Cai Jing Wang·2025-06-27 08:32Core Viewpoint - The employee stock ownership plan of GAC Aion has attracted market attention due to reports of significant losses and disputes among employees regarding stock valuation, leading to claims of interest non-payment and potential labor arbitration [1][2][3] Employee Stock Ownership Plan - GAC Aion initiated a mixed reform plan in 2022, with 679 employees and 115 technical staff investing nearly 1.8 billion yuan, holding a 4.55% stake [2] - Employees' investment is locked for five years, with interest payments until June 2025, when principal repayment begins [2][3] - The company has denied rumors of executives withdrawing funds, stating that all participants, including management, are subject to the same rules regarding stock redemption [3] IPO and Market Performance - GAC Aion's IPO process has been delayed, with a previous announcement about preparing for a Hong Kong IPO being retracted shortly after [2] - The company reported a total sales volume of 480,000 units in 2023, a 77% year-on-year increase, but faced a decline in 2024 with cumulative sales of 375,000 units, down 21.9% year-on-year [4][8] - The ongoing performance pressure is attributed to intensified competition and price wars in the electric vehicle market [3][8] Financial Performance - GAC Aion's parent company, GAC Group, reported a revenue decline of 7.95% in Q1 2025, with a net loss of 732 million yuan compared to a profit of 1.22 billion yuan in the same period last year [13] - The company is undergoing internal reforms to improve operations and is focusing on increasing GAC Aion's valuation before considering future capital operations [16][17]