WM Motor has a debt of more than 20.3 billion yuan, and it is reported that a number of high-level executives have been arrested

On March 29, it was reported that WM Motor's first creditors' meeting was held at 9:30 a.m. in Shanghai No. 3 Intermediate People's Court, and creditors participated in the meeting and voted on the reorganization case by video access. The participants revealed that the creditors' meeting was held in an orderly manner, but when it came to core information such as resolving arrears of employees' wages, the spokesperson of the creditors' meeting said that everything was in the plan, and other accurate information was not released too much.

At present, WM has fallen into a serious insolvency situation. According to the materials of the reorganization case, the administrator compiled the confirmed creditor's rights amount of 3.376 billion yuan into the creditor's rights table of WM Technology Group. According to the audit report mentioned in the reorganization case, the total audited book assets of WM Technology Group were 3.988 billion yuan, and the liabilities were as high as 20.367 billion yuan. In an appraisal report, WM Technology Group assessed the total assets at 4.107 billion yuan and the total liabilities at 19.305 billion yuan.

In parallel with the debt restructuring, an investigation into WM Motor's internal violations was launched. It is reported that a number of high-level executives within Weimar have been investigated by relevant departments for contract fraud, loss of state-owned assets, and job embezzlement, including Hou Haijing, Fang, Xiao, Zhou, Zhou (the legal person of Weimar Nduo Company), Xiang Moumou and many other personnel who have been controlled by relevant departments. The 13th Automobile Hang is in the process of verifying with the person concerned.

Founded in 2015, WM Motor used to be a member of the leading camp of new car-making forces, but now it is in the stage of bankruptcy reorganization, and WM Motor has tried to go public three times without success.

After entering 2023, WM Motor has been in turmoil, and it has been exposed one after another that layoffs and salaries, work and production stoppages, store closures, and equity freezes have been exposed. In February, most of WM employees were suspended without pay. In March, the Shanghai Qingpu District Consumer Rights Protection Committee issued a consumer alert for WM Motor. In June, after the previous reduction of the scope of salary payment, only the middle and senior management of the director and above were already paid within WM. Even so, WM's top management is not of the same mind.

Some WM employees lamented that WM Motor had some system problems from the beginning. In the early days of its establishment, WM Motor formed two "power cores" of Shen Hui and Hou Haijing. The team led by Shen Hui is responsible for financing and has strong government liaison skills. In contrast to Shen Hui's financing and connections, Hou controls WM Motor's technology, production and supply chain, based on the technology he acquired from Geely's unusual channels. Many employees revealed that Hou Haijing, who does not show his head, has power and influence that can radiate most of WM Motor.

On September 10 last year, Shen Hui posted through Weibo: "I went to Munich on a business trip this week, and then New York. Good things are grinding, wait for the flowers to bloom", but the backstage IP of Weibo shows that Shen Hui's Weibo was sent from Beijing. Since reposting WM Motor's statement on its business status on February 17, 2023, Shen Hui's personal social Weibo IP address has changed from Shanghai to Beijing. In response to this question, many WM Motor employees revealed that Shen Hui's social platform has been operated and maintained by an agency, and Shen Hui has already fled abroad. Querying Shen Hui's personal Weibo found that the most recent Weibo was released on January 8 this year, and many consecutive pieces of content have nothing to do with Weimar.

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