoros 6 and the Qoros 7.
Employees "sticking money"?
The delay in building the car is the most miserable for the employees.
In February 2022, all employees of Baoneng Automobile disclosed the latest situation of wage arrears to the outside world with a "letter to Chairman Yao".
(Source: Network)
The letter reads, "Salary payment status in 2021: Wages in July and August 2021 were not paid; 10% in September; 3,000 yuan in November; and 3,000 yuan in December." The January 2022 salary has not yet been paid." This shows that baoneng automobile employees have been owed wages for more than half a year.
The basic demands of Baoneng Automobile employees are, first, to make up for the wages and provident funds owed in the auto sector in 2021 before February 28, 2022; second, to solve all wage arrears before March 31, 2022. The latter is the promise given by Yao Zhenhua in his speech at the summary and commendation meeting of Baoneng Group before the Spring Festival.
At the same time, in other sectors of the group, some employees have already received salaries, and there are still arrears of social security unpaid. Insiders revealed that if they have not received salaries now, "it is most likely that they are employees in the automobile sector."
The process of moving from enrollment expansion to unpaid wages represents the experience of Baoneng's "dream shattering" of building cars to a certain extent.
Insiders revealed that in 2020, Baoneng Automobile recruited on a large scale. At that time, there was a rigorous background check before hiring, and HR would carefully check the salary flow. Many employees who joined Baoneng Automobile said that "at that time, they felt that the process was very formal", which attracted many people in the automotive circle to apply.
However, in February 2021, Baoneng Automobile began to implement the last-place elimination system, and 20% of employees in the tail will be "resigned" without compensation.
Since March last year, Baoneng has begun to stop paying the social security provident fund of some employees.
In May, Baoneng Automobile, which originally had a bonus of 14-15 salaries, began to continue to default on performance year-end awards.
Some netizens who call themselves employees of Baoneng Automobile said that the process of going to work is to wait for money, and the entire company is almost in a state of having nothing to do.
In June 2021, Baoneng Automobile Group received a strategic investment of 12 billion yuan from the Guangzhou Development Zone, but several employees said that the month's salary had not yet been paid.
In July 2021, Baoneng Group was exposed to large-scale layoffs, and the automobile business was laid off from more than 20,000 people a year ago to more than 8,000 people. And it continues to lay off employees at a rate of several hundred people per week, with more than 65% of employees gone. The number of employees of Qoros Automobile has dropped from 2,000 to 800.
Salaries are owed from management to factory employees, counting unpaid social security, ranging from tens of thousands to hundreds of thousands. Most of the employees received were also received in the form of "installments".
In the process of rights protection, a number of Baoneng employees reported that labor arbitration could not solve the problem, because "the company has long had countermeasures". Mandatory transfer to another city.
Even "do not hesitate to negotiate with former employees through litigation, the process is at least half a year to a year, and finally dragged until the company has no money on the account and cannot be executed." ”
In addition to employee salary gaps, there are many chain reactions. The rights and interests of dealer employees and consumers who have already purchased cars have also been infringed.
First of all, Qoros cars are not easy to sell. There are 4S store employees feedback, "commission is not issued."
The Baoneng automobile terminal adopts the direct operation model, and Qoros dealers are mostly invested and opened for Baoneng Group. When Baoneng Auto owes money to parts suppliers, stores around the world cannot serve car owners, and car owners can only contact the repair shop to repair the car.
Moreover, Qoros has a small amount of cars, expensive maintenance parts, difficult to repair cars, and expensive car repairs.
In addition, the owner also encountered that the car was equipped with a network connection system, which caused problems in the use of the network connection system due to Qoros defaulting on the cost of the network provider.
Car building, is the end of the real estate company?
In order to solve the problem of capital shortage, Baoneng Group has begun to sell assets.
According to public documents, as of the end of September, Baoneng Group had total assets of about 830 billion yuan, about 430 billion yuan after excluding consolidated financial assets and liabilities, including interest-bearing liabilities such as bank loans, trust loans, wealth management products and corporate bonds issued by 192.7 billion yuan, and a balance of 30.8 billion yuan of external guarantees.
Linkage Cloud, a shared car company under Baoneng Automobile, has also begun to sell two second-hand fuel vehicles, the Qoros 3 and Qoros 5 SUVs.
Qoros 3, which is about three years old, only sells for more than 30,000 heads, and once landed for 170,000 second-hand Qoros 5. It only sells for more than 40,000. There are even some quasi-new cars, such as the Qoros 5, which has less than 30,000 kilometers in 2020, and the price is only more than 50,000.
In October 2021, Baoneng Group began to solve the liquidity crisis.
According to the announcement, the eight major asset projects to be disposed of are located in Shanghai, Shenzhen and Guangzhou, including Shenzhen Baoneng Center, Old Renovation Project, Qianhai High-quality Project, Logistics Park Asset Package Project, etc., involving commercial properties, land, commercial complexes, old reform and equity of high-quality financial companies. According to media statistics, the appraised value of all assets exceeds 100 billion yuan.
At that time, Baoneng Group expected to recover about 20 billion yuan in 4 months, and said that some projects had been signed. At the same time, there are a number of projects in the signing or negotiation stage. However, as of press time, there is no public information that the project has been sold.
Regarding Yao Zhenhua's "disappearance", some legal sources said that "unaccounted for" is an industry term. After the prosecution, in the case of litigation documents that cannot be served in the manner prescribed in the Civil Procedure Law, the method of public announcement service will be adopted.
But since Yao Zhenhua did not "run away", why did the court still make an announcement?
According to the analysis of the above-mentioned person, it is unlikely that the court's work will be wrong or not in place. In this case, there are other defendants such as Baoneng Company, which also need to serve the summons, even if the plaintiff did not provide Yao Zhenhua's personal address, as long as these companies are in normal operation, their business address will not be found by the court, and generally there will be no case that cannot be served.
Therefore, it is not excluded that Yao Zhenhua will achieve the purpose of delaying the litigation time by not accepting summonses through "litigation skills".
At present, Baoneng enterprises are facing a number of debt overdue and compulsory enforcement.
Recently, Zhongju High-tech and Shaoneng shares have successively announced that the shares held by the company's major shareholders have been applied for compulsory enforcement, and the shares held by them will be auctioned. After investigation, it was found that the final actual controllers of the latter were Yao Zhenhua and Baoneng.
Struggling in the "mass production quagmire", the housing enterprises that make cars in debt also have Evergrande.
On March 21, Evergrande's three listed companies in Hong Kong were suspended one after another, mainly because Evergrande Property was enforced for 13.4 billion yuan.
On March 22, Xu Jiayin, chairman of the board of directors of Evergrande Group, did not participate in the global investor conference call held by China Evergrande, but participated in the mobilization meeting of "Three Months of Hard Work, Achieving Hengchi 5 Mass Production" held by Evergrande New Energy Automobile Group.
"The automobile group must work day and night, work hard, and work hard for three months. On June 22, we must achieve the mass production of Hengchi 5. Xu Jiayin said.
Some commentators pointed out: "Baoneng's situation is even worse than Evergrande's, falling into a vicious circle of debt collection, execution, freezing and run." In 2021, Yao Zhenhua publicly stated that Baoneng has 800 billion assets and interest-bearing liabilities of only 200 billion. "But at the end of the year, creditors found that there were still many debts that could not be paid, so they continued to force debts."
Maybe it's a coincidence, maybe it's helplessness. The "barbarians" who bet their futures on the car are still fighting to the death at this moment.