Shulou(Shulou.com)11/24 Report--

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery!

CTOnews.com, Oct. 10, just reached a partnership with Kaixin Motor last month, and Weimar has now filed for bankruptcy review.

Recently, Weima Automotive Technology Group Co., Ltd. added a bankruptcy review case, the applicant is the company. Risk information shows that the company has more than 20 pieces of information about the person subject to execution, with a total amount of more than 100 million yuan. in addition, there are a number of equity freeze information, and the equity interests of many companies held by the company have been frozen.

Not long ago, Weima Automotive Technology Group Co., Ltd. added an equity freeze information, which was executed by Suzhou Weima Wisdom Travel Technology Co., Ltd., with a frozen equity amount of 6 billion RMB. The freeze period is from September 27, 2023 to September 26, 2026, and the enforcement court is the Shanghai Pudong New area people's Court.

CTOnews.com noted that on September 8, Apollo issued a notice saying that the parties concerned had agreed to terminate the acquisition of Weimar, so the acquisition and placement would not take place, meaning that Weimar's "backdoor listing" had failed. A few days later, on September 11, Happy Motor officially announced that it had signed a non-binding letter of intent with Weima Motor, planning to issue a certain number of new shares to acquire 100% of its shareholders. Lin Mingjun, chairman and CEO of Kaixin Motor, said at that time that through this merger and acquisition cooperation, Weima Motor will also have a larger capital stage to better promote the development and landing of the smart travel industry.

It is also understood that Weimar announced in September this year that it had reached an in-depth strategic cooperation at the capital level with Ji Zhaojia Wisdom heavy Industry Group, and the two sides planned to reorganize Weima Automobile Cayman overseas as its new energy commercial vehicle service ecological new business segment, targeting Rivian and Tesla Cybertruck of the United States.

Weima Automobile is one of the first batch of new power car-building enterprises in China to achieve mass production and delivery. it has been called the "Big three of the New Power" with Weilai Automobile and Xiaopeng Automobile. In 2019, Weimar delivered 16900 cars, ranking second in the new power of car-building. However, since then, Weima Automobile has gradually failed to keep up with other new car-building forces, and since the second half of 2022, there have been frequent negative news such as wage cuts, suspension of production, rent arrears in headquarters buildings, and large-scale withdrawal of dealers from the net. According to the Federation of passengers, Weima delivered less than 30,000 vehicles in 2022, and this year the figure has returned to zero.

It is worth mentioning that Shen Hui, the "number one" of Weimar, is said to have left the country. On Sept. 10, Shen Hui responded to foreign rumors of "running away" on Weibo, saying that he had gone to Munich on business and then to New York.

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