Sadly, Yin Mingshan Lifan is teetering and the dream of building a car is broken.

Lifan's death, even Yin Mingshan, who has been floating for half his life, can't return to heaven.

Miao Wen de Qiao Mei

"Lifan is enchanting, old Yin Xiaoyao."

20 17 Yin Mingshan, the former motorcycle king and the founder of Lifan Industrial (Group) Co., Ltd. (hereinafter referred to as Lifan), had high hopes for Lifan when he retired.

However, in the past three years alone, Lifan, which was punished for cheating, saw its sales decline and its capital chain broken, has been heavily in debt, and Yin Mingshan's "worry-free dream" has long been shattered.

10 13 In the evening, Lifan announced that the China Securities Regulatory Commission (hereinafter referred to as the CSRC) had issued the Notice of Investigation, and the CSRC decided to initiate an investigation into the alleged information disclosure violations of Lifan Holdings, Yin Mingshan and their families Chen Qiaofeng, Yin Xidi and Yin Suowei.

At the same time, the announcement shows that the company is ruled by the court to accept reorganization, and there is a risk of being declared bankrupt because of the failure of reorganization. If the company is declared bankrupt, it will be liquidated.

"The information disclosure of listed companies is illegal, and the regulatory authorities impose administrative penalties on them. Of course, in addition to imposing fines on companies, people who are directly responsible will generally be punished to varying degrees. If the circumstances are serious, the actual controller will face criminal responsibility. " 101October 19, some people in the securities industry said in an interview with think tank Jun, "In addition, investors with damaged rights and interests can also file civil compensation lawsuits with the courts with jurisdiction. However, how the incident develops next depends on the investigation results of the CSRC. "

At this time, 18 years of labor reform, started selling motorcycles at the age of 54, and finally led Lifan to become the first private car in the A-share market at the age of 72, and established a billion Lifan empire. Yin Mingshan is 82 years old.

And the ruin of Lifan, even Yin Mingshan, who has been floating for half his life, may not be able to return to heaven.

The multi-faceted life of the legendary richest man

"China's first listing? Answer? Shares of private passenger car enterprises, the first private entrepreneur in China to enter the top of CPPCC, China Top 500 Enterprises and Chongqing Football Business Card. ...

Lifan, which grew up with Chongqing's modern manufacturing industry, is almost a household name in Chongqing, and its founder Yin Mingshan is a legend among private entrepreneurs in China. Book publishing, motorcycles, automobiles, real estate, finance, football ... Lifan Empire founded by Yin Mingshan will go further and further. Behind the titles of "the richest man in Chongqing" and "the king of motorcycles", Yin Mingshan's multifaceted life is embarrassing.

"Smart cats will always squat, wait for a gust of wind to blow this door open, and then jump out. I am such a cat standing still. I didn't become a living fossil because I have been challenging the environment, challenging fate and challenging myself. "

As Yin Mingshan said, he has always been a "cat on standby".

1979, Yin Mingshan, 4 1 year-old, officially ended his 18-year reform-through-labor program. During this period, he not only became an excellent worker, but also taught himself English. In this way, after the transformation, Yin Mingshan was transferred to Chongqing Design Institute as an English teacher, and then entered Chongqing Publishing House.

During the period of 1985, the spring breeze of reform and opening up has spread all over China. Yin Mingshan, who has become the vice president of Chongqing Publishing House, smelled the business opportunity, resolutely "went into the sea" and became a book publisher. He successfully published "A dime series for middle school students" and earned the first bucket of gold in his life.

1992, Yin Mingshan, the largest private bookseller in Chongqing, decided to start over because the book industry could not bear a bigger dream. At the end of the same year, he joined hands with Zuo Zongshen, the founder of Zongshen Group, one of the largest motorcycle manufacturers in China, and established Chongqing Hongda Vehicle Parts Research Institute, which officially started his motorcycle manufacturing career.

This year, Yin Mingshan was 54 years old.

Chongqing was famous for motorcycles in the 1990s. Jialing and Jianshe, local brands, are local giants, controlling most of the market of motorcycle "heart" engines. Large factories are reluctant to sell engines to small retailers, and some small factories have to buy poor-quality engines from other places at high prices to make them inferior.

"To build a motorcycle engine that is not available in China or even in the world." ? 40? Square meter workshop, 9? Yin Mingshan, an employee who saw the business opportunity, led the employees to create two "China firsts" at that time. : The first domestic 100ml four-stroke engine and the first domestic 100ml electric starting engine.

With the expansion of the scale, the leading technologies of motorcycle industry at that time, such as water cooling, multi-valve, EFI, dual fuel, secondary combustion and large displacement, were also developed by Lifan.

In 2000, lifan motorcycle produced and sold 6.5438+0.84 million engines, with a sales income of 3.85 billion yuan, surpassing brands such as Jialing and Jianshe, and becoming the first-selling enterprise in China.

This year, 62-year-old Yin Mingshan was listed on the Forbes China 50 Rich List in 2000 with a net worth of 550 million yuan.

Also in this year, Lifan extended its reach to the football industry, bought the Global Island Club for 55.8 million yuan, entered the football in China, and carried the banner of Chongqing football.

At the beginning of 2003, Yin Mingshan, the 65-year-old chairman of Lifan Industry (Group), was officially elected as the vice chairman of Chongqing CPPCC. This private entrepreneur with total assets of more than one billion has also become a deputy provincial (ministerial) official. At this time, Lifan has become the largest motorcycle manufacturer in China.

Nearly 20 years of entrepreneurial experience has also created Yin Mingshan's ability to seek business opportunities in the crisis: before the motorcycle market shrank, Yin Mingshan turned its attention to the automobile manufacturing industry with greater challenges.

Different from the smooth start in the past, vehicle manufacturing, which requires higher core technology and more investment, also laid the groundwork for the "storm" in Yin Mingshan's later years.

Undulating road

In fact, Lifan, led by Yin Mingshan, has been chasing industries from motorcycles, automobiles, soccer, real estate to new energy vehicles.

"Toyota is everywhere, Santana is everywhere, ask Lifan people, what do you want us to do?" The red slogan on the outer wall of Lifan Factory carries Yin Mingshan's dream of building a car.

In 2003, Yin Mingshan acquired Chongqing Special Purpose Vehicle Factory? 80%? Will stocks "soar"? Trademark officially changed to? "Lifan", and began to build an automobile production base in Beibei. In the same year as Yin Mingshan, Wang Chuanfu of BYD entered the automobile field.

However, the road to building a car is destined to be a difficult and narrow track, which requires huge capital investment in addition to the core technology.

According to the "Development Policy of Automobile Industry" issued by the National Development and Reform Commission in 2004, Lifan needs to realize a cumulative investment of more than 2 billion in three years, as well as its own independent research institutions and more than 500 million R&D investments. Under this policy, Lifan's "birth permit" became invalid. It was not until June 5438+February 2005 that Lifan Motor ushered in a turning point and was approved by the National Development and Reform Commission to be included in the car production catalogue. June 5438 +2006 10, Lifan's first model was launched in lifan 520.

Before him, Li Shufu, who also started in the motorcycle industry, had taken the lead in driving Geely cars.

According to the data released by China Association of Automobile Manufacturers, in 2006, China's automobile sales exceeded 7.2 million, a year-on-year increase of more than 25%, surpassing Japan for the first time and becoming the second largest automobile consumer after the United States. Among them, self-owned brand passenger cars sold a total of 2 146700 vehicles throughout the year. Among the best-selling 10 car brands, Li Xia and Geely QQ are on the list. But lifan 520 sold less than 1 10,000 vehicles that year.

With the outbreak of passenger car market in China, Lifan also ushered in a bright moment. 20 10 1 1, Lifan became the first private car company listed on A-share. In the same year, chongqing lifan Real Estate Co., Ltd. was formally established, and Yin Mingshan officially entered the real estate industry.

However, under the aura of "the richest man in Chongqing", Lifan, which lacks core technology and concentration, began to fall behind on the road of building cars.

"The development of Lifan is closely related to the development of China's automobile industry."1June 19, some people in the automobile industry pointed out in an interview that the differentiation of private automobile enterprises in China was very obvious long before Lifan went public, and Lifan's predicament was that the stall was too large, and the reasons for its marginalization were insufficient R&D capabilities, lack of attention to product quality, unspecific car-making and excessive speculation.

"2,395 new energy vehicles do not meet the subsidy conditions, involving defrauding the central financial subsidy funds1.1.400 million yuan". In 20 16, the "Lifan new energy vehicle fraud scandal" was exposed, which almost became the turning point of Lifan's fate.

In the following years (20 17, 20 18, 20 19), Lifan's non-net profit was negative for three consecutive years. Deducting non-net profit in 20 19 is a huge loss of nearly 4.4 billion yuan.

Lifan's financial report for the first half of 2020 shows that the operating income in the first half of the year was only 65.438+58.4 million yuan, down 69.42% compared with the same period of last year, and the net profit was-2.595 billion yuan, down 654.38+0.73.99% year-on-year. Total assets are about 654.38+0.696 billion yuan, net assets are only 654.38+0.6 billion yuan, liabilities are as high as 654.38+0.677 billion yuan, and the asset-liability ratio is as high as 98.87%. ?

Besides,? According to the think tank bureau, Lifan Industrial released the Announcement on Cumulative Design Litigation (Arbitration) on August 24th. According to the announcement, the company is currently involved in 1 178 litigation, involving a total amount of 5.037 billion yuan. Among them, as of June 18, 2020, the amount of litigation (arbitration) matters involved by the company (including subsidiaries) in recent 12 months totaled RMB 2.906 billion.

However, compared with operating losses and liabilities, losing hematopoietic capacity is Lifan's most fatal problem.

17 In September, the sales report released by Lifan showed that in September this year, Lifan produced traditional passenger cars 19 and 67 new energy vehicles, and the total output of passenger cars in that month was 86; From June to September, a total of 2,254 passenger cars were produced. In September, Lifan sold 8 1 traditional passenger cars and 65 new energy vehicles, and the total sales volume of passenger cars in that month was 146. Cumulative sales of passenger cars from June to September this year 1990.

This also means that at present, the actual operation of the company's passenger car business is facing stagnation, and the passenger car business, especially the new energy vehicle business, has declined significantly, and the domestic market has basically fallen.

Where to save Lifan?

Lifan is not only a business card of a city, but also a far-reaching industrial chain.

As early as last year 10, the Chongqing municipal government called the local financial office and creditors of relevant banking institutions to form a debt committee, requiring all departments not to lend, not to suppress loans, and to guarantee loans.

/kloc-In September of 0/4, Chongqing Liangjiang Equity Investment Fund Management Co., Ltd. and Geely Major Investment Co., Ltd. became "white knights" and intervened in the restructuring of Lifan as investors who intended to restructure.

However, Lifan has not yet ushered in the dawn of restructuring, and the news that Yin Mingshan and his family have been put on file for investigation has once again hit the confidence of the market.

Although Lifan shares pointed out in the announcement that this survey is aimed at the controlling shareholder and actual controller of the company, it has nothing to do with the daily management and business activities of the company and has no impact on the normal operation of the company. However, after the news of the investigation was released, Lifan shares fell without suspense the next day.

"This is my granddaughter, Yin." On April 27th this year, Yin Mingshan, with white hair, entrusted Lifan to Yin Anni, who was born in 1995. At the shareholders' meeting that day, Yin, the new vice chairman of Lifan Holdings, was also elected as the shareholder supervisor of Lifan Board of Supervisors.

In fact, under the background of internal and external troubles, motorcycle business is regarded as the "life-saving straw" for Lifan to turn over. In the first three quarters of this year, although the motorcycle business declined, it was the highlight of Lifan's performance report.

"Before Yin took office, Lifan chose to concentrate resources to develop the motorcycle industry," a person familiar with Lifan told reporters.

Lifan also said in the semi-annual report that it will adjust the focus of the company's business development and refocus the motorcycle business. In the second half of the year, the company will continue to promote KP series products and further expand the product line of KP series models.

"If you still want to survive in the automobile industry, then the high probability is that you will be acquired by others or become part of other automobile companies, so that you can continue to exist." Earlier this year, Zhong Shi, an automobile analyst, said in an interview with think tank Jun, "Lifan has basically withdrawn from the car industry, but if motorcycles can do well, it is possible to turn over."

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