"I give my heart to the moon, but the moon shines on the ditch!" Yin Mingshan, whose dream of building a car was shattered, was troubled by huge debts, and Lifan drifted in the cold wind, facing many crises in his later years. How sad he was!
Applying for judicial bankruptcy and reorganization, Yin Mingshan asked her granddaughter after 1995 to clean up the mess?
Yin Mingshan (left)
In Chongqing, Yin Mingshan, once the richest man in Chongqing, is a household legend. Yin Mingshan may not have expected that he would encounter the most difficult moment in his life again after retiring for three years in his eighties.
I give my heart to the moon, but the moon shines on the ditch! Since the second half of 20 19, Lifan's car-making crisis began to ferment, and there have been rumors that it will go bankrupt. Although Lifan has repeatedly clarified, after a year, Lifan Automobile still failed to recover its declining fate.
On the evening of August 7th, Lifan, a listed company, announced that its controlling shareholder, chongqing lifan Holdings Limited (referred to as "Lifan Holdings"), was unable to pay off its debts due and its assets were insufficient to pay off all its debts, and applied to the Fifth Intermediate People's Court of Chongqing for judicial reorganization. On August 1 1, the court ruled that it was accepted, and Lifan Holdings officially entered the bankruptcy reorganization procedure.
At present, Lifan Holdings is the controlling shareholder of Lifan, holding more than 600 million shares of Lifan, accounting for 47.08% of the total share capital. According to the published quarterly report, the second largest shareholder of Lifan Holdings is China Securities Finance Co., Ltd., with a shareholding ratio of 65,438+0.95%, which is a state-owned legal person. Among them, Mu Gang, the chairman of Lifan, is the tenth largest shareholder with a shareholding ratio of only 0.2%.
In fact, in June this year, Lifan shares have been applied to the court by creditors for judicial reorganization. Once declared bankrupt, the company will be liquidated. At that time, whether the ownership structure will change greatly and whether the Yin Mingshan family will lose the control, ownership and management rights of the enterprise is also an unsolved suspense.
Chongqing lifan motorcycle production workshop
Since June 5438+ 10, 2020, Lifan Group official website has no information related to Lifan Motors, almost all of which are motorcycle company information. Looking at it from another angle, the dream of building a car was shattered, the good brand of new energy vehicles was smashed, and even it was riddled with huge debts. It's a wound that Yin Mingshan can't erase. It hurts!
At a shareholders' meeting, Yin Mingshan once said: "As far as Lifan itself is concerned, the evaluation of our new energy is very low-getting up early and catching up late, and it has no reputation at all. If the scale of our new energy vehicles does not come up, it is really possible to be eliminated in the future. " In fact, it was this "hot potato" that made Lifan fall into crisis in the second year and rolled off the cliff of bankruptcy.
Although his son Yin Xidi likes racing, he is embarrassed. Yin Mingshan's choice of a professional manager to take over is also a helpless move. However, instead of letting Lifan survive the cold winter, the successor ushered in another storm, and heavy debts dragged Lifan Holdings into bankruptcy.
On the afternoon of September 6, 2008, 2065438, Yin Mingshan, director of Lifan Co., Ltd., who was over 80 years old, appeared at the extraordinary shareholders' meeting of Lifan Co., Ltd. held on the 28th floor of Lifan Center in Jiangbei Kou CBD, Chongqing, and even quoted quotations from Chairman Mao to cheer everyone up.
At that time, Yin Mingshan said: When any team encounters difficulties, there are always some people who are positive and some people who are pessimistic and disappointed. Mao Zedong once said, "Our comrades should see the achievements and the bright future, and enhance our courage in times of difficulty".
This is the first time that a shareholders' meeting has been held in chongqing lifan Center since the listing of 20 10 Lifan A shares. In 20 19, the loss of lifan shares reached 4.6 billion yuan, exceeding the profit in 10 since the company went public.
What is even more frightening is the debt problem. In terms of judicial proceedings, according to the announcement of Lifan Co., Ltd. on June 18, the company has been involved in 392 lawsuits (arbitrations), involving a total amount of 2.906 billion yuan.
Photos of Yin Mingshan's granddaughter Yin on the Internet.
With a huge loss of 4.6 billion yuan per year, the debt burden is too heavy and the capital chain is in a hurry, Lifan has finally reached the threshold of bankruptcy and reorganization. While applying to the court for bankruptcy reorganization, she pushed her granddaughter Yin, born after 1995, to the front desk. It is said that Yin's granddaughter is still a graduate student. What is the purpose of Yin Mingshan's move? What are your considerations?
"This is my granddaughter, Yin." On April 27th, at the extraordinary shareholders' meeting of Lifan held in the conference room of Lifan Research Institute in Beibei, Chongqing, Yin Mingshan pointed to a beautiful young lady and proposed that Yin be the shareholder supervisor of the fourth board of supervisors of Lifan. Finally, the motion was passed and Yin became the new vice chairman of Lifan Holdings.
Is it Yin Mingshan's choice for the next generation of successors or a crisis coping strategy to let Yin, the granddaughter born in 1995 and not yet graduated from graduate school, step onto the front desk and become the vice chairman of Lifan Holdings, which was about to fall into bankruptcy and reorganization at that time?
According to the data, Yin Mingshan's granddaughter Yin was born in 1995 and graduated from the University of California, Irvine, majoring in economics in 20 17. She is currently the vice chairman of Lifan Holdings. At the extraordinary shareholders' meeting, Yin Mingshan revealed: Yin is still a graduate student, and she dropped out of school for a year to get familiar with the company's business. "Now that the enterprise is more difficult, I will let her go back to China to experience in the enterprise and help the enterprise get out of trouble."
According to China Auto, the shareholders' meeting also considered a number of proposals to transfer creditor's rights to the controlling shareholder, with a total amount of 988 million yuan, which were unanimously passed. Yin Mingshan said that the aim is to make listed companies go into battle lightly and recover quickly.
Suspected negative photo
Yin Mingshan, who is full of white hair, is over 80 years old, but the problem of successors, which has always attracted people's attention, has not been well solved.
Compared with the first generation of private entrepreneurs in China, such as Cao, Yin Mingshan is a late bloomer. Everyone else has almost completed the intergenerational relay, but he has fallen into a deeper crisis, which is also a problem that is difficult to inherit.
At that time, Yin Mingshan said that he would learn from Ford for a hundred years: "The chairman is exchanged between family and non-family." From 2065438 to July 2007, the head of Lifan completed a "new and old alternation". 1970 Mou Gang succeeded Yin Mingshan as the chairman of Lifan Co., Ltd. At the same time, the board of directors appointed chief scientist and chief engineer Chen Wei and Wang Yanhui as vice-chairmen and appointed Kyle as the president of the company.
Yin Mingshan retreated to the second line, Lifan made a car transformation, but the crisis approached step by step. Only three years after the handover, Lifan was pushed to the brink of bankruptcy. Obviously, this baton is a failure, at least it is unsuccessful. Over the years, "cross-border death" is not a new topic, and it is often dangerous to make cross-border layout at the key bayonet of enterprise strategic layout.
It is an extraordinary move for enterprises to rush to help a post-95 girl to take the upper position, which is also the third generation relay of the family. Obviously, Yin Mingshan doesn't want to train successors, but an operation method of crisis management.
Lifan Holdings, which has entered the restructuring process, still has a lot of things to do next, such as negotiating debt restructuring with creditors. It is not appropriate for Yin Mingshan, the 82-year-old founder, to come forward in person, at least in face.
In other words, in the process of restructuring Lifan, Yin, 25, will play the role of "megaphone". When she comes forward to deal with things that may be beneficial, it will often develop in a good direction, and Yin Mingshan can also control the whole incident well behind the scenes.
Caigen Tan said: Life is a puppet. As long as the root is in hand, the line is not chaotic, and the line has no binding force, which stops at me and no one else can mention it beyond the field!
Yin Mingshan's granddaughter went to the front desk. Why not her son Yin Xidi and daughter Yin Suowei?
Yin Mingshan and Yin Xidi (left).
A mistake, a complete failure.
Lifan is in deep bankruptcy crisis, which is related to the reshuffle of the automobile industry to some extent.
Lifan was developed from motorcycles. In the industry, such as BMW, Honda and other car giants, have also done motorcycles. Why can't Yin Mingshan enter the automobile industry? Like Geely and BYD in those years, there are two major factors that made Lifan Automobile go smoothly at the beginning. One is the goal of "encircling the city from the countryside", and the other is the policy dividend of domestic vehicles, especially new energy vehicles. Unlike Geely and BYD, Lifan has never entered the mainstream car enterprise array.
Insufficient hematopoietic function, coupled with the subsidy "weaning", in the competitive situation of "head is king", the money burned out and Lifan naturally went downhill. Next, there is only one question left: Who will take over Lifan Motor?
Life is a miss, please don't waste it! 1938 1 was born in yinmingshan, miaoxin town, Fuling, Chongqing, where the Yangtze river and Wujiang river meet. This respectable entrepreneur's entrepreneurial history is very heavy, inspiring, full of legends and many hardships. People don't think bones and muscles are energy. It's really hard for him to dream of building a car at his age.
Yin Mingshan pushed her 25-year-old granddaughter to the front desk, and many people also asked: Why not her son Yin Xidi or her daughter Yin Suowei?
Yin Suowei, director of Lifan Co., Ltd.
If you want to choose a successor from family members, Yin Mingshan has three choices. First, his second wife, Chen Qiaofeng, was born in 1967. At that time, Lifan was born from Chen Qiaofeng's "lady diplomacy", and she was also a strong woman.
In the second generation of the family, Yin Xidi is the son and only child of Yin Mingshan, born in 197 1 year, and his first wife (deceased). Yin Xidi, who is called "Brother Miao" by the outside world, is one of the "rich second generation" that is being hotly discussed. Yin Xidi, who loves sports cars, also has the label of "black sheep". Of course, it's unfair to him. In fact, Yin Xidi, who has kept a low profile in recent years, is also one of the main members of Lifan's founding team.
Earlier, local media reported that Yin Xidi was modest, honest and friendly, which was different from many people on the Internet.
Among the second generation members, Yin Suowei, Lifan's "Princess" born in 1987, was the only daughter of Yin Mingshan and Chen Qiaofeng, and was once regarded as one of the successors by the outside world.
For Yin Xidi and Yin Suowei, Yin Mingshan has an expectation, that is, Yin Xidi will make achievements in the entity, so that Yin Suowei can do more in the capital market. In this way, the "virtual" and "real" combination of brother and sister is "better cooperation". For the "eye of the palm", Yin Mingshan once commented: "(Yin Suowei) She has been in contact with business since she was a child, and her sensitivity to business is definitely higher than that of children in ordinary families."
Yin, vice chairman of Lifan Holdings, granddaughter of Yin Mingshan.
At the EGM, Yin Mingshan's granddaughter Yin was appointed as the supervisor of Lifan and the vice chairman of Lifan Holdings. Due to the epidemic, Yin has been wearing a mask at the scene, and outsiders can't witness the appearance of "beauty".
When Lifan was founded, Chen Qiaofeng used to be the "money treasurer" and held the financial power, but he has retired from the front-line management for many years. Yin Xidi, the only son, was previously revealed by Lifan insiders that "Yin Xidi, as an expert at the forefront of new cars, should participate in the planning and decision-making of Lifan's new product development", but after all, his external image was not good. In other words, it is unrealistic for Chen Qiaofeng and Yin Xidi to coordinate the restructuring of Lifan.
My daughter Yin Suowei, former director of Lifan Holding Group, is responsible for asset liquidation, not Lifan Automobile. In other words, Yin Suowei has to play an important role in daily business operations, even if he is involved.
According to Yin Mingshan, Yin, a 25-year-old granddaughter, was temporarily pushed to the stage, so she naturally had no mature management experience. "A blank sheet of paper is easy to write", so that the granddaughter born in 1995 can come forward, and Yin Mingshan will have more room for manoeuvre in dealing with bankruptcy and reorganization.
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