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

Thanks CTOnews.com netizen purple clothes scholar's clue delivery! CTOnews.com, October 17, according to the Shanghai Securities News, it was reported on October 16 that Shen Hui, founder and chairman of Weimar Automobile, made a direct flight to New York in the United States on the pretext of attending the Munich auto show in Germany, leaving behind nearly 40 billion yuan in investment and debt as well as unpaid Weima employees.

Weima Automobile is one of the earliest new car-building forces in China, which has received investment from Baidu, Tencent and other well-known capital, raising a total of more than 41 billion yuan. However, Weimar's performance in the market is not ideal, the three attacks on IPO ended in failure, but also faced with a serious financial crisis.

According to the Daily Business News, people close to Shen Hui said that Shen Hui was no longer in China and had not been seen in public at the company since the Spring Festival in 2023, and his family had moved to the United States before. The updates posted by Shen Hui on Weibo are also posted by special personnel, so the addresses shown are all in Beijing.

CTOnews.com noted that on October 10, the National Enterprise bankruptcy reorganization Information Network showed that Weima Automotive Technology Group Co., Ltd. applied for bankruptcy reorganization, and the court was the Shanghai No. 3 Intermediate people's Court. Weimar said in a letter issued through its official Weibo that the court accepted its application for pre-restructuring in view of the fact that the company still has commercial and salvage value, a complete corporate governance structure and the willingness of some creditors to restructure.

Weima Automotive Technology Group Co., Ltd. was established in May 2012 with a registered capital of 6 billion yuan. 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, the company and its shareholdings in a number of companies have been frozen, with a cumulative amount of more than 10 billion yuan.

As one of the representatives of the new forces of car-building, Weimar once had a glorious past. According to public information, Weima Automobile has raised a total of 12 times from A to D-round, raising a total of more than 41 billion yuan. Including Baidu, Tencent and other star capital and various state-owned investment. However, in the long-term investment, Weimar gradually ran out of funds.

According to the prospectus previously disclosed by Weima, its net profit lost 4.445 billion yuan, 5.084 billion yuan and 8.205 billion yuan respectively from 2019 to 2021, with a total loss of 17.4 billion yuan in three years. In 2021, Weimar is virtually insolvent.

In the face of the funding gap, Weimar has been looking for IPO, and has hit the IPO three times, but all ended in failure. But Weimar has not given up. On September 11, Kaixin announced that it had signed a non-binding letter of intent with Weima, and plans to issue a certain number of new shares to acquire the 100% stake held by its shareholders, according to the official account of Wechat.

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