It was revealed that many executives of a new force were arrested, and the chairman had fled overseas
electricity
On March 29, WM Motor's first creditors' meeting was held in Shanghai No. 3 Intermediate People's Court. It is worth noting that the creditors' meeting was not only to restructure WM Motor's debts, but also to investigate WM Motor's internal violations. There are many high-level executives within WM
It has been investigated by relevant departments for contract fraud, loss of state-owned assets, and embezzlement
, including Hou Haijing, the core management of WM Motor, and many other personnel.
What's more worth mentioning is that Shen Hui, as the founder and chairman of WM Motor, has a "keen sense of smell" and is no longer in China. In October 2023, according to the Shanghai Securities News, people familiar with the matter revealed that Shen Hui, the founder and chairman of WM Motor, is no longer in China. According to the report, Shen Hui used the excuse of participating in the Munich Motor Show in Germany, and then flew directly to New York, USA, and went overseas, leaving behind nearly 40 billion yuan of investment and debts and Weimar employees who were owed wages.
At that time, the news that Shen Hui, the founder and chairman of WM Motor, fled after burning 41 billion yuan also appeared on the Internet. On October 16, 2023, a reporter contacted Shen Hui himself, but did not receive a relevant response. According to people close to Shen Hui, Shen Hui is indeed no longer in China, and he has not appeared in public at the company after the Spring Festival in 2023, and his family has also moved to the United States before. "Somebody saw him in Munich, but even if he went to Munich, he went back to the United States. ”
In fact, as early as September 2023, some media reported that an industry insider close to Weimar said that Shen Hui himself was no longer in China. At that time, Apollo Smart Travel Group Co., Ltd. announced that it would terminate the agreement to acquire WM. Subsequently, WM Motor posted on Weibo that it voluntarily terminated the RTO process with Apollo Travel on the Hong Kong Stock Exchange. According to the electric Zhijia, Shen Hui also responded to the rumors of "leaving" abroad on Weibo, Shen Hui said: "I went to Munich on a business trip this week, and then New York. Good
There are many things to grind, wait for the flowers to bloom. At that time, according to the Daily Economic News, a person close to Shen Hui revealed that Shen Hui was indeed no longer in China, and he did not appear in public in the company after the Spring Festival in 2023, and his family had also moved to the United States before. The news posted by Shen Hui on Weibo was also released by a special person, so the address displayed was Beijing.
As one of the earliest new car-making forces in China, WM Motor was once the darling of the capital market. According to public information, WM Motor has carried out a total of 12 rounds of financing from A to D, raising a total of more than 41 billion yuan, including Baidu, Tencent, as well as star capital and state-owned assets such as Red Shirt and SIG (Quantitative Trading Finance Company), while "Wei Xiaoli" did not raise more than 20 billion yuan before its listing. Despite the investment of tens of billions of funds, WM Motor has always been one step away from going public, and at the same time, in the long-term investment, WM Motor's funds have gradually run out, and since then it has been mired in problems such as layoffs, salary cuts, suspension of work and production, and rent arrears.
But as the founder of WM Motor, Shen Hui's highlight moment was not when WM was a big seller, but when it was revealed that his annual salary exceeded 1.2 billion. In September 2022, topics related to "Weimar's annual loss of 8.2 billion and the annual salary of the founder of 1.2 billion" rushed to the heat of major platforms
search, at that time, Shen Hui was famous. According to WM Motor's prospectus, from 2019 to 2021, WM Motor's losses continued to increase, including a huge loss of 8.2 billion yuan in 2021, but Shen Hui's salary this year was as high as 1.2617 billion yuan, accounting for nearly one-third of WM Motor's income in the same year.
According to the materials of the reorganization case, as of March 18, 2024, the administrator has received a total of 1,456 bonds declared by 1,412 creditors, with a total amount of 44.202 billion yuan. After review, the administrator confirmed 564 creditors of WM Technology Group, and the total amount of confirmed claims was 3.376 billion yuan. Among them, creditors with security rights include Shanghai Pudong Development Bank and Xinxin Financial Leasing Co., Ltd., with a total amount of 1.585 billion yuan. The total audited book assets of WM Technology Group are 3.988 billion yuan, and the total liabilities are 20.367 billion yuan. Judging from the data, it is not difficult to know that WM Motor has fallen into a serious insolvency situation.