? The shareholders of Brilliance Group are the State-owned Assets Supervision and Administration Commission of Liaoning Provincial Government and Liaoning Social Security Fund Council (provincial industrial (venture) investment guidance fund management center), holding 80% and 20% respectively. According to the bond rating report issued by Oriental Jincheng, by the end of 20 19, Brilliance Group had 34 first-and second-tier subsidiaries, including 4 listed companies, namely Jinbei Automobile, Shenhua Holdings and Hong Kong stock companies Chen Xin Electric Power and Brilliance Chi.
? Brilliance Group disclosed that it is uncertain whether the application can be accepted by the court. However, for Brilliance Group, which is deeply involved in the debt crisis, entering the reorganization procedure may be the best and effective way to solve the problem.
Behind the debt crisis of Brilliance Auto, the plight of the main automobile industry is hard to hide, and independent brands and joint venture brands are polarized.
The performance of Brilliance Group has long been mainly supported by BMW Brilliance, a joint venture. Independent brands are in a state of serious losses, and their business performance continues to decline. At present, the debt risk is not only affected by the outbreak of COVID-19 epidemic this year and the overall decline of the automobile industry market, but also related to long-term scattered foreign investment, weak product research and development and poor management. It is reported that in recent years, many enterprises with independent brands have stopped production or semi-stopped production, and only two products, China V3 and V7, are produced by independent brands, but the sales volume is sluggish.
Brilliance Auto's semi-annual bond report in 2020 shows that the total liabilities of the Group are 65.438+032.844 billion yuan. After deducting goodwill and intangible assets, the asset-liability ratio was 765.438+0.4%, and the balance of cash and cash equivalents at the end of the period was 32.677 billion yuan. In addition, Brilliance China's semi-annual report shows that in the first half of 2020, Brilliance China's revenue was 65.438+0.45 billion yuan and its net profit was 4.025 billion yuan. However, if the net profit of 4.383 billion yuan contributed by BMW Brilliance is excluded, it means that Brilliance China lost more than 340 million yuan in the first half of the year.