xxxxOn July 6, 2019, R&F Group and Huatai Automobile Group jointly held a press conference at the Renaissance Beijing Capital Hotel, announcing the formal cooperation between the two parties. Among them, R&F Group participates in Huatai Automobile and jointly develops new energy automobile industry. Although it is not uncommon to see the transformation of real estate into new energy vehicles, Yao Zhenhua of Baoneng Group and Xu Jiayin of Evergrande Group set a precedent. However, Xu Jiayin’s mergers and acquisitions are all high-quality assets, and Li Silian’s shareholding is a car company that is on the verge of bankruptcy. It can only be said that Li Silian has to act as a “white knight” again.
Li Silian and Wang Jianlin
Huatai Automobile Group was formally established in 2000 and its founder is Zhang Xiugen. In the early days of the venture, Huatai Automobile introduced a variety of SUV models through cooperation with Hyundai, and achieved good results. Since then, Huatai Automobile has also invested in four automobile production bases in Shandong, Inner Mongolia, Tianjin, Jilin and other places. The annual production capacity of automobiles is more than 300,000 units, and it also produces spare parts such as automobile engines and transmissions. However, in January of 2019, Huatai Automobile Group was first owed wages. Grassroots employees did not receive any wages after January. Some employees were in arrears for 9 months and accumulated unpaid wages exceeded 7 million yuan. Subsequently, Huatai Automobile Group was again experiencing a series of problems such as the suspension of production at various production bases and sales fraud. According to the financial report data released by Huatai Automobile Group: In 2018, Huatai Automobile achieved a total revenue of 18.18 billion yuan, but a net loss of 1.6 billion yuan. It can be said that today's Huatai Automobile Group has been in a quagmire and is on the verge of bankruptcy.