It was revealed that Yundu Auto has stopped production since February, and the funding chain has been broken.

The net assets are -30.7964 million yuan. It was revealed that Yundu Automobile has stopped production since February, and the capital chain has been broken.

It was revealed that Yundu Auto has ceased production since February, and its funding chain has been broken. 1 In August 2020, Lin Mi, who had just taken over as CEO of Yundu New Energy Automobile Co., Ltd. (hereinafter referred to as Yundu Auto), publicly stated: "Yundo will become one of the world's leading automakers by 2025.

The top three domestic pure electric vehicle brands represent China's new energy brands in participating in the global market competition. "After more than a year, Yundu Auto has gradually moved away from the above goal.

According to the announcement of Haiyuan Composite Materials (002529, SZ), Yundu Automobile has been in a state of loss since its establishment, and the capital chain has been broken.

In the first two months of this year, Yundu Auto sold only 516 vehicles in total.

Haiyuan Composite Materials also decided to liquidate its shareholding in Yundu Automobile, and the company that took over the deal was Lin Mi's shareholding company.

Today (April 13), a reporter from "Daily Economic News" called the Yundu Auto investment hotline, and the other party said that the company was operating normally.

Haiyuan Composite Materials liquidated its shareholding in Yundu Automobile. According to Haiyuan Composite Materials’ announcement on the evening of April 12, the company’s board of directors reviewed and approved a proposal to transfer 11% of its shares in Yundu Automobile to Zhuhai Yucheng Investment Center Limited Partnership (hereinafter referred to as

Zhuhai Yucheng), the transfer price is 22 million yuan.

After the completion of the above transaction, Haiyuan Composite Materials will no longer hold equity in Yundu Automobile.

Earlier, Haiyuan Composites announced in September 2015 that the company planned to invest 900 million yuan in establishing a new energy vehicle enterprise with Fujian Automobile Industry Group, Putian State-owned Assets Investment Co., Ltd., and Liu Xinwen.

Among them, Haiyuan Composite Materials invested 99 million yuan, accounting for 11%.

In December 2015, the above-mentioned new energy vehicle company (i.e. Yundu Automobile) was officially established.

Yundu Automobile is mainly engaged in the design, research and development, production, processing, sales and after-sales services, consulting services, new energy vehicle leasing and other businesses of new energy vehicles and auto parts.

Since the establishment of Yundu Automobile, the company's equity structure has undergone many changes, but the shareholding ratio of Haiyuan Composite Materials has remained unchanged.

Why do listed companies choose to exit today?

In this regard, Haiyuan Composite Materials only stated in the announcement that the transaction will help promote the exit of the company’s financial investments and non-core business assets, recover investment funds, and increase the company’s working capital.

The company expects the transaction to have a positive impact on its 2022 net profit of approximately 16 million yuan.

"Daily Economic News" reporter noted that Zhuhai Yucheng, the takeover party, had previously held 15.56% of the shares of Yundu Automobile. After this transaction, the shareholding ratio will be increased to 26.56%, and it will still be the third largest shareholder of Yundu Automobile.

The top two shareholders of Yundu Auto are Putian State-owned Assets Investment Group (holding 43.44% of the shares) and Fujian Leading Industry Equity Investment Fund (holding 30% of the shares).

Qixinbao data shows that Zhuhai Yucheng was established in August 2020 with a registered capital of 140 million yuan; in terms of shareholders of Zhuhai Yucheng, Shenzhen Qianhai Haotian Investment Management Partnership (Limited Partnership) (hereinafter referred to as Qianhai Haotian)

) and Lin Mi hold 59% and 41% of the shares respectively.

Qianhai Haotian is 100% owned by Wang Mingwang and Wang Wei, the actual controllers of Xinwangda (300207, SZ).

Lin Mi is the executive partner of Zhuhai Yucheng, and he is also the CEO of Yundu Automobile.

Yundu Auto was accused of suspending production, but the company denied it. According to the Haiyuan Composite Materials announcement, Yundu Auto is in poor operating condition.

It is said that the net profits of Yundu Automobile and its subsidiaries in the consolidated statements for each year are negative, and the losses are becoming more and more serious.

Currently, due to a broken capital chain, Yundu Auto has been suspended since February this year.

At the same time, Yundu Auto's production and operations are also greatly affected by factors such as the year-by-year decline in state subsidies and local subsidies in the new energy vehicle industry, the shortage of chips in the market, and the shortage of batteries.

"There is great uncertainty about when Yundu Auto will resume production in the future, the possible number of orders and revenue recognition, and it is impossible to make reasonable predictions about the company's operating conditions." The evaluation agency believes.

Financial data shows that as of the end of March this year, Yundu Auto's total assets were 1.652 billion yuan, and its net assets were -30.7964 million yuan; in 2021, Yundu Auto's revenue and net profit were 67.7632 million yuan and -213 million yuan respectively;

In the first quarter of this year, the company's revenue and net profit were 6.6025 million yuan and -55.7136 million yuan respectively.

Today (April 13), a reporter from "Daily Economic News" called the Yundu Automobile investment hotline. The other party denied that the company had stopped production, saying that it was still recruiting investment normally.