Youth Lotus car struggling for many years to go bankrupt Pang youth or affected

From the suspension of production two years ago to the current bankruptcy liquidation, the Zhejiang Youth Lotus Automobile Co., Ltd. (hereinafter referred to as Zhejiang Youth Lotus), which has struggled for many years in the market, has finally failed to get rid of the fate of “disappearance.” On July 31, Dongjie Intelligent The announcement revealed that the Xiaoshan District People’s Court of Hangzhou (hereinafter referred to as Xiaoshan Court) had ruled to accept the case of Zhejiang youth bankruptcy liquidation. This announcement made Pang Young, Chairman of Zhejiang Youth Lotus and Youth Automotive Group, who had been quiet for two years, once again appear in the public.

"Daily Economic News" reporter noted that in the silence of the past two years, Zhejiang Youth Lotus has always been a lawsuit, as small as the water company to sue for the recovery of 20,000 yuan in water charges, up to the bankruptcy liquidation involved Billions of loans.

In the past two years, Pang Youth and its main business youth buses seem to have not been affected. Last year, they also received orders for at least thousands of pure electric passenger cars and hydrogen energy buses, and even planned to renew the youth Lotus brand through pure electric vehicles. resurrection. Now that Zhejiang Youth Lotus is involved in loan guarantee disputes, it seems that the bankruptcy incident has affected other young people in the auto map.

Three related companies enter bankruptcy liquidation procedures

On July 31st, Dongjie Smart Notice stated that Xiaoshan Court ruled on the application of the creditor Hangzhou Jiangdong Industrial Park Investment Development Co., Ltd. on June 9, 2017 to accept the case of Zhejiang Youth Lotus Bankruptcy Liquidation and requested Dongjie Intelligence to 2017 The applicant will file a claim before August 11 of the year.

As one of the creditors of Zhejiang Youth Lotus, Dongjie Smart stated that it is estimated that the proposed creditor’s rights will be approximately RMB 9,499,900. Speaking of its own impact, Dongjie Smart stated that the bankruptcy liquidation had no practical impact on its own production and operation, but if all claims could not be recovered, it would reduce the company’s current profit of about RMB 4,889,600.

Dongjie intelligence-related workers told the Daily Economic News reporter that Dongjie Intelligence only received a notification, but it did not understand the specific situation of Zhejiang youth Lotus. The bonds mentioned in the announcement amounting to approximately RMB 9,499,900 were based on cooperation between the two parties and are now preparing some relevant materials to be submitted on schedule.

This is not the first time that Zhejiang Youth Lotus has been applied for bankruptcy liquidation. As early as June 3, 2016, China Finance Leasing Co., Ltd. applied to Hangzhou Intermediate People's Court for the above two cases because the respondent, Zhejiang Youth Lotus and Youth Automotive Group Co., Ltd., had insufficient assets to pay off all debts, and apparently lacked solvency. The company went bankrupt and liquidated; and the two companies mentioned objections that the assets of the two companies were greater than their liabilities. The court held that the respondent continued to operate and there was no case where the assets could not be realized at all. It did not meet the conditions for bankruptcy liquidation and it was not accepted.

In the past two years, Zhejiang Youth Lotus has involved dozens of lawsuits and has also been included in the list of untrustworthy persons.

It is worth noting that a legal document published by the Xiaoshan Court on July 3 showed that in addition to the Zhejiang Youth Lotus and the Zhejiang Youth Lotus Engine Co., Ltd. (hereinafter referred to as the Lotus Engine), the bankruptcy liquidation cases that were legally accepted on June 9, 2017 were legally accepted. Company) and Hangzhou Yaman Engine Co., Ltd. (hereinafter referred to as "Ahman Engine Company"). The above three companies are all affiliates of the Youth Automotive Group.

On July 31, a reporter from the “Daily Economic News” learned from a lawyer related to the bankruptcy liquidation case mentioned above that it is currently a stage for applying materials, and it is inconvenient to disclose specific situations.

Two years after the young lotus was discontinued, “withering”

As the head of the Youth Automotive Group, Pang Young once led the youth car and won the opportunity to envied the international giants during the Beijing Olympics. Pang Youth established the Zhejiang Youth Lotus in 2008. Focusing on the brand of passenger cars, Lotus Racing, Lotus L3 and Lotus L5 won wide attention.

In China, when it comes to Lotus cars, many people mistakenly believe that the “young lotus” produced by Zhejiang youth cars is the world famous sports car brand LotusCars. The Youth Automotive Group has also emphasized the British lineage of the young Lotus brand. But up until the same time as Ferrari, Porsche and other luxury brands, the British sports car manufacturer, Lotus Motors, announced that it officially landed on the Chinese market and released its Chinese brand name “Lutes,” the mystery of “Lotus” became clear.

In order to seek technical support, in 2011, Zhejiang Youth Lotus and a large automaker were preparing to acquire Saab Automotive Sweden. However, Zhejiang Youth Lotus eventually lost in the long-term acquisition of Saab, Spyker and Lotus.

According to a number of media reports, in the second half of 2013, young Lotus had already faced a situation of tight funding and arrears of employees. In January 2014, the youth car had been blasted out of the national production base for a large area of ​​parking time. From April 2014, Xiaoshan Base of Zhejiang Lotus Automobile Company has been completely shut down.

In 2015, in the face of large-scale outbreaks of debt collection by dealers, full shutdown of factories, and consumer complaints, Pang and his young people have barely responded positively. In 2017, the young lotus gradually faded out of sight.

Speaking of this bankruptcy, senior automotive industry analyst Jia Xinguang told Daily Economic News that the Zhejiang youth Lotus car project had actually stopped a few years ago. Zhejiang Youth Lotus has not been able to develop a model that is welcome in the market and can be sold in large quantities. The development force is weak, sales have not been opened up, and sales have been less.

In Jia Xinguang's view, the current youth car group car project has basically failed, and it is possible to keep only the passenger car project. The current situation should shrink the front line and focus on passenger cars.

760 million entrusted loans reach the youth car

In fact, Zhejiang Youth Lotus is only a part of Pang Youth Automotive's business map.

According to the information of the Youth Automotive official website, the Group has set up sub-groups of Commercial Vehicle Group, Passenger Vehicle Group and Auto Parts Group. It is a comprehensive automobile that produces and sells NEOPLAN passenger cars, MAN heavy trucks, Lotus cars and auto parts. Industrial group. After its passenger car business, that is, the Lotus car suffered setbacks and production stops, the automobile layout of the youth car was already not as complete as it claims, but the passenger car business is still maintained.

According to public information, in 2016, the Youth Automotive Group and the Jiangsu Lianyungang Public Transportation Group held a signing ceremony for the purchase of 1,500 young hydrogen-powered cars, and signed orders for 2,000 hydrogen-fuel vehicles with Beijing Daxing Xingshunda Passenger Transport Co., Ltd., totaling 3,500 vehicles. In the youth car's “hometown” Jinhua, the youth pure electric bus is more like a duck. The local four BRT line vehicles are provided by the youth car.

On March 17 this year, the youth car brought new energy cars, new energy logistics vehicles, and new energy buses to the 2017 China Jinhua New Energy Automobile Exhibition. In the turmoil of new energy vehicles in February this year, the Ministry of Industry and Information Technology website published an administrative penalty book for seven auto companies. Jinhua Youth Auto Manufacturing Co., Ltd. is one of them.

Now, after the bankruptcy and liquidation of Zhejiang Youth Lotus, will the business of other sections of the Youth Automotive Group be affected as well? In response to this question, lawyer Zhou Yong of Sichuan Haocheng Corporate Settlement Law Firm explained to the reporter of “Daily Economic News” that in accordance with the law, the registered capital promised by the debtor’s shareholders in the early stage of the company’s establishment was not in place, and the shareholders’ abuse of power caused the debtor. In both cases of loss, it is necessary to assume corresponding liabilities when the debtor is liquidated.

In addition, Zhou Bing said that if shareholders and creditors highly overlap in the scope of business and specific businesses, whether shareholders will also bear the corresponding responsibility is also a controversial issue in the industry. On the other hand, if the shareholders make corresponding guarantees before the creditors enter the bankruptcy proceedings, they also need to assume certain responsibilities.

The reporter of “Daily Economic News” consulted a 2016 legal dispute resolution between Hangzhou Jiangdong Industrial Park Investment Development Co., Ltd. and Zhejiang Youth Lotus, and found that the Hangzhou local state-owned company had issued an entrusted loan of 760 million yuan to Zhejiang Youth Lotus through the Bank of China. , Youth Automotive Group undertakes joint and several liability guarantees. However, Zhejiang Youth Lotus has started to interest on interest since December 2013, and the parties eventually turned to legal disputes.

After experiencing various controversies, the young Zhejiang Lotus has reached the point of bankruptcy and liquidation. In the future, Pang Young himself and the entire automotive landscape that he dominates will face what remains to be tested.