On June 25, st Zhongtai announced that the company had received a reply from Zhibo Investment forwarded by Zhejiang Jingheng to the Reply Letter. According to the relevant provisions of the Confidentiality Agreement signed by Zhibo Investment and the company in February 2020, Zhibo Investment decided to terminate its investment in the company.

Prior to this, on May 12, st Zhongtai had received a notice from Shanghai Zhiyang, one of the two interested investors, and decided to postpone the investment in the company.

Looking back recently, although Zotye Automobile's production and operation have been in a state of stagnation, its annual report performance is also a huge loss of more than 654.38 billion yuan, which is on the verge of bankruptcy. However, due to the reorganization of 5438+ 10 in June, many investors still place "high hopes" on st Zhongtai.

Since then, under the constant promotion of various "favorable", st Zhongtai has not let investors down. In just half a year, its share price rose as high as 455%, and it became the "daily limit king" this year with a daily limit of 6/kloc-0.

Now, the stop button has been pressed for the restructuring of Zotye Automobile. In the uncertain future, where will Zotye Automobile go? Can the former domestic car boss wait for a new "white knight"?

Zotye Automobile must be a list of successful companies relying on "shanzhai".

According to the data, Zotye Automobile was established in 2003, starting from Yongkang, Zhejiang, with the support of many large local auto parts enterprises.

In 2003, the domestic automobile market flourished, and joint-venture brands occupied most of the automobile market, while domestic brands such as BYD, Chery and Geely just emerged. Because the limelight of the joint venture brand was too strong at that time, Zotye Automobile chose a trick: instead of taking the road of independent research and development, which joint venture brand sold well would copy the appearance of which car.

In 2005, Zotye Auto's first model "Zotye 2008" rolled off the assembly line. It adopts the mold of Toyota Terry, and its appearance and interior are completely copied from Toyota Terry. After it was put on the market, the response was not bad. So in 20 12, Zotye Motor introduced Zotye Z300. Because this car is very similar to Toyota's ALLION, sales have been good.

In the context of the continuous decline in domestic automobile sales at that time, the contrarian growth of Zotye Automobile surprised the market.

After tasting the sweetness, Zotye Auto became addicted to the cottage. In 20 14, Zotye T600, Zotye Z 100 and Zotye SR9, which are very similar to Audi Q5, Alto and Porsche Macan, were introduced respectively.

"Baoshitai", which was ridiculed by the public, went on the market in 20 14, which was also a bumper year for Zotye Automobile, with sales reaching166,000 vehicles. In the following three years, the sales volume continued to climb, and the sales volume in the peak period of 20 17 exceeded 300,000 units.

However, the good times did not last long, and this "strange trick" in the past began to bite back. By 20 18, Zotye's spare parts began to have frequent problems-oil leakage from shock absorber, abnormal steering system, abnormal engine noise, abnormal gearbox noise, engine setback and so on. Zotye's sales began to plummet.

As you can see, Zotye Auto is on the verge of bankruptcy.

In the past two years, Zotye's business has gone from bad to worse, and news of bankruptcy came out at the beginning of this year.

Under the influence of the decline in performance, Zotye's share price is also falling. This year 1 month fell to 1. 14 yuan, only one step away from the "delisting line" of 1 yuan.

However, just when everyone thought Zotye could not escape from the market, a new turn appeared.

On 65438+ 10/2, zotye motor announced the progress of public recruitment of investors, saying that two prospective investors had paid the corresponding confidentiality deposit and intention deposit, and began to carry out specific due diligence work after paying the deposit.

Just after the disclosure of this announcement, Zotye Auto's share price began to bottom out, first with a continuous daily limit, and then fluctuated upwards.

According to statistics, as of June 29th, Zotye Automobile has gained 6 1 daily limit, becoming the "king of daily limit" this year, and its share price has also risen by 455% in just half a year, far from reaching the "delisting line" of one yuan.

However, because the stock price rose too fast and deviated from the fundamentals, Shanghai Zhiyang and Zhibo, two investors who were interested in investing, suspended their investment and directly terminated their investment, which shattered Zotye's dream of restructuring.

After the failure of restructuring, the prospect of Zotye Automobile is not optimistic.

At present, there are three mountains in front of Zotye Automobile: one is excessive debt, the other is shareholder reduction, and the third is backward technology.

In terms of liabilities, Zotye Auto's financial situation is extremely pessimistic, with total liabilities reaching 654.38+04.353 billion and asset-liability ratio reaching 654.38+048.26%, which makes it insolvent. In breakdown, its current liabilities13.839 billion, short-term loans 5.283 billion, but its monetary funds are only 432 million.

Heavy debts make Zotye struggling, and the hope of resuming business is slim. At the same time, the high debt has discouraged many investors.

After the stock price soared, Great Wall Changfu Investment Fund Partnership, the major shareholder holding 65.438+0.43 billion shares, and Wuhan Tianfeng Zhixin Investment Center, the second shareholder holding 65.438+0./kloc-0.80 billion shares, both disclosed the announcement of reducing their holdings, and they will reduce their holdings by 46.5438+0.08 billion shares and 65.438+0./kloc-0.80 billion shares respectively. This crazy reduction plan is not only bad for

In terms of technology, due to the rapid upgrading of new automobile technologies, especially domestic automobile enterprises have transformed into electric vehicles. However, in recent years, due to poor management, most of Zotye's factories have stopped working, making it difficult for electric vehicle technology to keep up.

On the whole, Zotye's prospects are hardly optimistic. If Zotye can't wait for the "white knight", its follow-up may only leave bankruptcy.