Not long ago, a major incident occurred in Baoneng Group, and chairman Yao Zhenhua was once "unaccounted for". The cause was that the announcement of the Intermediate People's Court of Guangzhou City, Guangdong Province, mentioned that "the whereabouts of Yao Zhenhua, the actual controller of Baoneng Group, are unknown". Subsequently, Baoneng officially responded quickly, saying that the relevant information was wrong, and Yao Zhenhua himself also appeared in the Shenzhen factory in a low profile.
When it comes to Baoneng, many people may first think of real estate, and it is very famous. It is worth mentioning that at the beginning of the overall downturn in the real estate industry, Baoneng, like a certain university, announced the official production of cars. In fact, cross-border car manufacturing is not uncommon in the circle, usually Internet companies, technology companies are more, because the advantages at the software level can make them have certain advantages. And the more advantages of housing enterprises, just "more money". Of course, this advantage may not be called an advantage today.
Baoneng Group is highly indebted, and its operating conditions are not optimistic
Why is the outside world particularly sensitive to the information that Yao Zhenhua's "whereabouts are unknown"? In fact, this is mainly due to the ups and downs of Baoneng in recent years. As early as 2015, Yao Zhenhua almost grabbed vanke's largest shareholder. In 2016, Yao Zhenhua was in the top 10 of Forbes' List of China's Richest People with a net worth of $9.5 billion.
But it is such a treasure that once had unlimited scenery, but there are problems in operation. According to the announcement of the Guangzhou Intermediate People's Court, its dispute involved a loan principal of 700 million yuan and interest, penalty interest and compound interest (provisionally until September 29, 2021, interest of 14.29 million yuan, penalty interest of 0 yuan, compound interest of 0 yuan). Although Baoneng Group has always said that its overall asset quality is excellent, it is only a temporary problem at present, but the question is, do you believe it?
According to relevant data, as of the middle of 2021, Jushenghua (67.4% of Baoneng Group Holdings) had total assets of 571.458 billion yuan, total liabilities of 478.918 billion yuan, net assets of 92.54 billion yuan, and an asset-liability ratio of 83.81%. In this context, the news of Yao Zhenhua's "unknown whereabouts" will attract attention from all walks of life. Of course, the reason why Baoneng has become the situation it is today is no wonder that no one else has it.
The next car manufacturing misjudged the market, and the future of Qoros and DS is unclear
As early as 2016, Yao Zhenhua announced a high-profile entry into the car. In 2017, Baoneng Automobile was officially established with a registered capital of 1 billion yuan. Subsequently, Baoneng Group acquired Qoros Automobile, which had been losing money for three consecutive years, and spent a total of 6.63 billion yuan to acquire a 51% stake in it. This step is really incomprehensible. Of course, what is even more incomprehensible is that Baoneng spent three years to build Qoros 7 at any cost, but the result was still cold in the market. In 2021, Qoros car sales have once again slashed, only about 5200 vehicles, and even Qoros 5 has been sold at a low price by Pegyun.
In addition to the acquisition of Qoros, Baoneng also took over the DS brand. Similar to Qoros, DS was in deep trouble at the time. As a high-end french brand, DS was once highly expected by PSA, but this still did not change its embarrassing situation in the Chinese market. Compared with the same level of luxury models, DS has long lagged behind Cadillac, Volvo, not to mention Lexus. However, in the matter of building cars, Baoneng has never planned to give up, not only has not given up, but also reflects the advantages of housing enterprises in the area of throwing money.
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 is even 10 times greater than 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 vehicles. But the problem is that if you can easily turn around by relying on the new energy market, then a large two trillion yuan arrears must not be a big deal.
Is it reliable for housing enterprises to build cars? Relying on "buying, buying, buying" is far from enough
In the era of new energy, we can see that the automotive industry has ushered in a major reshuffle, and the strong rise of new car-making forces has even doubled the pressure on traditional car companies. The corporate bigwigs have shown a strong interest in cross-border car manufacturing, dong mingzhu, Lei Jun, Pang Qingnian, Xu Jiayin, Yao Zhenhua and other giant crocodile bigwigs have entered the game, but now the outcome is different. Some cooperation failed, some went bankrupt directly, and some were unable to mass-produce.
In fact, the reason why the new car-making forces can succeed is that the maturity of the automotive supply chain is getting higher and higher, as long as the assembly work is done, other is not a problem. The distance from traditional car companies, or the advantage in differentiation, mainly depends on the software level. But the most important thing is that you have to let consumers see the real car, if you play with the concept, then someone does not have to hide in a beautiful country and dare not come back.
In fact, although today's new energy market is still in the rising stage, it is still very different from the original barbaric growth. In particular, several camp echelons of new forces have gained a firm foothold in the market, and the latecomers want to grab the market, which is as difficult as pulling teeth. Not to mention, in addition to "buying, buying and buying", there are other housing companies that will not do anything. First, there is no software technology research and development as a support, and second, there is no traditional car company's manufacturing process as a guarantee, only know the practice of "closing your eyes and burning money", it is difficult to occupy a place in the new energy market in the future. Coupled with the delay in the production of the car accurate news, the situation of Baoneng is probably not optimistic.
Write at the end
At the moment of the downturn in the real estate industry, many housing companies are facing serious debt problems. The idea of hoping that the new energy industry will get out of the predicament may be too late. After all, time is not waiting for people, especially in Xiaopeng, Weilai, the ideal of the three giants have long been on the stand, millet, Huawei at the moment, cross-border housing enterprises may only be able to accompany the run at best.
Nowadays, the total debt ratio of Baoneng Group has reached more than 80%, in the context of high debt and litigation cases, how many investors are counting on Baoneng, which has not produced new energy vehicles for a long time, to turn around by building cars? At the moment, we recommend that Baoneng clean up the non-performing assets as soon as possible, and "burn money" every day at a loss, even if Baoneng can bear it, I am afraid that investors will not be able to bear it for a long time. What do you think about this? Welcome to actively leave a message in the comment area, let's discuss together!