Is the "debt collection of 798 million yuan" driving Yin Mingshan to a dead end or leaving a way out?

18 went to prison, made a living in the sea at the age of 47, and entered the automobile and motorcycle industry at the age of 54, creating the largest motorcycle dealer in China ... Now, Yin Mingshan, the richest man in Chongqing, is in his twilight years, and he has to face Lifan Group, which has already broken the wall. In addition to lamenting the ruthlessness of time, Yin Mingshan also realized that there was not much he could do for future generations.

On April 2, Lifan Industrial (Group) Co., Ltd. announced that its subsidiary, chongqing lifan Passenger Car Co., Ltd., had received the Notice of Participation in Arbitration and the Application for Arbitration from Chongqing Arbitration Commission. Due to the dispute over the sales contract between Lifan passenger car and Chongqing Panda Automobile Co., Ltd., Panda Automobile has formally submitted an arbitration application to Chongqing Arbitration Commission.

As the amount of arbitration application is as high as 798 million yuan, the outside world can't help but think that this move may be a "fatal blow" to Lifan Group, which is already heavily in debt. I don't know that Yin Mingshan's ambitious move, which is closely related to Lifan Department, is actually the last effort he can make for his family when he is very old.

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100000000000000000000000000-Quantity supplement?

According to the announcement issued by Lifan, the arbitration request was put forward by Panda Motor, and Lifan passenger car was also listed as the respondent. Panda Motor * * * proposed five arbitration amounts, including loss of assets, loss of income, loss of traffic insurance and loss of rental of parking lot, and the application amount was clearly 798 million yuan.

It is understood that the reason why Panda Motor initiated the arbitration application is related to nearly 10,000 new energy vehicles purchased from Lifan Group during its initial operation. 20 15 panda plans to buy a large number of new energy vehicles from lifan passenger car due to its own business needs. Subsequently, on June 25 of the same year, the two sides signed the Framework Agreement on the Purchase of New Energy Vehicles and reached an intent clause on the purchase and sale of vehicles. After the signing of the framework agreement, both parties and their designated companies signed a detailed purchase and sale contract for the purchase of new energy vehicles. During the period from 20 15 to 20 18, both parties and their designated companies signed a purchase and sale contract. A total of nearly10,000 vehicles were purchased.

Subsequently, Lifan passenger cars delivered this order one after another, but in the subsequent operation process, there were quality problems such as serious battery attenuation and design defects, which led to the failure of most vehicles to operate normally, which in turn caused the revenue loss of Panda Automobile.

Small patrol police car

2065438+On September 26th, 2008, the two parties signed the Supplementary Agreement on the Purchase of New Energy Vehicles. It is stipulated in the agreement that if the delivered vehicles are shut down due to quality problems, Lifan passenger cars will be compensated for the loss of panda's income according to the standard of 1 10 yuan for every day when they are shut down. At the same time, the supplementary agreement also involves the loss of compulsory insurance, trailer loss and parking loss of parked vehicles. However, this part of compensation has not been paid by Lifan passenger car so far. To this end, Panda hopes to recover this part of the loss through arbitration.

Subsequently, after consulting the actual operation of Panda Car, Che Xianren found that Chongqing Panda Car Rental Co., Ltd. was established in 20 15, and its registered capital increased to 10 billion yuan in 20 17. The company is a new energy vehicle travel platform strategically invested by Lifan Holdings. Since 20 15, 1 165438 was launched in Chongqing 10, panda vehicles have been put into operation in large and medium-sized cities such as Hangzhou, Chengdu, Jiyuan, Mianyang, Zhengzhou, Wuhan and Guangzhou.

Although the registered users of Panda Car once ranked among the top time-sharing companies in China, due to the uncertainty and heavy operating burden of the time-sharing industry in the future. Therefore, the company has been unprofitable since its establishment. According to the report released by Aurora Big Data in 20 19, from 20 17 to 20 18, the accumulated financing amount of Panda Automobile was only15.75 million yuan, which was also from Lifan Group. In other words, the arbitration income of this travel company is likely to be the biggest income of this company so far.

"insatiable greed" became the most popular opinion on Panda Travel Company that day.

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Why did Panda apply for arbitration in Lifan?

Since the establishment of Lifan Group on 20 15, the relationship with Panda Automobile has been clearly regarded as a strategic investment, and it has been repeatedly emphasized that Panda Automobile has been operating independently. Even two years after the company was founded, that is, when Panda increased its registered capital, Lifan Group appeared as a shareholder, owning 15% of the shares. However, after we have a detailed understanding of the equity relationship of this company, the shadow of Lifan Department within Panda is very clear.

Panda car CEO? Gaoyu

According to the data, the legal representative of Panda Motor is Yin Mingshan, founder of Lifan Group. Before the capital increase, Panda Motor and Lifan were all owned by Lifan Holdings, and Lifan Holdings held up to 60% of the pandas. The remaining shares are held by Chen Wei, vice chairman of Lifan Group, and gaoyu, CEO of Panda, holds 20%.

It is understood that such equity distribution has a lot to do with Lifan's beautiful vision of panda travel. As a wholly-owned company of Lifan Holdings, Panda Automobile can hand over the sales profit after purchasing its products, and Lifan Holdings will pass this part of the income back to Panda Automobile. What's important is that Lifan Group had hoped to let Panda Car go public independently, so the transfer of sales profit may directly affect the valuation of Panda Car.

Since we have a close relationship with Lifan, why did Panda apply for this arbitration?

According to the previous financial report issued by Lifan, the net profit attributable to shareholders of listed companies in 20 19 was -49.38+0? 100 million yuan, which is expected to be less than the same period last year? 52.34? 1 100 million yuan, a year-on-year decrease? 2068.77%。 According to the company's first three quarterly financial reports, Lifan's bank loans have reached as high as? 127.82? 1 100 million yuan, with most loans from non-bank financial institutions? 104.86? 1 billion yuan.

Yin Mingshan, founder of Lifan Group

More importantly, as of the end of 20 19, Lifan passenger car * * * was listed as the executor for as many as 20 times; Lifan Industry involved in six cases, mainly caused by disputes over sales contracts, bills recourse disputes and labor disputes. Lifan shares are back? 6? Major litigation, arbitration and disputes with auto parts companies, commercial factoring companies, financial leasing companies and trust companies. , involving the net amount of cases or lawsuits? 12.8? 1 100 million yuan, the debt risk makes Lifan Group's capital flow ratio currently only? 0.7 15。

In order to prevent the company's capital chain from breaking, the Chongqing Municipal Government set up a "Creditor's Rights Committee" last year to prevent Lifan Group from going bankrupt due to debt problems. Considering the operating conditions of the parent company, some people like car prophet said: "Panda's application for arbitration may be related to Yin Mingshan's desire to preserve its assets.".

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What is the significance of arbitration?

Although Lifan's financial crisis has been tried to be solved by the "Debt Committee" led by Chongqing Municipal Government, it does not mean that Lifan's problems can be solved by the Debt Committee.

Popular understanding, the full name of the debt Committee "? Creditor Bank Committee? "Is it a difficult enterprise with large debts? 3? A consultative, self-disciplined and temporary organization initiated by more than 50 credit banking financial institutions, although its promoters are banks or financial institutions, the core duties of the debt committee are not only to resolve bad debts of banks and safeguard the legitimate rights and interests of financial institutions, but also to enhance the solvency of enterprises.

In Chongqing, the Debt Committee chose "? How big is the bank loan? 3? More than 100 million yuan, and the bond banking institutions have reached? 3? More than one company? " ? Set up a debt committee. After the formation, pass? "? One enterprise and one policy? ”？ Formulate policies to help debt restructuring and asset preservation as much as possible through measures such as increasing loans, stabilizing loans, reducing loans and restructuring.

However, this remedy is difficult to really solve the dilemma faced by Lifan. Just at the end of last year, the relevant person in charge of Lifan Group publicly expressed the problems encountered in the daily operation of the company. He said: "Affected by the domestic automobile industry, the company's funds are tight, and the income from automobile business has dropped significantly; At the same time, affected by the state's deleveraging, the company's external financing is difficult, and the high financial cost affects profits. "

The data shows that the cumulative sales volume of Lifan Motor in 20 19 was 22,536 vehicles, down 75.52% year-on-year; The cumulative sales volume of new energy vehicles was 30,965,438+0, down 69.49% year-on-year.

Business is shrinking, funds are tight and profits are poor. Lifan's difficulties are obviously not a day or two. It is understood that Lifan's fall occurred on 20 18. According to the company's performance report of that year, Lifan Group began to speed up the disposal of idle assets and revitalize assets in 20 18.

The third quarterly report of Lifan Co., Ltd. in 2065438+2009 shows that the company's non-current assets disposal loss is1.1.50 billion yuan, that is, the funds obtained from asset disposal are less than the book value. The implication is that Lifan has been supplementing the company's funds by disposing of assets at a discount.

Before this, some media broke out, selling teams, houses, factories and qualifications? ..... Lifan has sold everything it can. Seemingly difficult to maintain, it seems that it has already become the normal state of Lifan Group.

For this reason, the above-mentioned insiders speculated: "Considering the relationship between Panda and Lifan, it is not excluded that Yin Mingshan will preserve certain assets through this move and leave a way out for his family." Facing the current situation of Lifan, arbitration preservation can only be one of the few things that Yin Mingshan can do for his family.

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