Twenty years ago, Jiangbei Estuary never imagined that it would become the most precious 2.26 square kilometers in Chongqing, an increasingly expensive city, in which Lifan Center, consisting of two super-high twin towers about 150 meters, became a brand-new coordinate in the era of the two rivers.
The positioning of Jiangbei Kou in the past 20 years has also become clear step by step. Some leaders lamented during the inspection: "There is Lujiazui below and Jiangbei Estuary above."
However, it is such a circle that Yin Mingshan, the chairman of Lifan Industrial (Group) Co., Ltd. (hereinafter referred to as Lifan Group) nurtured by Jialing River, painted this land into a prison.
No one would have imagined that in 2003, the sales revenue was 4.58 billion yuan, the foreign exchange earned by export was 203 million dollars, and the production and sales of motorcycle engines were 2 million units, with 848 patented technologies at home and abroad, ranking first in the domestic industry in terms of comprehensive strength. Lifan Group, which also owns chongqing lifan Automobile Co., Ltd. and chongqing lifan Football Team, has more than 5,000 employees and assets of more than 654.38 billion yuan. Now it will stand in the distance of the Yangtze River.
Who sprinkled salt on the wound?
If you don't go to find out, few people will find a row of shabby panda cars (Chongqing Panda Car Rental Co., Ltd.) parked in front of Lifan Center.
Panda car used to be an important part of Lifan Group's determination to transform new energy sources. Now it seems that it not only proved the failure of Lifan's transformation, but also sprinkled a handful of salt on Lifan's already deep wound.
In April this year, Panda filed an arbitration application with Chongqing Arbitration Commission, demanding compensation of 798 million yuan from Lifan Passenger Car (chongqing lifan Passenger Car Co., Ltd.), another subsidiary of Lifan. The reason for arbitration is that during the period from 20 15 to 20 18, Panda purchased nearly 10,000 new energy vehicles from Lifan passenger cars, but serious quality problems such as serious battery decay and design defects occurred during the operation of the vehicles, which led to long-term maintenance or even unusable of most vehicles, causing serious losses to Panda cars.
Just after Panda's car was repeatedly failed to be collected by Lifan passenger car, arbitration was initiated for its loss of up to 798 million yuan.
In fact, this "infighting" is full of doubts.
Lifan Passenger Car is a 0/00% holding subsidiary of Lifan Group/KLOC, and the Yin Mingshan family holds about 42.42% of the shares. Panda Automobile was established in May, 20 15. It is a new energy vehicle travel platform strategically invested by Lifan, focusing on time-sharing service of new energy vehicles. The main shareholders are Chongqing Huiyang Holding Co., Ltd., Lifan Co., Ltd. and Lifan Co., Ltd., with a total shareholding ratio of 8 1%, which is also controlled by the Yin Mingshan family. In addition, the Yin Mingshan family is also the actual controller of the listed company Lifan.
In the previous inquiry of the Shanghai Stock Exchange, it was clearly pointed out whether Panda Motor filed a large amount of compensation arbitration with the company, whether there was any inclination to the interests of the controlling shareholder and the actual controller, and whether the controlling shareholder and the actual controller used their controlling position to infringe on the interests of listed companies. In addition, the Shanghai Stock Exchange also requested to explain the main considerations of Panda Auto's arbitration application for compensation, and whether there is any arrangement or plan to offset the debts related to the controlling shareholder and actual controller and the company through this arbitration.
Although Lifan shares denied the above problems one by one, the relationship between them is unclear.
After the establishment of Panda Automobile, the related procurement with Lifan passenger car also played a vital role in the sales of Lifan new energy vehicles. By combing the annual report, it can be clearly seen that the purchase volume of Lifan products by Panda Automobile directly affects the sales volume of Lifan new energy vehicles.
According to statistics, from 20 15 to 20 18, Panda Motor and its subsidiaries purchased a total of 9,507 vehicles from Lifan passenger cars, Lifan Motor Sales and related companies, with a purchase amount of 975,696,800 yuan; 400 Lifan brand new energy vehicles were sold to Panda Automobile through Lifan dealers, with a sales amount of 24.5 million yuan. The total number of contracts signed above involved 65,438+05,65,438+0,965,438+0 vehicles of various types, and the total number of vehicles actually executed was 9,907, with an execution amount of 6,543.8 billion yuan. However, after 20 15, the related purchase of Lifan shares by Panda Motor decreased year by year.
The distortion of a steel column eventually forms a domino effect, and even becomes the last straw to crush the twin towers.
According to the first quarterly report of Lifan in 2020, the revenue of Lifan in the first quarter was 564 million yuan, down 74.88% year-on-year, and the net profit loss attributable to shareholders of listed companies was 65.438+97 billion yuan, down 654.38+003% year-on-year. The total liabilities of the parent company are 8.769 billion yuan, of which the current liabilities are 7.664 billion yuan, while the balance of cash and cash equivalents at the end of the period is only 365,000 yuan.
A debacle, for Yin Mingshan over eighty, I don't know what it's like.
Young and frivolous, late injury.
My life is decided by myself, not by the sky.
Zhang Boduan in the Northern Song Dynasty wrote in Sixty-four Poems of Realizing Truth that this is very similar to Yin Mingshan's life.
1950 In the summer, 12-year-old Yin Mingshan and her mother with little feet in her fifties were "moved" to an abandoned thatched cottage at the top of a barren hill in Fuling, Chongqing, and their survival was very difficult. 1958 spring, senior three, expelled from school for contacting right-wing remarks. 196 1 year was upgraded to counter-revolution and sent to the plastic factory to supervise labor. 1985, Yin Mingshan went into business, founded Chongqing Vocational Education Bookstore, and edited "A dime series for middle school students", earning the first bucket of gold in his life.
After dropping out of school, going to prison and going to sea, he smelled new business opportunities. 1992, Yin Mingshan entered the motorcycle industry with a capital of 200,000 yuan, turning a new page in his life. Also in this year, Lifan Group, founded by Yin Mingshan, was determined to focus only on this matter.
With the intensification of market competition, the motorcycle industry in Chongqing has been reshuffled. By 200 1, Lifan Group in Yinmingshan has produced and sold 1.84 million engines, achieved a sales income of 3.8 billion yuan, and paid taxes of 1 100 million yuan, becoming the leader of Chongqing motorcycle industry.
In order to expand its business, Yin Mingshan decided to take motorcycles to by going up one flight of stairs and start to enter the automobile industry. Although Lifan's road to building a car was not smooth, Yin Mingshan led Lifan to successfully land in A shares on 20 10 1, becoming the first private automobile enterprise listed in China. After listing, the market value of Lifan Group reached 654.38+00 billion, and the net worth of Yin Mingshan, who owns 80% of Lifan, soared to 8 billion.
But frivolous "youth" made him forget the obsession of doing only one thing all his life.
On June 8, 2020/KLOC-0, Lifan Co., Ltd. issued an announcement to disclose the supplementary announcement of the company's accumulated litigation (arbitration). According to the announcement, the company involved 392 lawsuits (arbitrations), involving a total amount of 2.906 billion yuan.
A few days later, nearly 30 Lifan dealers from all over the country went to Chongqing again, and came to Lifan Industrial (Group) Co., Ltd. located in Pei Bei District, Chongqing, to discuss again the problem of chongqing lifan Automobile Sales Co., Ltd.' s arrears to dealers, including dealers' rebate, payment and deposit.
At this point, Yin Mingshan remembered his obsession and decided to adjust the company's main energy from this year, return to the motorcycle industry, launch eight brand-new motorcycle products every year, and carry out joint ventures and cooperation in the automobile field in due course.
Interestingly, after 28 years of development, the most valuable asset of Lifan Group is still its original motorcycle business.
According to the financial data of 20 19, the operating income of Lifan motorcycles reached 2.649 billion yuan, accounting for 35% of the total revenue, and the profit of motorcycles reached/kloc-0.98 million yuan, which is the most profitable sector of Lifan. At the same time, the profit points are mainly concentrated in the import and export level, and the profit of import and export business is 210.65 billion yuan. But even the company's main product, motorcycle engine, sales have dropped by more than 20%. At the same time, the sales volume of motorcycles was 620,000, down by nearly 10%.
Yang Naiwen's song "Pushing the Door of the World" was once again sung by the hot search variety "Braving the Wind and Waves", and one of the lines "Young and frivolous, injured in his later years" became the latest portrayal of Yin Mingshan.
In 2002, Yin Mingshan, who was 64 years old at that time, stood proudly among the richest people in China 100. In 2020, Ma Hua Teng, Xu Jiayin and Ma Yun firmly occupied the top three in Forbes China, and Yin Mingshan and his Lifan disappeared.
"The poor white man happened."
"When Lifan went public seven years ago, my hair was a little white and I was wearing this Chinese tunic suit. Now the hair is all white, or the Chinese tunic suit of that year. "
20 17 in the speech of the outgoing chairman, every word of Yin Mingshan was full of endless helplessness and loneliness. Three years later, he found someone to share all this for him. Not Yin Xidi, who loves luxury cars, nor Yin Suowei, who has held many important positions in Lifan.
He passed the staff of hope to his eldest granddaughter Yin.
At the shareholders' meeting held on May 29th, 2020, Yin attended as a non-employee supervisor of Lifan and participated in the deliberation of various proposals. Yin Mingshan introduced at the meeting, "Now the enterprise is more difficult, so I will let her go back to China to experience in the enterprise and help solve the difficulties. This may mean that it took Yin Mingshan several years to finally find a recognized successor to the "family business".
According to the data, Yin was born in1July, 1995, and graduated from the University of California, Irvine, majoring in economics. This school is a world-famous institution of higher learning and a top research university in the world. It ranks among the "public Ivy League" and ranks first in the United States and the world among the 100 best schools with a history of less than 50 years.
But can Yin, who has no market experience, solve Lifan's urgent need?
On June 30th, Lifan announced that due to overdue payment of 560,000 yuan, creditors applied for bankruptcy and reorganization of the company. Affected by this news, the share price of Lifan shares fell by 4.67% at the close of the day.
Lifan shares said in the Announcement that if the court formally accepts its reorganization application, the company will face the risk of being declared bankrupt due to the failure of reorganization. If the company is declared bankrupt, it will be liquidated and its shares will face the risk of being terminated from listing. Even if the reorganization of the company is completed, if the company's subsequent operations and financial indicators do not meet the requirements of the Listing Rules and other relevant regulatory laws and regulations, there is still the risk of being warned of delisting risk or terminating listing.
In other words, a listed company with an existing market value of 5.9 billion yuan faces the risk of bankruptcy and delisting because it cannot pay the payment of 590,000 yuan, and Lifan seems to be unable to fly again.
Just after being exposed to huge debts and bankruptcy rumors, it was rumored that Geely Holding would acquire Lifan shares, but the news was later denied by Geely Holding. At the same time, Lifan also issued a clarification announcement, saying that the relevant media rumors were untrue. At present, we have not discussed the acquisition or capital injection with the third party, nor have we reached any intention.
Back in 2000, the same year that Lifan Group reorganized chongqing lifan Football Club, Lifan Club won the China Football Association Cup, and the scene of toasting that year made many people who witnessed it unforgettable.
Three years later, in the last key relegation battle of A this year, Yin Mingshan gave the team the order of winning three games in a row, but the plot was never staged in advance. Watching his team being "slaughtered", Yin Mingshan didn't express any attitude to the outside world, even though Yin Mingshan finally won the whole season.
Several years later, Yin Mingshan still didn't speak, and he couldn't see clearly which was more important, the victory of a team or the "escape" of a group.
Passing like the alternation of history and reality. When Hongyadong and the 720-meter-long Qiansimen Bridge next to it connect Jialing River and Jiangbei Estuary, it shows a brand-new side of Chongqing. I can't write because the river is rolling eastward here. In retrospect, it becomes melancholy.
Text/Cao Yuxi
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.