Lifan shares faces bankruptcy risk yinmingshan's g

2022-06-23
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Lifan shares is facing the risk of bankruptcy. Yinmingshan's granddaughter "takes orders in the face of danger" wants to solve the dilemma

"an enterprise will always have difficulties. No matter how difficult it is, we must bite our teeth and stick to it." At the shareholders' meeting held by Lifan at the end of May this year, Yin Mingshan, who was over 80 years old, did not expect to say this. Only two months later, the enterprise he founded had reached the end of its tether

on the evening of August 11, Lifan Co., Ltd. announced that its controlling shareholder Chongqing Lifan Holdings Co., Ltd. (hereinafter referred to as Lifan Holdings) had made a ruling to accept the application for judicial reorganization submitted by Chongqing No. 5 intermediate people's Court (hereinafter referred to as the court). Lifan also said that at present, the company has been applied by creditors to enter the bankruptcy reorganization procedure. If the court accepts the application according to law, the company faces the risk of bankruptcy and stock delisting

5 days ago, Lifan stock Baidu knew that it was still our favorite Q & a platform. It announced that Lifan holdings applied to the court for judicial reorganization on the ground that it could not pay off its due debts and its assets were insufficient to pay off all its debts; If the court accepts the reorganization application of Lifan holdings, it may have an impact on the equity structure of Lifan shares. It is understood that Lifan holdings holds about 619million shares of Lifan, accounting for 47.08% of its total share capital

"Lifan's development to the present situation is basically predictable." Caohe, President of all United car dealers Investment Management (Beijing) Co., Ltd., said in an interview with the daily economy that Lifan Co., Ltd. has been "hard pressed" by the decline of performance and the loss of net profit for several years. In addition to the impact of the COVID-19, Lifan Co., Ltd. has been in deep crisis

it is difficult to extricate oneself from the mire

in fact, Lifan is struggling at the edge of life and death for a long time. The financial report shows that the performance of Lifan Co., Ltd. in the past three years is not ideal, and the operating revenue has continued to decline from RMB 12.6 billion in 2017 to RMB 7.45 billion in 2019. In the first quarter of 2020, Lifan achieved a revenue of 564million yuan, a year-on-year decrease of 74.88%; The net profit attributable to the parent company was -191million yuan, a year-on-year decrease of 103.06%

while the losses continued to expand, Lifan's sales performance did not improve. Data show that in the first half of 2020, Lifan sold 978 traditional passenger cars, a year-on-year decrease of 95.29%; 549 new energy vehicles were sold, a year-on-year decrease of 56.32%; The cumulative sales volume of motorcycles was about 213500, a year-on-year decrease of 29.03%

not only that, since this year, negative news such as high debt, internal fights among subsidiaries and mass recalls have frequently sent Lifan to the hot search. According to the announcement of Lifan shares, as of June this year, Lifan had involved 392 lawsuits (arbitrations), involving an amount of 2.906 billion yuan; There are 181 other litigation and arbitration cases with relatively small amount, involving a total amount of about RMB 164million. If Lifan shares loses the lawsuit, it will face a debt of more than 3billion yuan

on June 15 this year, Chongqing Lifan Passenger Car Co., Ltd. (hereinafter referred to as Lifan passenger car) announced that from July 1, 2020, it would recall some of the Lifan 650ev300 pure electric vehicles produced from December 11, 2017 to December 31, 2018, totaling 3651. In addition to the 6431 vehicles recalled in june2018, Lifan passenger cars has recalled more than 10000 electric vehicles in the past two years

cuidongshu, Secretary General of the passenger car market information joint meeting, believes that the biggest reason why Lifan is on the verge of bankruptcy is that the product line is old and lacks effective product input. "In addition to the problems in product technology, Lifan's marketing has not kept up with the pace of the market, and there are great problems in the management system. The family management is too strong." Cao he said

today's mired sails are not without highlights. Lifan, which started with motorcycles, once achieved an annual production and sales of more than 2 million motorcycles, and its business has expanded to more than 160 countries and regions around the world. From its establishment in 1992 to 2001, Lifan sold 1.84 million motorcycle engines in total, with a revenue of more than 3.8 billion yuan. Driven by Lifan, the production and sales of motorcycles in Chongqing have ranked first in the country for many consecutive years. The annual production and sales in 2002 account for 2/3 of the domestic market and 1/2 of the export market

2003, affected by the "no motorcycle" policy, Lifan motorcycle lost its aura and made a loss. Under the leadership of yinmingshan, Lifan began to enter the automotive industry. In 2006, Lifan 520, the first Lifan car, was put into the market. In 2010, Lifan was officially listed on the Shanghai Stock Exchange, becoming the first private listed auto company in the A-share market

it is worth mentioning that in June this year, some investors asked the Secretary of Lifan Co., Ltd. why he did not vigorously develop the motorcycle business, but engaged in the automobile business he was not good at. In response, the Secretary of Lifan Co., Ltd. responded: "the company's motorcycle is a long-term advantage and will continue to be carried forward to do better and stronger."

however, in the ten years since its launch, Lifan's product line has been updated slowly. At present, there are 7 models on sale, and more than half of the models are launched before 2017. Due to low monthly sales and serious losses, a large number of Lifan dealers chose to return in 2019

Yin Annie, a post-90s generation, was appointed in the face of danger.

when Lifan first started to build cars, she wanted to completely own intellectual property rights. The first car was the product of this idea. However, the sales volume was not ideal. Later, I changed my thinking and started from imitation

after a short-term increase in sales, Lifan's traditional fuel vehicle business fell into a bottleneck. In 2015, yinmingshan announced that Lifan would enter the new energy automobile industry on a large scale, not only to build cars, but also to get involved in the fields of shared cars and driverless vehicles. Yinmingshan tried to catch the wind once again to achieve the "strategic goal of overtaking in curves". However, the subsequent fraud incident caused a fatal blow to Lifan's transformation into new energy

in October 2016, Lifan Co., Ltd. announced that its subsidiary Chongqing Lifan Passenger Car Co., Ltd. had received the disposal decision issued by the Ministry of finance. The company had 2395 vehicles that did not meet the conditions for applying for subsidies for new energy vehicles, involving a subsidy fund of RMB 114million from the central government. The central government did not grant subsidies to the above-mentioned new energy vehicles, and canceled Lifan passenger car's 2016 central government subsidy fund allocation qualification. More seriously, Lifan was withdrawn from the production qualification of new energy vehicles and fined more than 100 million yuan

since then, Lifan has focused on time-sharing leasing, auto finance, hydrogen fuel vehicles and other fields, but they all achieved little and ended in failure. In 2019, Lifan announced to adjust the business development focus of the company and refocus its motorcycle business. However, from the current situation, Lifan motorcycle business is not optimistic

in addition to the failure to catch up with the tuyere, some people believe that the lack of a strong successor for Lifan after yinmingshan is also one of the important reasons for his failure. Public information shows that Yin Mingshan has a son and a daughter and has no intention to take over. According to media reports, Yin Xidi, the son of Yin Mingshan, is very fond of sports cars. He once became the first owner of Bugatti Veyron in China with 30million yuan of seamless two-way transmission; His daughter yinsuowei has been studying abroad for many years, and they are only directors of Lifan shares

"Lifan is in decline after 80 days. Lifan has taken off with successors. Lifan has made detours and is ashamed to disappoint the merchants. Now, on the smooth road, the factory merchants are both rich. The merchants take care of Lifan, and Lifan is proud; Lifan is enchanting, and old Yin is carefree." On march28,2017, Yin Mingshan improvised poems at the new car launch and announced his retirement

subsequently, Lifan's operators kept changing like a lantern, and the turbulence of the company's management continued. Until April this year, at the first extraordinary general meeting of shareholders in 2020 held by Lifan, yinanni, yinmingshan's granddaughter, came to the stage and served as the shareholder supervisor of the Fourth Board of supervisors of the company. The first "three generations" of yinmingshan's family entered the management of listed companies, which is regarded as the "self-help" of yinmingshan and Lifan

according to public information, as Yin Mingshan's eldest granddaughter, Yin Annie was born in 1995, graduated from the University of California Irvine in 2017, majoring in economics, and is now the vice chairman of Lifan holdings. Yinmingshan himself said frankly that yinannie is still a graduate student, so she took a year off to familiarize herself with the company's business. "It is difficult for enterprises now, so she is required to return to China to experience in enterprises and help them to bail out." Yinmingshan said

however, judging from the current situation, it is difficult for yinanni to turn the tide

in addition, since June this year, there have been reports that Geely is about to take over panlifan. A few days ago, some media reported that Geely Automobile's acquisition of Lifan shares is a foregone conclusion. At that time, Lifan shares will only retain the motorcycle sector, and the rest, including shell resources, production qualifications and financial licenses of listed companies, will be taken over by Geely Automobile. In response, the relevant person in charge of Geely Holding Group responded to the daily economy: "I don't know about this."

as early as late June, Lifan Co., Ltd. issued an announcement in response to Geely's acquisition rumors, saying that after verification with the actual controllers yinmingshan, chenqiaofeng, yinxidi, yinsuowei and the controlling shareholder Chongqing Lifan Holdings Co., Ltd., the relevant media rumors were untrue. At present, it has not discussed the acquisition or capital injection with a third party and has not reached any intention

in cuidongshu's opinion, Geely's probability of taking over panlifan would not be too high if it was not based on the effective support of the local government or other factors valued by the enterprise itself. "Generally speaking, car companies will not buy such tail enterprises. They will also benefit from building their own factories. Generally, there is a heavy burden on acquisitions."

at present, the impact of the epidemic is accelerating the reshuffle of the automobile industry. In Cao he's view, there will be 4-5 tail car companies "falling down" this year. Can Lifan, who is in deep trouble, set sail again? The industry will continue to pay attention

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