Yinlong, a dream of Dong Mingzhu.

10 year 10 20th, the information about the sale of Yinlong New Energy's equity once again appeared on the Ali auction platform. This is not the first time Yinlong New Energy sold its equity this year, but it is not the last time. Before 1 1, Yinlong New Energy will have two equity auctions.

In the seven auctions that have been held, Yinlong New Energy planned to sell 310.55 million shares, but only 70,000 shares were sold in the end, with a turnover rate of only 2%.

On the one hand, Yinlong New Energy is in a hurry to sell its equity, but on the other hand, at the beginning of 5438+00, Dong Mingzhu, as the first time after returning to work on National Day, took Lai Xinhua, president of Yinlong New Energy (Gree executive), to visit the Tianjin Municipal Government.

At this point, the whole situation of Yinlong New Energy is a bit unclear and incomprehensible.

Silver dragon rising in the wind

The story of Yinlong New Energy starts from 2008, which is a crucial year for the development of new energy vehicles in China. Known as the "first year of new energy vehicles" in China.

At that time, Yinlong New Energy was Zhuhai Yinlong. Boss Wei Yincang founded this company in 2008. At the beginning, the company was just a small company focusing on the research, development, production and sales of lithium batteries, but he quickly found a way out and spent 57 million US dollars (about 400 million RMB) to acquire 53.3% of the shares of American Olympic Sports on 20 10. Therefore, Yinlong has the technical strength to build nano lithium titanate batteries.

Battery is the most important sword for car companies to wrestle with the new energy vehicle market. Compared with Contemporary Ampere Technology Co., Ltd., which was founded on 20 1 1, Zhuhai Yinlong was a senior in the field of batteries at that time.

Zhuhai Yinlong wrote in the publicity about nano lithium titanate battery that it is a high-quality battery product with 6-minute full charge, with a cycle life of 25,000 to 30,000 times and a service life of 30 years.

It is precisely because of this core technology owned by Zhuhai Yinlong that Gree Dong Mingzhu looked at it as if he had found a glittering treasure.

On April 23, 20 16, the Ministry of Finance issued the Notice on Improving the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles, pointing out that the subsidy policy for the promotion and application of new energy vehicles will continue to be implemented in 20 16-2020. Therefore, after the introduction of the government subsidy policy, China's new energy vehicles have embarked on the fast track of development.

Compared with the vigorous development of new energy vehicles, Gree's home appliance market is not very optimistic.

When Gree released its financial report in 20 16, its total revenue was 100564 million yuan, down 28. 17% year-on-year. Gree needs to find new development opportunities, and new energy vehicles, a sunrise industry, are "a good deal" in Dong Mingzhu's mind.

In the same year, she announced that Gree Electric planned to acquire 0/00% equity of Zhuhai Yinlong1300 million yuan. Although the acquisition was not reached under the strong opposition of Gree shareholders, it made this little-known company famous for some time.

The unsuccessful acquisition of Zhuhai Yinlong in the name of Gree did not weaken Dong Mingzhu's interest in Zhuhai Yinlong. Perhaps at that time, Dong Mingzhu had only one belief in his heart, "The crossover car was made by Miss Dong!"

In the end, Dong Mingzhu "borrowed money to invest" and personally joined Wang Jianlin and Liu of Wanda. These three amateurs became the shareholders of Zhuhai Yinlong, and Zhuhai Yinlong was renamed Yinlong New Energy Co., Ltd.

"Gold" turned into scum electricity overnight?

20 16, Dong Mingzhu is no longer the first person to build a cross-border car in the industry.

20 14 founded weilai, and 20 14 founded Xpeng automobile, all of them are internet people. To some extent, the connection between Internet users and car-making is not as good as that in Dong Mingzhu, where the traditional manufacturing industry was born, and Yinlong, who has mastered battery technology, is the foundation of car-making in Dong Mingzhu.

Dong Mingzhu's car-making seems to be a natural success. It turns out that Zhuhai Yinlong is a pit.

After Dong Mingzhu became a shareholder in Yinlong, his personal fame injected vitality into Yinlong brand, which actually gave Yinlong two years of glory. In 20 17, the annual sales volume of Yinlong new energy bus was the fourth in China, and in 20 18, it ranked third after Yutong and BYD with an annual achievement of 7278.

The change occurred in 20 19, and the sales volume of Yinlong fell off a cliff. The annual sales volume was only 2,708 vehicles, down 62.76% year-on-year, ranking tenth in the new energy bus sales list.

In fact, the development of Yinlong New Energy in the field of passenger cars, which is in trouble in the bus market, has not risen because it has mastered the core technology of new energy vehicles.

Lithium titanate battery technology does not conform to the mainstream battery development route. Low energy density and high cost can only be barely applied to the field of new energy buses. Everything is not as loud as the original advertisement. Compared with lithium titanate batteries, the mainstream ternary lithium batteries and lithium iron phosphate batteries on the market are more suitable for passenger cars. The chances left for lithium titanate batteries in the future are almost zero.

At this time, if we look at this card which was originally considered as "King Fried" by Dong Mingzhu, it will be as useless as "Pair 3" in the end.

Inferior Effie

The bus market is obviously not Dong Mingzhu's original intention when he took a stake in Zhuhai Yinlong, but passenger cars are.

At the beginning of 20 19, Dong Mingzhu, the Iron Maiden, criticized China car companies for cutting corners in a CCTV talk show. Shortly after the end of the program, Yinlong New Energy launched the first mass-produced car Yinlong Effie, and an MPV against Buick GL8 was born.

Effie, which sells for as much as 430,000 yuan, is not as good as Wuling's appearance and the old interior in the early 1990s, which explains what Dong Mingzhu called shoddy construction, and some people in the industry call it "industrial waste".

In the end, Effie, which was listed on 20 19, only sold 2,708 vehicles, and the sales volume was bleak. Dong Mingzhu, which has a strong personal IP, still can't boost sales even though its products are weak. With the decline of new energy subsidies, the life of Effie and Yinlong will only be more difficult.

Endless shareholder infighting

Of course, the operation of Yinlong has been difficult, and this problem has not improved since Dong Mingzhu became a shareholder.

At the beginning of 20 18, Yinlong New Energy was found to be in arrears with many suppliers' payment for goods 10 billion yuan, and the production of Wu 'an factory in Hebei Province was reduced in a large area, and Nanjing Industrial Park was once sealed up by the court.

20 18, 165438+ 10, the major shareholder Yinlong Group, the actual controller of Yinlong Group, Wei Yincang and the former senior executive Sun Guohua were suspected of encroaching on the company's interests over 65,438 billion yuan.

On the same day, Wei Yincang and Sun Guohua said that they "reported the criminal facts of Dong Mingzhu to the relevant departments" and accused Dong Mingzhu of "taking advantage of the leadership position of state-owned enterprises for personal gain", "damaging the interests of listed company Gree Electric and its shareholders" and "suspected of committing corruption".

20 19 April, Yinlong Guan Wei issued a statement saying that six people, including Sun Guohua, the company's director and former president, had been detained, involving embezzlement of the company's interests totaling more than 654.38+04 billion.

At this point, the love-hate relationship between Dong Mingzhu and the old shareholders finally came to an end.

Some people say that the fundamental reason why Yinlong can't keep up with technology is that people have always been the root of the problem. Dong Mingzhu, an "iron fist", has been unable to develop products since he entered Yinlong, and has been stumped by human problems.

Write it at the end

Now, in the face of a more difficult market environment and the already riddled Yinlong, who will finally take over?

Perhaps, the answer will still be "Dong Mingzhu".

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