Lifan was founded at the age of 50 and became the richest man in Chongqing at the age of 72. Three years after Yin Mingshan retired, the expectation of "Lifan enchanting, Laoyin enchanting" fell through. (see: exclusive depth? |? Yin Mingshan, 80, didn't wait for a successor, but for the endangered Lifan. On the evening of June 65438+1October 65438+March, the listed company *ST Lifan disclosed the news that Yin Mingshan and his family were put on file for investigation by the CSRC.

Lifan shares are in a critical stage of bankruptcy and reorganization, and introducing new investors and new funds is the key to salvation. Previously, the white knight jointly established by the local government and Geely Department became the intention reorganization party, making *ST Lifan (60 1777. SH) soaring all the way. Nowadays, the CSRC has investigated the Yin family, the actual controller, which makes the outside world talk about it and worries creditors.

Some market participants believe that the investigation by the CSRC has limited impact on the bankruptcy and restructuring of *ST Lifan. "The investigation should not cause substantial obstacles to bankruptcy and reorganization, and it can be investigated while reorganizing." Xu Feng, a senior partner of Shanghai Chuangyuan Law Firm, analyzed ID: Carcaijing, saying that clearing up violations in advance will help create a good entry environment for new investors. * Relevant persons of ST Lifan told Traveler (ID: carcaijing) that the company's production business will proceed as usual. ?

From 20 10 to 2020, Lifan turned from prosperity to decline in ten years. In the great changes in the automobile industry, small car companies tried to make waves, but unfortunately fell. There are also enterprises that are struggling to find their favorite successors in the process of transforming from family governance to modern governance. Now, after Geely's intervention, where Lifan will go is still a mystery.

A paper notice made people who pay attention to Lifan feel refreshed again.

On the evening of 10 13, *ST Lifan announced that the controlling shareholder Lifan Holdings and the actual controllers of the company, Yin Mingshan, Chen Qiaofeng, Yin Xidi and Yin Suowei, had received the Notice of Investigation issued by the CSRC. Because Lifan Holdings, Yin Mingshan, Chen Qiaofeng, Yin Xidi and Yin Suowei were suspected of violating laws and regulations in information disclosure, the CSRC decided to initiate an investigation.

Chen Qiaofeng, who was investigated together, is Yin Mingshan's second wife, while Yin Xidi and Yin Suowei are Yin Mingshan's children.

According to the announcement, Lifan Holdings is the controlling shareholder of *ST Lifan, holding 47.08% of the company's shares. Yin Mingshan, Chen Qiaofeng, Yin Xidi and Yin Suowei all hold directorships in the company, and the above four directly hold 0.49% of the shares of *ST Lifan; The above four people indirectly hold 47.08% shares of *ST Lifan by holding shares of Lifan Holdings. ?

Coincidentally, in the morning, the first creditors' meeting of the reorganization case of *ST Lifan and ten wholly-owned subsidiaries was held. At the meeting, relevant managers clearly pointed out that the key to Lifan's restructuring is to introduce new investors and let the final funds land smoothly. ?

In the face of the sudden inspection, public opinion was in an uproar. Some people worry that the Yin family, the real controller of *ST Lifan, will be deeply involved in the investigation, or it will interrupt the survival of *ST Lifan. In fact, this investigation has long been traceable. ?

In March this year, *ST Lifan disclosed the situation of self-inspection and illegal guarantee: from June 20 18 to June 2020, *ST Lifan illegally provided guarantee for the controlling shareholder Lifan Holdings' external loan. At that time, the loan balance was 550 million yuan, and the guarantors were Fudian Bank and Industrial and Commercial Bank of China. 200 million yuan of the above guarantee will expire on March 2, 20201. In April, 2020, *ST Lifan disclosed information that Fudian Bank and China Industrial and Commercial Bank sent letters to confirm the cancellation of all the above guarantee responsibilities of the company and its subsidiaries.

At that time, *ST Lifan's explanation was that the handling personnel misunderstood the guarantee matters and thought that the guarantee matters were not in the credit information system, but only the formal requirements within the bank. When the bank asked the company to provide and issue relevant documents, the internal audit was not strict and there was negligence, and it was not deeply realized that the act was a violation guarantee.

Relevant persons close to *ST Lifan confirmed to the traveler (ID: carcaijing) that it was the above reasons that triggered the investigation by the CSRC. ?

"The investigation should not cause substantial obstacles to bankruptcy and reorganization, and it can be investigated while reorganizing." Xu Feng, a senior partner of Shanghai Chuangyuan Law Firm, told Traveler (ID: Carcaijing) that the actual controller of this investigation is not a listed company, and the conclusion of the investigation should be within the expectations of all parties, and the impact will not be great. ?

In Xu Feng's view, the survey also has a positive side: in the face of problem enterprises, intermediary companies try their best to find out that investors entering the market are most afraid of being caught up in sudden discovery of hidden problems. Nowadays, clearing up violations in advance will help create a good entry environment for new investors. ?

At the high-light moment of 20 10, Lifan became the first private passenger car company in China to be listed on the A-share market as a whole, and its market value once rushed to more than 30 billion yuan. At the age of 72, Yin Mingshan became the richest man in Chongqing, with family book assets exceeding110 billion yuan.

It is very appropriate to use this historical term to describe Yin Mingshan's "frolicking". "I don't want Lifan to get old like me." Yin Mingshan has been trying to keep up with the trend of each era. ?

Lifan's automobile strategy has been settled, but unfortunately it missed the key window period. New energy vehicles and auto finance are two innovative businesses, but their bad luck has been repeatedly hit by policies: the subsidy policy of the former fluctuates frequently, and the emission standards of traditional fuel vehicles are constantly strict, which leads to uncertain production of enterprises; The latter is caught in a P2P puzzle, coupled with strict financial supervision, which not only fails to feed back production, but also falls into a risk whirlpool. Yin Mingshan, who is keen on innovation, guessed the beginning right, but didn't guess the development of the plot. He did not fully enjoy the policy dividend, but increased his risk exposure and finally lost money. ?

For small enterprises, new energy vehicles belong to a policy city that depends on the weather for food. When the industrial chain is not yet mature, power batteries have become the scarcest resource. Due to the imbalance between supply and demand, some suppliers make up for it, which brings risks to the products. Lifan failed to declare the battery supplier in time due to the untimely delivery. This in turn triggered the accountability of the Ministry of Finance. ?

Fang, a global partner of roland berger, believes that some marginal car companies once seized the dividend of the times, but failed to make efforts to build product strength and improve lean level in time, resulting in high development cost and difficult cost and quality control. When the market went down, it suddenly fell into the abyss. ? He added that in the current market environment, in order to meet the escalating needs of consumers, big car companies not only strengthen product strength, but also spend money to provide services. The product cycle is getting shorter and shorter, which makes small and medium-sized enterprises suffer greatly. ?

In the complex market environment, Lifan's traders have changed like a lantern. ? At the beginning of the listing of 20 10, Yin Mingshan proposed "retirement after three years": Lifan should introduce modern enterprise system and become a public company; The chairman and president will consider talents outside the family, but they will also recommend talents and will not avoid relatives. ?

Since 20 15, Yin Mingshan has repeatedly mentioned retiring, and hinted to the outside world that his chosen professional successor, before the position of chairman was officially handed over to 47-year-old Mou Gang and 33-year-old Kyle in 20 18, the former president Shang You resigned, and Chen Wei, who was heavily poaching in Yin Mingshan, was also given timely help. ?

2065438+August 2009, Lifan's vice chairman and chief engineer Chen Wei, director and president Kyle, non-independent director Yue Chuan and vice president Xu Dong all applied for resignation for personal reasons. Instead, he was appointed as the president, and Deng,, and were appointed as the company's vice president. ?

Yin Mingshan has a son and a daughter, and they have no intention of succession. It is reported that his son Yin Xidi loves sports cars and spent 30 million yuan to become the first owner of Bugatti Veyron in China. My daughter Yin Suowei is studying abroad all the year round. They are only directors of Lifan.

Earlier, Yin Mingshan had admitted that he was willing to learn from Ford and let the board members choose from family members and management. Whether you can take over depends on your ability, and then everyone will vote. ?

Just when Lifan was in trouble, Yin Mingshan appointed Yin, the eldest daughter, as the shareholder supervisor of the fourth Board of Supervisors, and helped her sit on the throne of the new vice chairman of Lifan Holdings. Yin was born in 1995, so she dropped out of school for a year and returned to China to take over the baton. ?

Today, Lifan is struggling to support by motorcycle business.

In September this year, on the eve of China International Motorcycle Expo, Lifan specially held a new product launch conference in the factory. A motorcycle media person attending the meeting told Traveler (ID: Carcaijing) that Bai Yang, president of Lifan Group, bluntly stated in his speech that bankruptcy reorganization is not bankruptcy, but aimed at enterprises with reorganization value, so as to fundamentally restore their sustainable operation ability and realize the renewal and reconstruction of enterprise value.

The motorcycle business can't move Lifan, which is heavily in debt. In August this year, *ST Lifan started the road of judicial reorganization.

The semi-annual report of 2020 shows that Lifan's revenue in the first half of this year was 65.438+58 billion yuan, down 69.4% year-on-year; The net loss was 2.595 billion yuan, a year-on-year increase of 173.99%, and the asset-liability ratio reached an astonishing 98.87%. Lifan's net assets are only/kloc-0.07 million yuan. In the same period, *ST Lifan traditional passenger cars only sold 978 vehicles, down 95.29% year-on-year; New energy vehicles sold 549 vehicles, down 56.32% year-on-year.

The Chongqing Municipal Government, which ordered the formation of the Debt Committee, once again extended a helping hand. Chongqing Liangjiang Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Liangjiang Fund") and Geely Major Investment Co., Ltd. (hereinafter referred to as "Geely Major") have become investors interested in restructuring. According to enterprise survey information, Geely Maijie is a wholly-owned subsidiary of Geely Science and Technology Group, which is wholly-owned by Chongqing Liangjiang New Area Management Committee. ?

Due to the appearance of "white knight" Geely, the share price of *ST Lifan once rebounded, rising from 3.4 1 yuan to 6.45 yuan/share, an increase of 90%. ?

The major shareholder of Geely Automobile is Geely Technology Group Co., Ltd., and the actual controller is Li Shufu, chairman of Geely Holding Group. Some analysts believe that, on the one hand, the shell resources, land assets, financial licenses or Geely's heartbeat of Lifan listed companies. On the other hand, Lifan Automobile Chongqing production base can enjoy certain dividends in industrial support and local policies, which will help Geely eat the southwest market and improve the national production and marketing network. ?

Neither Lifan nor Geely commented on the future cooperation between the two sides, because of the existence of confidentiality agreement and the fact that the negotiations involved many creditors. (Editor/Liu Dongfeng)

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.