In the Fifth People's Court of Chongqing, the first creditors' meeting of the reorganization case of Lifan (Industry) Group Co., Ltd. and ten wholly-owned subsidiaries was formally held. The court appointed the debt manager to receive a total of 489 debt declarations about Lifan Motor, and finally approved the total amount of creditor's rights as 699 million yuan.
The legal entity of this trial is Lifan Automobile Sales Company. In addition to the above debts, Lifan Automobile Sales Company still has 162 civil litigation and arbitration litigation pending, involving about 870 million yuan.
According to the law, the existing book assets of Lifan Automobile Sales Company will be used to pay employees' wages and social security in the previous year, and then the order of debt repayment is tax payment, priority debt, supplier debt, construction debt and transportation debt, and dealer debt is the last one. Lifan sales company's current book assets are about 30 million yuan, and its fixed assets are about150,000 yuan, which is obviously only a drop in the bucket compared with high liabilities.
The sorrow of family business
The fundamental reason for Lifan's bankruptcy and liquidation and high debts is the long-term poor management of the enterprise and the lack of competitiveness of its products. As the founder of Lifan, Yin Mingshan has never found a suitable successor, even though he is 82 years old.
Lifan is more like a family business. Yin Xidi, the son of Yin Mingshan, is the chairman of Lifan passenger car and Lifan engine, and holds the power of finance and real estate business. However, Yin Xidi has not made outstanding achievements in these aspects, but is famous all over the country in terms of "playing with cars"-Yin Xidi bought the first Bugatti Veyron in China at the age of 265, 438+0, and countless other luxury cars.
His daughter Yin Suowei holds Lifan Holdings and lifan motorcycle business and won the title of "the richest woman in Chongqing after 80"; Yin Mingshan's second wife, Chen Qiaofeng, also holds an important position in Lifan.
Yin Mingshan, Yin Xidi, Yin Suowei and Chen Qiaofeng are all actual controllers of chongqing lifan Holdings Limited. These four people were recently put on file for investigation by China Securities Regulatory Commission for allegedly violating the law of information disclosure.
Yin Mingshan doesn't have much confidence in family-owned enterprises. He once said that Yin Xidi was not interested in company management and Yin Suowei was not mature enough. Therefore, when Yin Mingshan retired on 20 16, he appointed Chen Wei, then the executive chairman of Lifan, as the chairman of Lifan Automobile.
Even with the blessing of "external force", the operating conditions of Lifan Motor at that time did not improve much. After Yin Mingshan retired, Lifan Automobile has become a "hot potato". In just two years, Chen Wei, Kyle, Shang You, Mou Gang and other senior executives left their posts one after another. The departure of high-level officials is bound to make Lifan more distracted, and Yin Mingshan, in his prime of life, is forced to return to Lifan.
Because the children were unwilling to take over, the introduction of "external force" failed, and Yin Mingshan had to look to Yin, the "third generation successor". After voting at the first extraordinary shareholders' meeting of Lifan in 2020, Yin officially became the vice chairman of Lifan Holdings. Yin, the eldest daughter of Yin Mingshan, was born in 1995. She graduated from the University of California, Irvine, majoring in economics on 20 17. At present, she is a graduate student. In order to get familiar with the company's business, she specially asked the school for an annual leave.
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At this shareholders' meeting, apart from considering Yin as the vice chairman of Lifan Holdings, there are also a number of proposals to transfer creditor's rights to the controlling shareholders, with a total amount of 988 million yuan. In order to make Yin go into battle lightly, Yin Mingshan undertook these debts of 988 million yuan. As a result, Lifan formed a senior management portfolio, which is also a helpless move of Lifan in a difficult situation to some extent.
Debt flooded into cities, causing banks to collapse?
Today's Lifan Motor is like a city that has burst its banks, and all kinds of debts are pouring in from all directions like a scourge. The debt of 699 million yuan approved in this trial is only the debt of Lifan Sales Company. According to the semi-annual report of Lifan Company, Lifan's current total liabilities are as high as 654.38+068 billion yuan.
Because there are no national six emission standard models on sale, new energy products are basically unattended, and Lifan Automobile is basically in a state of sales stagnation. The data shows that Lifan's operating income in the first half of this year was 65.438+58 billion yuan, down 69.4% year-on-year; Net profit was-2.6 billion yuan, down174% year-on-year; Lifan's net assets are only/kloc-0.07 million yuan.
Lifan has insufficient hematopoietic capacity and will rely on Geely's external blood transfusion?
Relying on Lifan's current hematopoietic capacity, it is obviously impossible to solve the debt problem. Lifan must introduce new investors if it wants to achieve bankruptcy and reorganization. On August 26th this year, Lifan issued a recruitment announcement to openly recruit debt restructuring investors. Immediately, Liangjiang Fund and major investment submitted the registration materials of investors who intend to restructure as a consortium, and formally participated in Lifan's restructuring plan.
The latter Geely Major Investment Co., Ltd. was established by Geely Technology Group Co., Ltd. and Hangzhou Jixing Technology Co., Ltd. with 99% and 1% respectively. Although Geely and Lifan have always denied the acquisition relationship between them, it is not difficult to find the connection from the composition of related companies.
Li Shufu, chairman of Geely Holding Group, also publicly stated that he is looking for opportunities to actively prepare for the project to land in Chongqing, so there is reason to believe that Geely will acquire Lifan. Geely hopes to rely on Lifan's geographical location in Chongqing, vigorously develop the northwest market, and then integrate with Lifan's listed resources to make Geely Automobile win more convenience in the capital market.
As an old car company in Chongqing, Lifan was once famous for its motorcycles, and its founder, Yin Mingshan, won the title of the richest man in Chongqing because Lifan went public. However, in the era of rapid development of China's automobile industry, Lifan failed to keep up with the pace of development and became a laggard, which triggered the butterfly effect and eventually led to the enterprise being riddled with holes, heavily in debt and forced to go bankrupt. 2020 is not only the elimination war of new forces, but also the life-and-death choice of survival of the fittest in the entire automobile industry.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.