A month ago, it might be a bit premature for Geely to take a share in restructuring Lifan. After all, it was only announced at that time as an intentional restructuring investor. Today, a month later (November 1th), Lifan shares also officially released the reorganization plan (draft). At this point, the result that the market has been expecting for a long time has finally surfaced: Geely has invested in restructuring Lifan.
so what exactly is Geely's shareholding in lifan for?
According to relevant media reports, Lifan recently said at the second extraordinary shareholders' meeting in 22 that once the reorganization work is completed, Lifan will first mass-produce the 8V pure electric MPV Maple Leaf of Geely Science and Technology Group, and the power exchange business of Geely Science and Technology Group will also be injected into Lifan soon.
On November 1th, Lifan Motor announced that on August 21st, 22, Chongqing No.5 Intermediate People's Court ruled the case of Lifan's share reorganization in accordance with the law, and made a (22) Chongqing 5? Broken? 193? No. "Decision", the liquidation group of Lifan Company was appointed as the manager of Lifan Co., Ltd., responsible for carrying out various reorganization work. In this reorganization, the administrator confirmed that Geely Maijie Investment Co., Ltd. (hereinafter referred to as "Geely Maijie") and Chongqing Liangjiang Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Liangjiang Fund") became investors who intend to reorganize through public recruitment.
The announcement pointed out that industrial investors will provide Lifan with high-quality industrial resources, including but not limited to helping to build listed companies into the only listing platform for Geely Science and Technology Group's battery-changing vehicles, and taking the opportunity to inject high-end intelligent networking battery-changing business, and introducing the production of battery-changing new energy vehicles, the integration opportunities between automobiles and Motocom industries, and industrial technical support to the company through asset restructuring.
For Geely, it will further seize the new energy market and accelerate the pilot promotion of the power exchange model. As can be seen from the reorganization plan, Geely will help build Lifan into the only listing platform for Geely Science and Technology Group's battery-changing vehicle manufacturing, and choose the opportunity to inject high-end intelligent network-connected battery-changing business.
therefore, Geely took over lifan, aiming at the new outlet supported by the policy-power exchange mode. In addition, in the government work report of the two sessions this year, the power station was included in the category of "new infrastructure" for the first time; In July, Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology, revealed that it will continue to vigorously promote the construction of charging and replacing infrastructure for new energy vehicles, improve relevant technical standards and management policies, and encourage enterprises to develop battery replacement models according to applicable scenarios; The "New Energy Automobile Industry Development Plan (221-235)" released on November 2 clearly pointed out that the infrastructure construction of charging and replacing electricity should be strengthened and the application of the mode of replacing electricity should be encouraged. The air outlet for changing electricity has arrived.
It is reported that Geely plans to build 35 power stations in Chongqing this year, and more than 2 power stations will be built in Chongqing by 223. After creating the perfect model of Chongqing, the power exchange mode can be quickly copied to the whole country to complete the important layout of the new energy sector.
lifan? Lifan
Lifan Industrial (Group) Co., Ltd. was founded in 1992, mainly engaged in the development and production of automobiles and motorcycles, engines and vehicle accessories, and was listed on the Shanghai Stock Exchange in 21, making it the first private passenger car enterprise in China to list A shares. As the founder of Lifan, Yin Mingshan has always been regarded as a "legend" by the outside world.
lifan automobile has never had a "legend". According to the financial report of Lifan Co., Ltd. in 216, its net profit after deduction showed a loss of 261 million yuan for the first time, which also means that since 216, there have been some problems in Lifan's main business. By 218, Lifan's non-profit deduction loss will continue to expand to-2.15 billion yuan, and in 219, the non-profit deduction loss will continue to double to-4.4 billion yuan. In 219, Lifan Motor's revenue was 7.45 billion yuan, down 32.36% year-on-year, achieving two consecutive declines in revenue, and the attributable profit was the first loss in recent years, reaching-4.68 billion yuan.
This year, *ST Lifan achieved an operating income of 1.584 billion yuan in the first half of this year, a year-on-year decrease of 69.42%; The net loss was 2.595 billion yuan, a loss of 947 million yuan in the same period of last year, an increase of 173.99%. Total assets are about 16.96 billion yuan, net assets are only 16 million yuan, down 96.12% year-on-year, liabilities are as high as 16.77 billion yuan, and asset-liability ratio is as high as 98.87%.
on the one hand, it is financial data that can't make ends meet; on the other hand, Lifan's debt is getting higher and higher, and the worse financial figures push this earliest private listed car company to the edge of life and death. According to the announcement in August this year, Lifan involved 1,178 lawsuits (arbitrations), involving an amount of 5.37 billion yuan. By September 18, 22, 62 creditors had declared their claims to Lifan Holdings Manager, and the declared amount was as high as 6.895 billion yuan.
if the risk of bond redemption and the failure to repay the balance of 53 million yuan bonds are the direct reasons for Lifan's current situation, then product technology and management are the fundamental reasons for Lifan's demise. Relying on imitation, without core technology, entrenched in the low-end market, and not paying attention to product quality and enterprise operation and management, Lifan finally reaped the consequences.
To sum up, Shifeng Energy, a subsidiary of Lifan, was specially established for the development of new energy industry, and its main business is to build and operate energy stations and electric inns, which is in line with the development direction of Geely's future power exchange business. However, in response to relevant media reports, Geely Technology Group responded that "everything is subject to the announcement of listed companies".
This article comes from the author of Chejia, car home, and does not represent car home's standpoint.