Qianjiang Lithium Power, a subsidiary of Qianjiang Motorcycle, went bankrupt and reorganized a number of listed companies that had embarked on the road of debt collection.

The bankruptcy reorganization of Zhejiang Qianjiang Lithium Technology Co., Ltd. (hereinafter referred to as "Qianjiang Lithium"), a subsidiary of Qianjiang Motorcycle, has ushered in new progress.

According to Tianyan investigation, Qianjiang Lithium Power added two pieces of bankruptcy reorganization information on March 16, and the case numbers are (2021) Zhejiang 1081 Bushen No. 1 and (2021) Zhejiang 1081 Breaking No. 3, all of which are handled by the people's Court of Wenling City. The applicants are Liaoyuan Hongtu Lithium Diaphragm Technology Co., Ltd. (hereinafter referred to as "Liaoyuan Hongtu"), Geyuan Electronic Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Geyuan Electronics"), and the applicant is Qianjiang Lithium Power.

According to the relevant provisions, the debtor or the investor whose capital contribution accounts for more than 1/10 of the debtor's registered capital may apply to the people's court for reorganization. As early as January 11 this year, Qianjiang Motorcycle announced that on January 6 this year, Geyuan Electronics applied to the people's Court of Wenling City, Zhejiang Province for bankruptcy liquidation of Qianjiang Lithium Power on the grounds that Qianjiang Lithium Power could not pay off its maturing debts and its assets were not sufficient to pay off all its debts. At the same time, Liaoyuan Hongtu applied to the people's Court of Wenling City, Zhejiang Province for the restructuring of Qianjiang Lithium Power on the grounds that Qianjiang Lithium Power could not pay off its maturing debts and its assets were insufficient to pay off all its debts.

It is worth noting that enterprise bankruptcy reorganization and enterprise bankruptcy liquidation can not be implemented at the same time. In response, Wang Zhibin, a lawyer from Shanghai Minglun Law firm, told Science and Technology Innovation Board Daily that it depends on whether the reorganization plan itself is reasonable. If it is reasonable, the court will accept it, and then the creditors who apply for bankruptcy can participate in the reorganization plan, but if the court considers that (reorganization) is not feasible, then lidianc can directly accept bankruptcy liquidation.

As far as the court is concerned, it should also establish the identification and review mechanism and standards for the restructured enterprises, and the object of bankruptcy reorganization should be the possible distressed enterprises with salvage value. If it can be determined that the debtor obviously does not have the value of reorganization and the possibility of rescue, it shall be ruled that it will not be accepted.

The announcement disclosed by Qianjiang Motorcycle on January 28 shows that in view of the different demands of the above two creditors, the court held that as far as the current situation of the case is concerned, the gap between the total assets and liabilities of the respondent enterprise has not reached a wide extent, and the enterprise itself belongs to a high-tech enterprise, and the industry is in line with the current direction of development, and complete sets of production equipment still exist. It is still possible for enterprises to resume production and operation, get out of difficulties and reach normal operating conditions.

In this regard, the Wenling City people's Court believes that it is appropriate to reorganize the respondent at present.

What is the current situation of Qianjiang Lithium Power?

According to Tianyan, Qianjiang Lithium Power is a company mainly engaged in the research, development, production and sales of lithium-ion batteries. The core production equipment comes from Japan, South Korea and other countries. Its products include soft package battery series, cylindrical cell series and intelligent power supply E-Power series.

In the company's shareholder structure, Zhejiang Qianjiang New Energy Technology Co., Ltd. holds a 100% stake in Qianjiang Lithium Power, while Qianjiang Motorcycle holds nearly 66.7% of Zhejiang Qianjiang New Energy Technology Co., Ltd.

However, the company is currently in a state of suspension of production. Guoxin Securities Research News believes that with the intensification of competition in the industry, dozens of battery enterprises have withdrawn, and the concentration of the industry leader has been further enhanced. With the expectation of subsidy refund becoming more and more clear, the tail enterprises of the industry will speed up the clearance, and put forward higher requirements for the timely layout of new technology routes and new production capacity of the second and third echelon companies, and the leading enterprises have obvious comparative advantages.

It is worth noting that according to rough statistics by a reporter from Science and Technology Innovation Board Daily, there are more suppliers of lithium power in Qianjiang that involve listed companies and their assets (including the new third board). Including: Yichun Tianzhi, a holding subsidiary of 002709.SZ, 300457.SZ, a wholly owned subsidiary of 300207.SZ, Xinwanda Energy, 300619.SZ, 300568.SZ, 832432.OC, 870725.OC, 871447.OC and so on.

After learning that Qianjiang Lithium Power was in a business crisis, the above-mentioned companies successively demanded Qianjiang Lithium Power to repay the loan or execute its property through legal channels (most of the cases were disputes over sales contracts).

For example, according to the judgment issued by the Wenling City Court in November 2020, Qianjiang Lithium Power has to pay 24.0468 million yuan to Yi Spring, and the overdue interest (interest up to October 26, 2020) is 3.304 million yuan. In addition, Qianjiang Lithium Power Company needs to pay 550800 yuan for Xinwangda energy loan and 22700 yuan for interest loss up to September 19, 2019.

However, in the actual enforcement process, the court can not start with the property enforcement of Qianjiang Lithium Power. In January this year, the Wenling City people's Court disclosed an enforcement ruling on the implementation of the dispute over the sale and sale contract between Xin Wanda Energy and Qianjiang Lithium Power, which mentioned that the court had issued an execution notice and a property order to the person subject to execution, ordered him to automatically perform his obligations and report the property situation, and issued a subpoena to the person subject to execution, Qianjiang Lithium, summoning him to the court for investigation in accordance with the law. However, it neither performed nor reported the property.

According to the judicial information of Tianyan investigation, Qianjiang Lithium Power has several restrictions on consumption orders and information of the person subject to enforcement, among which Qianjiang Lithium Power has been classified as a person who has broken its promise for a total of 28 times. its breach of trust mainly includes: violating the property reporting system and refusing to perform the obligations specified in the effective legal documents.

At present, Qianjiang Lithium Power is involved in the final cost case (mainly means that for cases where there is no property to execute, the court will temporarily terminate the execution procedure and settle the case. After the discovery of property, the total amount of the subject matter to be executed is 47.2378 million yuan, and the total amount of outstanding performance is 46.6627 million yuan, with the proportion of non-performance reaching 98.8%.

It is understood that the debtor or administrator shall submit a draft reorganization plan to the people's court and the creditors' meeting within 6 months from the date on which the people's court decides on the debtor's reorganization. "because the court has accepted the bankruptcy of the enterprise and transformed it into restructuring, then other creditors can only participate in this procedure and can no longer apply for bankruptcy liquidation of the enterprise," said Wang Zhibin, a lawyer.

The Wenling people's Court also said that after accepting the application for reorganization of the respondent, if the reorganization is not successful, the enterprise will be liquidated in accordance with the law, and the parties do not need to submit a separate application for bankruptcy liquidation.