On June 24th, a number of media reported that Baoneng's first self-developed model suffered from "dystocia" and there was arrears in employees' wages. The 12 of each month is the payday of Baoneng, but the employees have not received the notice of salary payment. Even after the Dragon Boat Festival holiday in June 15, the salary could not be paid, and Baoneng did not give any notice.
Paradoxically, while defaulting on employees' wages, Baoneng Group has added a touch of "heavy color" to the road of building cars.
On the morning of June 15, Baoneng Group held a signing ceremony of strategic cooperation agreement with Guangzhou Development Zone. According to official sources, the headquarters of Baoneng New Energy Automobile Group Co., Ltd., a subsidiary of Baoneng, will be located in Guangzhou Development Zone.
At the same time, state-owned enterprises in Guangzhou Development Zone will invest 654.38+0.2 billion yuan in Baoneng new energy vehicles. However, in the face of this major positive, it is still difficult to hide the fact that Bao can default on employees' wages. Until June 2 1 day, except for some departments, the employees of the company were still waiting for their salaries. This makes many people curious. What about a bag that has always been rich?
There is already a "criminal record" of unpaid wages.
Under the online report about the unpaid wages of Baoneng Group, many employees in Baoneng have vomited. Baoneng Automobile is not the only employee who is owed wages. Many unlisted business units, such as logistics, fresh food, internet, mobile phone communication, etc. , but also unilaterally informed them that they could not pay their wages in May on time.
According to the introduction of Baoneng employees, there is no difference in the salary level of Baoneng, and employees who left their jobs from the end of April to May are also affected, and they can't get wages and resignation compensation.
Baoneng Automobile has a criminal record for this breach of contract. As early as February 2020, some employees of Baoneng Automobile were cut off from social security, and the employees who originally planned to settle in Shenzhen to buy a house were also miserable. Now that the year of 202 1 is over half, the year-end bonus of Baoneng Group employees has not arrived yet.
Previously, many media broke the news. Around the Spring Festival of 20021,all major sectors of Baoneng Group began to lay off employees on a large scale, with the proportion of layoffs as high as 20%-30%. Some employees even broke the news that the year-end awards issued around 20021New Year have changed from "14, 15 salary" indicated in the contract to sausages, dried oranges, soy sauce and water cups.
According to insiders of Baoneng, as of noon on June 18, there were more than 2130,000 employees in the above business sector system, most of whom were affected by salary delay.
Even with frequent internal problems, Baoneng Group tries to remain calm on the surface. According to the insiders of Baoneng, the morning meeting arranged at 8: 20 every day is still going on as scheduled. The content of the morning meeting is to sing a song, shout "I love Baoneng" and then applaud.
The first self-developed model encountered "dystocia"
Obviously, there is something wrong with the cash flow of Baoneng Group. Corresponding to the wage arrears, the GX 16 project planned by Baoneng Automobile suffered from "dystocia".
As the first vehicle project independently developed by Baoneng Automobile, the GX 16 project is positioned as a B-class pure electric SUV, which was designed and developed by Baoneng Automobile Guangzhou Research Institute. The new car was originally planned to be released on 202 1 and listed on 10.
However, according to employees, the current new car project is not progressing smoothly. Baoneng has not paid the supplier since February, 65438+2020, resulting in the project stagnation for 7 months. At the same time, because Baoneng defaulted on payment, suppliers gradually lost trust in it and their willingness to cooperate declined. Many suppliers began to refuse to continue to perform the terms of the contract, requiring Baoneng to pay first and then continue to provide products, services and support, resulting in many projects of the company being unable to submit bids.
Judging from the current situation, even if Baoneng can settle the money now, the GX 16 project has also been affected. Due to the production delay, its time to market will be delayed for at least a few months.
"Car dream" may not be sustainable.
Behind the predicament, the fact that Baoneng Group is currently in a quagmire is exposed. The powerful car is "thunder and little rain", and Baoneng Automobile faces heavy debt repayment pressure, of which the short-term debt pressure alone is as high as 65.438+098 billion yuan.
The relevant departments said that "the debt burden is heavy and the proportion of restricted assets is high. Many assets can be financed by holding, such as financial assets for sale and investment real estate. Baoneng Group also uses most of the shares held by the issuer for pledge financing, and the overall financial flexibility is weak. "
In this grim situation, the financing of state-owned enterprises in Guangzhou Development Zone has become its lifeline. However, the money of state-owned enterprises is not easy to get. I wonder if Bao can use this money to make up his salary first. The mess of new energy vehicles also needs Baoneng Group to clean up as soon as possible, and building new energy vehicles is the main purpose of this financing.
In fact, Baoneng built a car earlier than Evergrande, and Baoneng's dream of building a car began as early as 20 16. However, it was not until the dispute over Vanke's controlling stake triggered by Baoneng Department ended that Yao Zhenhua made a high-profile announcement to enter the field of new energy vehicles. In 20 17, Baoneng Group acquired 5 1% equity of Chery Qoros Automobile for 6.63 billion yuan, which officially kicked off the construction of the car.
However, behind the high-profile car building, Baoneng was told by the media that "real land was taken away and fake cars were built". On the one hand, it can be cross-border layout, on the other hand, it also solves the problems of difficulty and high price of land acquisition. It is reported that Baoneng harvested 2055 mu of land when he won Chang 'an PSA. From June 20 17 to May 2020, Baoneng built seven production bases of new energy vehicles and parts in Hangzhou, Shenzhen, Xi 'an, Guiyang, Kunshan and Fuyang, with a total investment of nearly 100 billion yuan.
At present, the Qoros car is half dead, the new energy model of Baoneng car is progressing slowly, and the excessive store size brings heavy debt pressure. Yao Zhenhua's vision of "10- 15 to build an automobile group with strong competitiveness and international influence" may only become an empty castle.
Domestic troubles and foreign invasion, staged a drama "Brothers Strong Wall"
While the external environment is harsh, Baoneng Group is also facing deep brotherhood.
According to Caixin. Com, Yao Jianhui publicly declared that he would completely quit Baoneng Group because he didn't agree with Yao Zhenhua's business philosophy. Specifically, Yao Jianhui took over Baoneng Holdings, which is mainly engaged in real estate, and handed over the shares of other Baoneng companies to Yao Zhenhua, and then changed its name to China Holdings.
In the 1990s, the Yao brothers started by selling vegetables. Yao Zhenhua's model is to open a professional vegetable market first, then a vegetable base, and then set foot in logistics business. In 2002, the Yao brothers founded Baoneng Real Estate, which marked that Baoneng officially entered the real estate field and became a giant with the tide of real estate development in the past decade.
Inside Baoneng, my brother Yao Zhenhua is privately called "big boss" by employees, and my brother Yao Jianhui is naturally a "small boss", but their business philosophy is different. Yao Zhenhua often makes waves in the capital market and is good at using financial leverage. After two years of disputes, Wanbao and Wanbao became famous in one fell swoop, and they also entered the field of car-making under the leadership of Yao Zhenhua. My younger brother Yao Jianhui is mainly responsible for Baoneng's real estate development platform, Baoneng Real Estate and Baoneng Chengfa.
Or because of the different cars, the Yao brothers have embarked on two different development paths in recent years and have different layouts in their respective investment fields. Today, Yao Zhenhua is investing and betting in financial insurance, real estate, automobiles, agricultural products and other fields, while Yao Jianhui continues to make efforts in real estate, investment, finance and other fields.
It is difficult to comment on which is better or worse, but after the separation of the Yao brothers, Yao Jianhui chose to leave the "Baoneng Department", and the future of the "dream of building a car" led by Yao Zhenhua is uncertain.
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