On July 23, information from Tianyancha showed that Huatai Automobile Group Co., Ltd. (hereinafter referred to as “Huatai Automobile”) added a new information of the person subject to enforcement, with the enforcement target of more than 842 million yuan. The persons subject to enforcement also included Inner Mongolia Ouyide Engine Co., Ltd., Huaoude Transmission Co., Ltd., and Zhang XiuGen, the actual controller of Huatai Automobile. The enforcement court is the Intermediate People’s Court of Jinzhou City, Liaoning Province.
Tianyancha information shows that Huatai Automobile Group Co., Ltd. was established in May 2008 and was formerly known as Huatai Automobile Co., Ltd. It has a registered capital of 300 million yuan and the legal representative is Miao Xiaolong. The registered capital is 300 million yuan and it is an enterprise mainly engaged in the automotive manufacturing industry. Equity information shows that the company is jointly held by Zhang XiuGen and Miao Xiaolong, among which Zhang XiuGen holds a 99% stake.
Risk information shows that at present, Huatai Automobile Company has multiple pieces of information of the person subject to enforcement, restrictions on consumption orders, information of the person subject to enforcement for breach of trust and final case information. Among them, Huatai Automobile has 13 existing pieces of information of the person subject to enforcement, and the total amount of enforcement is 4.025 billion yuan; there are 161 restrictions on consumption orders; there are 10 final cases, and the total amount of the enforcement target is 4.172 billion yuan, the total amount not fulfilled is 4.172 billion yuan, and the non-fulfillment ratio is 100%; there are 23 pieces of information of the person subject to enforcement for breach of trust, and the non-fulfillment ratio is 100%; there are 206 equity freezes. At the same time, Huatai Automobile is also facing many lawsuits, and currently there are 13 court announcements.
Huatai Automobile is an independent brand auto enterprise mainly engaged in new energy vehicles, traditional vehicles and auto parts. It was established in 2000. In that year, Zhang XiuGen acquired the Shandong Rongcheng Automobile Factory from FAW Group and later renamed it Rongcheng Huatai Automobile Co., Ltd., and then began to march into the auto industry in a big way and started the path of independent car manufacturing.
Five years later, Huatai Automobile signed an agreement with Hyundai Motor of South Korea to obtain the domestic qualification of “Santa Fe”, and standing on the shoulders of Hyundai Motor, Huatai Automobile quickly became popular in the auto circle; in this year, Huatai Automobile also won more than 6,000 mu of land in Ordos at a price of 60 million yuan to establish a production base.
With the dividend of the rapid development of the domestic auto market and the endorsement of Hyundai Motor of South Korea, Huatai Automobile has moved towards prosperity. Data shows that from 2015 to 2016, the sales volume of Huatai Automobile was 71,200 and 73,000 vehicles respectively, and in 2017, the sales volume skyrocketed by 81.64% to 132,600 vehicles. The skyrocketing sales volume made Huatai Automobile very confident. At that year’s auto show, Huatai Automobile set the ambitious goal of reaching 200,000 vehicles in sales in 2018 and more than 500,000 vehicles in 2020, and announced that it would launch nearly 30 new cars in the next three years.
However, not long after, Huatai Automobile was deeply mired in an operating crisis. Public information shows that in 2016, Huatai Automobile had interest-bearing debts of 26.2 billion yuan. By 2018, Huatai Automobile was mired in litigation quagmire, the legal person was repeatedly included in the list of “persons restricted from consumption”, and Huatai Automobile and many of its subsidiaries were included in the list of persons subject to enforcement and persons subject to enforcement for breach of trust. By 2019, Huatai Automobile’s four complete vehicle manufacturing bases in Tianjin, Shandong, Inner Mongolia and Liaoning had all stopped production, owed employees’ salaries and faced hundreds of litigation cases at the same time, with an extremely high debt ratio.
As a pioneer of new energy vehicles, the early Huatai Automobile indeed had a fairly good position in the auto market, but now, Huatai Automobile has only a nominal existence in the Chinese auto market and is actually just an empty shell.