: There is nothing new under the sun, , Gaohe and will not be the last car companies struggling for survival.
(Text/Edited by Zhou Shengming/Gao Xin)
Recently, according to the National Enterprise Bankruptcy and Reorganization Case Information Network, Gaohe Automobile’s parent company, Chinese Horizon (Jiangsu) Technology Co., Ltd. (hereinafter referred to as “Human Horizon Company”), submitted a request to Yancheng Economic The People's Court of the Technology Development Zone applied for bankruptcy reorganization and at the same time applied for bankruptcy pre-reorganization.
National Enterprise Bankruptcy and Reorganization Cases Information Network
National Enterprise Bankruptcy and Reorganization Cases Information Network
According to the "Decision" issued by the People's Court of Yancheng Economic and Technological Development Zone, Chinese Express Company "cannot pay off its due debts, and there is no possibility of reorganization." On the grounds of "helping it introduce funds, resume production, and protect the rights and interests of creditors", it applied to the court for pre-bankruptcy reorganization.
National Enterprise Bankruptcy and Reorganization Case Information Network
The People's Court of Yancheng Economic and Technological Development Zone believes that "Human Horizon's business involves the research and development and production of new energy vehicles, autonomous driving, cloud computing, etc., and the new energy vehicle industry in which it is located has broad prospects. Pre-reorganization is conducive to improving the efficiency of corporate reorganization, reducing corporate reorganization costs, giving full play to the role of the reorganization system in rescuing distressed companies, and better protecting the legitimate rights and interests of creditors, and the debtor has pre-reorganization value and is in compliance with the requirements. Pre-Reform Conditions”.
Accordingly, the above-mentioned court decided to accept the pre-reorganization application of Chinese Horizon (Jiangsu) Technology Co., Ltd.
Trying to avoid the word "bankruptcy", Gaohe is still trying to save itself
"Bankruptcy pre-reorganization" means that the company and its major creditors, investors, etc. reach a certain reorganization plan through negotiation before "bankruptcy reorganization". In order to be able to enter the bankruptcy reorganization process in a simpler and faster way.
After the "Decision" issued by the People's Court of Yancheng Economic and Technological Development Zone was widely reported by the media, Gaohe Automobile issued a statement on August 9. Gaohe Automobile believes that there are serious problems with some self-media and media reports on the Internet. "Judicial pre-reorganization" is not "bankruptcy reorganization" or "bankruptcy liquidation."
Gaohe Auto App
Although Gaohe tried its best to avoid the word "bankruptcy" in its statement, it is worth noting that the court's "Decision" clearly mentioned that "as of April 30, 2024, the company's known maturity The failure to repay the debt has exceeded the total assets of the company, and the assets are insufficient to repay all debts, which has caused bankruptcy. "
In addition, the "judicial pre-reorganization" mentioned in Gaohe's statement is "bankruptcy pre-reorganization." "Judicial reorganization" is "bankruptcy reorganization". However, unlike "bankruptcy liquidation", starting from the goal, "bankruptcy reorganization" and "bankruptcy pre-reorganization" are self-rescue actions of enterprises. Enterprises that are already in bankruptcy can continue to operate during the reorganization process, and can be exempted or exempted. Adjust debt and ultimately hope to return to normal operating conditions.
The court’s decision also mentioned, “Upon the recommendation of the debtor and major creditors, this court designated the Shanghai Branch of JunHe Law Firm to serve as the interim administrator of Chinese Horizon (Jiangsu) Technology Co., Ltd. during the pre-reorganization period. The person in charge is Liu Zhengdong. "
National Enterprise Bankruptcy and Reorganization Case Information Network
Gaohe said in a statement: "After the reorganization process is launched, the first thing to achieve is the normalization of user after-sales service, and the second is the parallel promotion of "reorganization without stopping production". With the strong support of the government and shareholders, and with the protection of the law, we will carry out in-depth and effective communication with relevant interested investors, and actively negotiate with creditors, investors, etc., to promote the early resumption of production. This can also promote the company's early resumption of production. Fully back on track."
has been suspended for half a year, and it was rumored that it would be acquired by Changan or FAW.
In February this year, Gaohe Automobile issued an internal notice. The notice shows that starting from February 19, 2024, the daily operations of all wholly-owned and controlled subsidiaries (branches) will be stopped; all employees will enter a state of suspension of work and production; depending on the situation in each region, it will generally take 3-6 months. During this period, the company's user services will continue to be guaranteed.
Subsequently, on February 21, the acting director of Gaohe's Yancheng factory called on employees not to damage the factory's equipment and resources. He said: "We must keep these resources and equipment because the company is still looking to see if anyone can come in. Invest, or sell these assets. Once these assets are converted into money, we will first use the money to pay workers' wages, but if these assets are destroyed, they are worthless."
On February 22, Gaohe Automobile announced that in the face of numerous internal and external pressures and challenges, the company has made major adjustments to its daily operations since February 19, and is currently taking various relief measures.
On the evening of February 22, Gaohe founder Ding Lei appeared at the company’s Shanghai headquarters. He said: "The window period for us to turn around is up to three months. In three months, we will do everything we can to save the company. If we can't save it, we can only accept our fate and fight for the last time."
Ding Lei Bloomberg
Ding Lei also said: "The next three months will be very difficult for Gaohehe. I have not slept for almost 24 hours. These few months have been a low point for me. I have never gotten rid of a misunderstanding. I use Traditional business strategies cannot defeat the Internet."
After reports of a "production suspension", Gaohe founder and CEO Ding Lei was revealed to have visited Changan Automobile Chairman Zhu Huarong. Regarding the news that Changan Automobile may acquire 51% of Gaohe's shares, Changan Automobile Chairman Zhu Huarong responded to media questions and said: "We are talking about it, but it is still far from 'complete'."
Ding Lei visited Changan Automobile Chairman Zhu Huarong Internet picture
Later, it was reported that FAW had started a due diligence investigation on Gaohe Automobile in early April, aiming to fully understand Gaohe Automobile’s financial status, legal relationships and risks before the acquisition. factors etc. In response to the above news, Gaohe Automobile responded, "We have been working hard, and there is currently no information that can be made public. Please refer to the company's official announcement for all information." In addition to seeking acquisitions from leading domestic car companies to tide over the crisis,
, Gaohe is also seeking investment from international capital starting in 2023, but the process is not smooth.
In June and November 2023, there were reports of cooperation between Gaohe Automobile and the Saudi Arabian Ministry of Investment and the Saudi Arabian sovereign wealth fund Saudi Public Investment Fund (PIF), with the amount reaching billions of dollars. It is reported that the investment did not finally land due to various reasons.
The mysterious "white knight" appears
In April 2024, it was reported that Gaohe Automobile had received a strategic investment from an investment institution in Hong Kong and might officially resume work and production at the end of April or early May.
On May 17, 2024, iauto Group Inc. (hereinafter referred to as "iauto"), a clean energy vehicle company registered in the United States, and Human Horizons, the parent company of Gaohe Automobile, officially signed a "Comprehensive Strategic Cooperation Agreement."
According to the agreement, the scope of cooperation between the two parties includes but is not limited to: production coordination to complete sales orders, equity mergers and acquisitions, technical cooperation, brand and international sales docking, and integration of supply chain and production. iauto will support Gaohe Automobile’s plan to resume business operations and vehicle production.
It is reported that the ultimate beneficial owner behind "iauto" with little information on the Internet is Yang Rong, chairman of Zhengdao Group Co., Ltd. and the company's single largest shareholder, and Zhengdao Group Co., Ltd. is a company listed on the Hong Kong Stock Exchange.
正道集团官网
As a well-known figure who was once active in the Chinese automobile industry, in 2017, the "righteous way group" controlled by Yang Rong released the new energy concept car h600 at the Geneva Motor Show, which was said to use extended-range power and high energy density graphene The battery, oil and electricity combined have a combined cruising range of more than 1,000 kilometers - but so far the car has not been put into mass production.
Yangrong Internet Picture
In 2022, Zhengdao Group issued another announcement stating that the company had entered into a memorandum of understanding with Zhongxing Automobile and planned to acquire no less than 51% of the equity interests of Zhongxing Automobile. But then the acquisition did not materialize.
From this point of view, Yang Rong, who wants to return to the Chinese automobile market and make a difference, and Gaohe Automobile, which is in debt crisis, seem to have reasons to cooperate.
According to the "Announcement on the Working Group During the Company's Reorganization" previously issued by Human Horizons, a person named "jack yeung" will serve as the leader of the company's restructuring working group, and according to public information, Jack Yeung is the CEO of iauto.
Internet picture
According to the agreement, iauto plans to invest more than one billion US dollars in the first round of special funds for Gaohe Automobile to fully support the restructuring of Human Horizons Gaohe Automobile. At the same time, both parties will make every effort to complete the required compliance transaction processes before the release of the 2024 semi-annual report.
For Gaohe Automobile, whether this "bankruptcy reorganization" can allow it to reach an agreement with its creditors, restore the supply of its parts and resume work and production at the factory, whether it can regroup its employees to start normal operations, iauto1 billion Whether all the investment in US dollars can be fully accounted for, and whether the sales performance of only more than 10,000 units sold since its establishment can restore the company's hematopoietic ability in subsequent operations... these questions are still unknown.
Gaohe's hiphi represents meaning. It means that although it will be difficult for car companies to obtain independent car manufacturing qualifications in the future, it does not mean that the car companies that have already entered the market will definitely be able to gain a firm foothold.
Throughout the development history of Chinese automobiles, car companies such as Zotye, Borgward, Qoros, Shuanghuan, and Hafei have gradually disappeared from the spotlight. At the same time, a number of new powerful brands have appeared on the stage. What can be expected is that under the competition, the battle for survival of the "Gaohe people" will still continue.
This article is an exclusive manuscript of Observer.com and may not be reproduced without authorization.
