Recently, the first financial reporter learned from the Ali auction platform that the Nantong Intermediate People's Court updated an auction information about "Jiangsu S Automobile Company".
The auction target was once named Rugao High-tech Entrepreneurship Service Co., Ltd., Jiangsu S Automobile Investment Co., Ltd. The company was established on July 10, 2009, with a registered capital of 10 billion yuan, and its business scope involves technical research in the automotive industry and auto parts manufacturing. Through these basic information and combined with the public pictures on the online shooting platform, the reporter found that Jiangsu S Automobile Company is Sailin Automobile.
The first phase of Sai Lin Automobile's factory in Rugao covers an area of 958 acres, with a construction area of 230,000 square meters and an annual production capacity of 150,000 vehicles in double shifts, including pure electric, hybrid and mechanically supercharged internal combustion engine passenger cars, which was originally planned to complete the capital construction by the end of 2019, mainly including stamping, welding, painting, final assembly, inspection workshop, joint station building, sewage treatment station and 110KV substation and other ancillary facilities.
The auction is located in groups 5, 6, 7 and 8 of Zhennan Community, Chengbei Street, Rugao City, the land use rights of Groups 7, 12 and 18 of Shuanglong Community, and the above-ground buildings and assets involved in machinery and equipment, production lines, assembly lines and other assets, with a starting price of nearly 2.38 billion yuan, which will be publicly auctioned on May 30, 2022.
Auction site infographic
With the frequent occurrence of problems such as Wang Xiaolin, the former chairman of Sailin Automobile, being reported by his real name, escalating internal shareholder conflicts, and breaking the capital chain, the operation of Sailin Automobile has stagnated since the second half of 2020. Now, with the beginning of the legal auction, the future of Sailin Automobile may be officially drawn to an end.
Sailin Automobile was established on July 10, 2009 with the approval of Nantong Rugao Administration for Industry and Commerce, the company's original name is "Rugao High-tech Entrepreneurship Service Co., Ltd.", held by Nantong Jiahe, a wholly state-owned shareholder. In March 2016, the company introduced four companies actually controlled by Wang Xiaolin by way of a capital increase.
After the completion of the capital increase in 2016, Sailin Automobile was changed from a wholly state-owned company to a non-state-owned holding company. The shareholding ratio of state-owned shareholders was 33.42%, while the shareholding ratio of the other four companies was 66.58%.
The model of cooperation between the two sides is that Wang Xiaolin provides brand and technology for Sailin Automobile, while the state-owned shareholders mainly provide financial support. However, Sai Lin Automobile, which has its own "super running gene", has been frequently questioned by industry insiders since then.
On July 20, 2019, Sailin Automobile held a huge brand launch conference at the Beijing Bird's Nest, inviting Jason Statham, Steve Sailin and others to help, and there are rumors that the conference cost more than 100 million yuan. However, the first mass-produced car released at the press conference, Maimai, was jokingly called an "old scooter" that did not conform to the mainstream of the market.
Infographic of the Fapai website
The product does not meet the brand positioning, coupled with the price of the A0-class mini-car after the subsidy of Maimai is as high as 160,000 yuan, Sai Lin Automobile has not stirred up any waves in the market, and the sales volume is also very dismal.
In April 2020, a real-name whistleblower letter from Qiao Yudong, an insider of Sailin Motors, also accelerated the decline of Sailin Motors, saying that Wang Xiaolin had acquired a majority of the shares of Sailin Motors for 6.6 billion yuan with false technology. As the matter fermented, Wang Xiaolin avoided the United States, and the state-owned shareholders of Sailin Automobile sued Sailin Automobile in court on the grounds of corporate loan disputes. At the same time that many assets of Sailin Automobile were seized, Wang Xiaolin was also officially criminally filed.
Since then, the operation of Sailin Motors has fallen into chaos.
According to the information of Tianyancha, as of now, Sailin Automobile has been listed as a dishonest executor 58 times, and 10 times has been listed as a judgment debtor, with a total amount of 2.74 billion yuan.