众泰之后，宝能汽车再传收购威马，资金从何来？

Core Viewpoint - The acquisition of bankrupt automotive companies, such as WM Motor by Baoneng Automotive, raises questions about the financial viability and strategic intent behind such moves, especially given Baoneng's own financial struggles [1][2]. Group 1: Acquisition Intentions - Baoneng Automotive is reportedly interested in acquiring WM Motor, with recent media reports indicating that they are in the process of transferring production qualifications and assets [1]. - Shenzhen Xiangfei Automotive Sales Co., which has shown interest in investing in WM Motor, is closely linked to Baoneng Automotive, raising concerns about the transparency of the acquisition process [1][2]. Group 2: Financial Viability - The restructuring plan for WM Motor requires strategic investors to provide over 10 billion yuan for debt repayment and operational continuity, highlighting the significant financial commitment needed [2]. - Shenzhen Xiangfei, established in September 2023 with a registered capital of only 100 million yuan, may struggle to meet the financial demands of the restructuring plan [2]. Group 3: Baoneng's Financial Challenges - Baoneng Automotive has faced multiple financial difficulties, including the freezing of 9.9 billion shares and over 35 instances of share freezes, with total execution amounts exceeding 47 billion yuan [4]. - Several Baoneng companies have been reported to be in the process of liquidation, raising further doubts about Baoneng's ability to successfully acquire and manage WM Motor [2][3]. Group 4: Broader Industry Context - Prior to the WM Motor acquisition discussions, Baoneng was also rumored to be interested in acquiring another bankrupt company, Zotye Auto, indicating a pattern of seeking distressed assets despite its own financial issues [5].