Reporter Gong Mengze

In 2023, the "Matthew effect" in the domestic car market will continue to intensify, and the head car companies are fighting fiercely for market share, leaving opportunities and space for other participants to be further compressed, including Evergrande Automobile, which is gradually gaining momentum.

Recently, Evergrande Automobile announced on the Hong Kong Stock Exchange that its first production car, Hengchi 5, is continuing mass production, and more than 900 units have been delivered as of the date of the announcement. In this announcement, Evergrande Auto also disclosed its 2021 financial information. As of December 2021, 12, Evergrande Automobile's total assets were 31.595 billion yuan, total liabilities were 21.588 billion yuan, and the asset-liability ratio reached 30.98% (only including its automobile sector and battery sector, excluding the real estate sector).

Because of this, Evergrande Automobile said that in the absence of new liquidity, Evergrande new energy vehicles may face the risk of stopping production, but if the group can seek financing of more than 290 billion yuan in the future, it plans to launch a number of flagship models and is expected to achieve mass production. Under this plan, Evergrande Auto's cumulative unleveraged cash flow from 2023 to 2026 is expected to reach between -70 billion yuan and -50 billion yuan.

The reporter of "Securities Daily" learned from Evergrande Auto that due to the shortage of liquidity, Evergrande New Energy Vehicle plans to take measures to cut costs and reduce staff of Swedish subsidiaries. According to Evergrande's newly disclosed concept of handling the shares of Evergrande Automobile, new energy vehicles may issue compulsory convertible bonds and deposit them into the pledge account.

3 stores in Beijing

Only 1 is open

According to the official website of Hengchi Automobile, the company has an experience center in Beijing, located on Shandian West Road, Chaoyang District; The other two sales centers, one in Pearl Garden in Miyun District, and the other in Jingang Auto Park, Chaoyang District.

On March 3, the reporter of "Securities Daily" learned from Hengchi Automobile that the Hengchi Automobile Experience Center and the sales center located in Pearl Garden in Miyun District have been temporarily suspended, and currently only the store of Jingang Auto Park in Chaoyang District is operating, undertaking the dual mission of sales center and delivery center in Beijing.

According to the staff of the store of Jingang Auto Park in Chaoyang District, there are currently 1,2 yuan deposit to 17,9 yuan activities in the store, and if you choose 5,1 yuan naked Hengchi 15, you can directly reduce 6,<> yuan. In addition, it also enjoys <> days of car return, three years of <>% repurchase and other rights. When asked by the reporter about the pick-up cycle, the staff said: "The delivery time is mainly based on the progress of the factory, and there is no compensation plan for delayed delivery." ”

Data shows that by the end of 2022, Hengchi 5 deliveries were only 324 units; In January 2023, Hengchi 1 sales were 5 units. In this regard, Zhang Xiuyang, secretary general of the China Passenger Vehicle Industry Alliance, believes that "this is a typical fight between the head enterprises, and the tail enterprises are the first to lose." Under the background of today's monthly delivery of new energy vehicles in units of 296,<> units, Hengchi Automobile has been forced to retreat to the edge of the market. ”

Evergrande new energy vehicle

Mandatory convertible bonds may be issued

In early March this year, Evergrande New Energy Automobile (Guizhou) Co., Ltd. was listed by the Xiuwen County People's Court as a dishonest enforcer for refusing to perform the enforcement settlement agreement without legitimate reasons, failing to pay water and soil conservation compensation fees of more than 3.104 million yuan and late payment fees. In February last year, the company was forced to exceed 2.113 million yuan in this case.

Evergrande Automobile's subsidiaries have recently been frequently involved in debt issues, most of which involve bill-related disputes. According to the Tianyancha App, as of March 3, Evergrande Hengchi New Energy Automobile (Shanghai) Co., Ltd. had 26 self-risks and was listed as a dishonest executor, with a total enforcement amount of more than 158 million yuan; Evergrande New Energy Automobile (Guangdong) Co., Ltd. had 2 own risks, with a total amount of more than 82.322 million yuan.

The reporter of "Securities Daily" checked the data and found that the above-mentioned subsidiaries are controlled by Evergrande New Energy Vehicle Investment Holding Group Co., Ltd., and the actual controller is Evergrande New Energy Vehicle Holdings (Hong Kong) Co., Ltd., and most of the cases involved are arrears of bills to construction, fire equipment and other companies.

As a major shareholder of subsidiaries in various places, Evergrande New Energy Automobile Investment Holding Group Co., Ltd. has been listed as a dishonest enforcer, and the company has 14 pieces of information on enforceees, with a cumulative total enforcement amount of more than 3 million yuan. The company's shareholding in Evergrande New Energy Vehicle Technology (Guangdong) Co., Ltd. and Guoneng Automobile Technology Development Co., Ltd. also has a number of frozen information.

At present, Evergrande Auto City in Nansha, Guangzhou, has only "very few staff" left, and the Tianjin plant, Evergrande's main manufacturing base, seems to be facing a shutdown. According to the "Hengchi" WeChat public account, on February 2 this year, Hengchi Automobile held an owner event in Tianjin, and dozens of representatives of Hengchi 25 owners walked into the Tianjin factory. This move is also seen as Evergrande Automobile's breaking the previous rumors of "stoppage".

However, today, under a series of unfavorable factors such as production suspension and layoffs, the trend of Evergrande Auto has become the focus of attention. According to Evergrande's newly disclosed share treatment concept for Evergrande Automobile, new energy vehicles will issue compulsory convertible bonds and deposit them into the pledge account.

According to Evergrande, shares of Evergrande new energy vehicles held under the custody account of Evergrande New Energy Vehicles can be released from custody and sold to strategic investors under certain conditions stipulated in the Evergrande term list. In addition, Evergrande will issue mandatory exchangeable bonds, which can be exchanged for approximately 30.95 billion shares of Evergrande New Energy Vehicles, representing approximately 28.54% of the total number of issued Evergrande New Energy Vehicle shares as of the date of Evergrande's term list.