Text | Plums from the Tiexi District
It is said that Baoneng chairman Yao Zhenhua is missing? This matter will be talked about later, let's talk about Borgward and Luckin first.
On April 8, Borgward held an extraordinary general meeting of shareholders and resolved to apply for bankruptcy liquidation in accordance with the law. In fact, as early as last June, Borgward has been rumored to be bankrupt, although it was quickly proved not true, but the possibility of its turnaround is very slim, and a series of subsequent developments have obviously confirmed this.
Screenshot from Foton Motor Announcement
Two weeks forward, on March 24, Luckin Coffee released its unaudited financial report for the fourth quarter of 2021 and fiscal year 2021. According to the financial report, the total revenue of Luckin in 2021 was 7.965 billion yuan, an increase of 97.5% compared with 2020, and the operating loss under GAAP was 539 million yuan, less than a fraction of the total loss in fiscal 2020 (2.587 billion yuan).
Also once a subsidiary of the Shenzhou system that has been destroyed, Luckin is still the protagonist of the scandal that directly caused the chaos to be exposed, why did it survive, and Borgward went bankrupt without any ability to fight back? A careful study will find that the living conditions of the two are not the same, although both were once under the Shenzhou system, but the operating conditions of the two companies in the past two years are completely different.
After the Ruixing scandal broke out, the Shenzhou system was in turmoil, Borgward funds had dried up, and even the acquisition money was owed more than a billion yuan and could not be repaid, and it was almost in a state of suspension.
As for Luckin, after Lu Zhengyao and Qian Zhiya were kicked out of the chairman and CEO positions respectively, guo Jinyi, who took over, although he was born in the Shenzhou department and served as Lu Zhengyao's assistant at Shenzhou Car Rental, he had obviously broken off his relationship with Lu Zhengyao after he joined Ruixing.
At the beginning of last year, there was a "46 management joint request to remove Guo Jinyi" incident, Guo Jinyi said very bluntly in his internal letter response that the recall was organized and initiated by Lu Zhengyao, Qian Zhiya and others, Guo and the Shenzhou department not only had no relationship, but even turned against each other, and according to public information, Dapu Capital has become the actual controller by holding more than 50% of the shares of Luckin through transactions. Ruixing is erasing the traces of the Shenzhou system in various senses.
Joint request for guo jinyi petition signed by executives | Image from the web
Therefore, the bankruptcy of Borgward and the turnaround of Luckin do not prove how big the gap between the two companies themselves is. Of course, the industry difference between the two is obvious, even if Luckin sells coffee at a loss and expands blindly, its cost is really a small business compared with car building.
The difference that cannot be ignored is the market, and Luckin is equivalent to a local brand in coffee. Nowadays, the vast majority of decent chain brands in the domestic coffee market come from overseas, the price of large cups is about 30 yuan, and the vast majority of local coffee brands are selling venues, mainly for negotiation, office or spending time at airports and auto shows, and Luckin is the only local brand that has full popularity and a large number of stores, selling coffee, and the price of large cups is more than ten yuan. With the local car brand a reason, highlight a cost performance. Borgward's positioning is relatively low, BBBA said this, people understand that it is certainly not just rubbing influence and popularity, although its price is lower than the mainstream joint venture brand, but obviously there is no consciousness as a local brand.
Coupled with the fact that the birth was not timely, around 2015, Weilai, the ideal was established, and the automobile market transformed into a new energy eve, this kind of moment came to China to restart, and the market judgment was obviously a big problem. To put it simply, today's China needs a cheap local coffee brand, but it does not need a traditional fuel vehicle brand that is not competitive in price and product.
So from this point of view, Borgward's ending may have been eight or nine times old when it was born seven years ago (leaving it one or two points of possibility, only because there is no absolute impossibility in this world). Therefore, if you really want to talk about Borgward, its significance to the Shenzhou Department and To Lu Zhengyao is even more worthy of saying.
Today we look at Lu Zhengyao like a liar, but before the short report against Luckin was made public in January 2020, the Shenzhou department was still a similar mythical existence. At that time, the domestic business and technology media were keen to discuss Luckin's business model, and the theme of discussion was "Luckin's real goal is convenience stores". Although Borgward is not so on the cusp, it is also focused on some business analysis topics in the media, such as:
How to link with Shenzhou Car Rental and Shenzhou Chauffeur; whether the self-operated store-style marketing model that emulates Tesla and new local cars can be successful; whether the overwhelming advertising communication strategy of the Shenzhou system is effective; and even whether the "expensive" controversial advertisement is a trick or a strange trick, and so on...
It can be said with certainty that when Borgward was just acquired, the Shenzhou department was very beautiful, and Lu Zhengyao was very beautiful. But it was only in the early part of that year, and after that, Lu Zhengyao was exposed. The topic went on here, and finally it was time to talk about Baoneng and Yao Zhenhua.
On March 17, the Guangzhou Intermediate People's Court issued an announcement that it had accepted a financial loan contract dispute between the Development Zone Branch of Bank of Guangzhou Co., Ltd. (the plaintiff) and the defendants Yao Zhenhua, Guangzhou Baoshi Logistics Co., Ltd., Baoneng Group, and Shenzhen Jushenghua Co., Ltd., and the announcement showed that Yao Zhenhua's "whereabouts are unknown". In addition to the principal amount of 700 million yuan involved in the contract dispute referred to in this announcement, some media sorted out 38 pieces of information on the existing executors of Baoneng Group, of which more than half were filed this year, and the total amount of enforcement reached 17.1 billion yuan. At the same time, the car-making projects of Baoneng and Qoros in Kunming, Yunnan Province, were also removed by the Provincial Development and Reform Commission because they did not start construction two years overdue.
Although Baoneng Automobile urgently debunked rumors less than a week later that Yao Zhenhua was not missing, he had previously visited the Shenzhen factory to inspect the work. But everyone knows that Baoneng Car is basically like this. (The reason why "basic" is added is still just to not rule out the birth of miracles)
Before 2017, Yao Zhenhua and Baoneng were still powerful figures who were hung up by people and almost won Vanke, or a "barbarian" who was worshipped by Mu Qiang. However, in March of that year, they decided to build a car, and finally came to this end.
Chinese men all have martial arts dreams, and those suspicious rich Chinese men seem to have a dream of building a car. But no one can say whether the car is really the dream of "industrial prosperity" that they say in their mouths, or whether the hole is getting bigger and bigger, and they have to find a project that can raise more money and delay for a longer time. The car is such a magical thing, the more suspicious the big guy, the more he loves to go up, and often there is no good end. Lu Zhengyao and Yao Zhenhua are still small coffee positions——
Look at Xu Jiayin, that was once China's richest man, the hope of Professionalization of Chinese football, Evergrande Football won the AFC Champions League twice in three years, started construction of Evergrande Football Stadium in 2020, and sold 5 yuan a bottle of mineral water in supermarket convenience stores. The turning point of the story is Xu Jiayin's decision to build a car...
Of course, we must not forget Jia Yueting, his legendary career is unknown to few people in All Of China, and he also decided to build a car when the limelight was at its peak...
Don't worry about whether they are scammers or not, just when they are not, to be fair: car building is by no means a project that big guys or giants can use to expand their business territory. Those who seem to have succeeded at present, Musk was a free man when he built the car, Li Bin had already delivered the easy car to the professional manager when he built the car (Mobike also found an agent from the beginning), Li wanted to build a car when he left the car home for a few days, and the conscious Lei Jun had already retired from the position of Xiaomi technology-related companies. Want to keep your original business and build a car? Look at Google, Dyson, look at Apple.
So, whether it's a liar or not, do your own promising career, don't build a car, it will be a disaster.