Chongqing Zotye Automobile Industry Co., Ltd. suffered a pass-through of land use rights, buildings, and turnover materials, the starting auction price is 1.365 billion yuan. In addition, the second auction will be held in four days. Unlike the first auction, the starting price has been adjusted to 1.092 billion yuan, a direct decrease of nearly 300 million yuan.
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Review the road of Zotye Automobile’s reorganization:
On September 21, 2020, the Yongkang Court issued (2020) Zhejiang 0784 Civil Litigation Preliminary Notice No. 2422, agreeing to pre-reorganize Zotye Auto. On June 9, 2021, the Jinhua Intermediate Court formally accepted the reorganization case of Zotye Automobile according to the application of the creditors, and appointed the pre-reorganization administrator as the administrator on June 29, 2021.
On September 30, 2021, according to the review and voting results, Jiangsu Shenshang Holding Group Co., Ltd. (hereinafter referred to as “Jiangsu Shenshang”) was finally determined as the reorganization investor.
On October 9, Zotye Auto’s reorganization investor was finally determined to be Jiangsu Shenshang, and Shanghai Tiqi and Hunan Zhibo were the company’s subsequent candidates for reorganization.
On October 27, Zotye announced that the 2 billion yuan reorganization fund has been fully in place, and the funds will be used to pay the reorganization costs, pay off debts, and take advantage of industrial synergy to help Zotye Auto restore its nationwide sales network as soon as possible.
December 1,Zotye Automobile issued an announcement stating that the Jinhua Intermediate People’s Court had approved Zotye Automobile’s reorganization plan and terminated the Zotye Automobile reorganization process.
In the reorganization plan, Zotye Auto announced that it plans to gradually adjust its strategy for Zotye, Junma and other auto brands, build a characteristic strategy system, and commit to “building the most influential national auto company”.
Zotye Motors said,In the future, it will make efforts to restore and optimize the traditional automobile business, upgrade and expand the online car-hailing and micro electric vehicle business, etc.。
The short-term plan is to reorganize its affiliated brands, and concentrate resources to boost sales through strategies such as merging homogenized models, optimizing product sequences, optimizing expense structures, and reorganizing dealer networks.
The long-term plan is to build a brand matrix through acquisitions and joint ventures to create a mid-to-high-end new energy vehicle market.Zotye will also actively deploy the business of micro electric vehicles going to the countryside to seize the commanding heights of the micro electric vehicle market.