Tieniu Group, the parent company of China and Thailand, was ruled bankrupt by the court.

EV Vision Report 65438+On February 23rd, Zotye Automobile announced that the company had recently received a civil ruling issued by Yongkang Court. The content shows that its parent company (actual controller) Tieniu Group is seriously insolvent and lacks the ability to continue to operate, so it lacks the possibility of being saved. In accordance with the provisions of the first paragraph of Article 78 of the Enterprise Bankruptcy Law of the People's Republic of China, it is ruled to terminate the reorganization procedure and declare bankruptcy.

Tieniu Group owns two listed companies, Zhongtai Automobile and Tongfeng Electronics. The main business of the Group covers automobile manufacturing and sales, key parts, real estate, electronic materials and parts. As of February 23 this year, 65438, there were as many as 255 risk warnings under the name of Tieniu Group. It involves arrears, legal person assets freezing, court enforcement orders, equity pledge, debt contracts, etc.

According to the third quarter financial report released by Zotye Automobile earlier, the company's revenue in the first three quarters was only 98 1 100 million yuan, down 72.68% year-on-year, and its net profit was-1563 million yuan, down 105.67% year-on-year. Earlier this month, Zotye Automobile announced that its wholly-owned third-tier subsidiaries, Hangzhou Jieneng Power Co., Ltd., Hangzhou Yiwei Automobile Industry Co., Ltd. and Zhejiang Zotye Automobile Sales Co., Ltd., were all ruled bankrupt and liquidated by Yongkang Court.

In this regard, Zhongtai Automobile announced that Zhongtai Automobile and Tieniu Group remain independent in assets, business and finance, and the company's main business is currently suspended, which will not have a major impact on daily operations. The subsequent disposal of Tieniu Group's bankruptcy may lead to changes in the actual control rights of the company.

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