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BAIC Yinxiang renamed "Ruixiang" the original dealer of the new car waited anxiously for the first settlement.

iconMay 29, 2021 11:17
[BAIC Yinxiang renamed "Ruixiang" the original dealer of the new car anxiously awaited the first settlement.] on May 28th, BAIC Ruixiang held a ceremony at the Hechuan factory in Chongqing, and its first SUV, the BAIC Ruixiang X5, was officially put off the line. According to the official statement, BAIC Ruixiang is a vehicle manufacturing enterprise jointly built by two-level state-owned enterprises in Chongqing and Hechuan District and BAIC Group. The new car offline marks the decisive effect of BAIC Yinxiang's strategic restructuring.

After two years of restructuring, BAIC Yinxiang finally "reinvented" and returned to the public with a brand-new SUV.

On May 28th, BAIC Ruixiang held a ceremony at the Hechuan factory in Chongqing, and its first SUV, the BAIC Ruixiang X5, was officially put off the line. According to the official statement, BAIC Ruixiang is a vehicle manufacturing enterprise jointly built by two-level state-owned enterprises in Chongqing and Hechuan District and BAIC Group. The new car offline marks the decisive effect of BAIC Yinxiang's strategic restructuring.

BAIC Ruixiang is renamed from BAIC Yinxiang. BAIC Yinxiang was used as a former name until April this year, and the company has now changed its name to BAIC Ruixiang, according to Tianyan APP.

The process lasted more than two years from the announcement of the reorganization in April 2019 to the adoption of the draft reorganization plan by the local court in February 2021, and then to the launch of new products after the reorganization. According to BAIC Ruixiang's plan, the output will reach about 50,000 vehicles this year, and after the launch of BAIC Ruixiang X5, a number of new energy and fuel models, including passenger cars and commercial vehicles, will be launched one after another.

"BAIC Ruixiang is re-attracting investment, which has nothing to do with previous dealers, and now it is a two-way choice." Although new cars have gone offline, BAIC Yinxiang's original distribution network has been "riddled with holes", which has made a dealer who has repeatedly boos to BAIC Yinxiang's rights protection.

What is even more worrying for dealers is that in the restructuring plan, the settlement of dealer accounts has been brought into the scope of the restructuring of the ordinary group. The method of repayment is as follows: 200000 yuan will be paid in 2021 (within 3 months from the date of the reorganization plan), the principal of the remaining creditor's rights will be paid off before December 31 of each year from 2022, and 10% each in 2022 and 2023. 20% in 2024, 25% in 2025, and 35% in 2026. As the ordinary creditor's rights can not be paid off in full, the inferior creditor's rights will not be paid off.

According to this plan, the dealer's first settlement should be received before May 31. By the deadline of May 28, a number of dealers as creditors reported to the Financial Associated Press that "this payment has not yet been received."

The same uncertainty as the settlement of dealers' accounts is the restructuring of BAIC Yinxiang's shares in Dongfang. Prior to this, a person familiar with the matter said that the capital contribution of the Sifang shareholders after BAIC Yinxiang's restructuring was as follows: 1.2 billion yuan of currency investment from the special fund; 487 million yuan of currency investment from Yinxiang Group; Hechuan Transportation Company and its equity investment of 320 million yuan in Chongqing Changhe Company; and BAIC Group and its Chongqing Changhe Company invested in engine and vehicle technology products. Among them, the special fund refers to the Chongqing BAIC Yinxiang strategic restructuring equity investment fund partnership (limited partnership), which was established on October 12 last year. But so far, the proportion of shares held by the original shareholders of BAIC Yinxiang has not changed.

According to the person familiar with the matter, the restructured BAIC Yinxiang is a state-owned enterprise, and the shares held by the Chongqing municipal government and the district government are one percentage point higher than other shares.

After the adoption of the restructuring plan and the settlement method, the above dealers once told reporters, "We do not have much hope for this plan. It is estimated that we have some hope of getting money in the first two years, but it is estimated that it will be difficult later."

"now the heart is very heavy, if even the first repayment can not be cashed, then we can only go to Chongqing to ask for an explanation." As the first repayment date drew nearer and nearer, the dealer was again caught in an anxious wait.

Automobile

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