Core Viewpoint - Evergrande Auto is undergoing significant changes as Guangzhou state-owned assets take over two of its core subsidiaries, which have a combined registered capital of 7.5 billion yuan [2][4]. Group 1: Company Restructuring - Guangzhou state-owned enterprise, Guangzhou Ju Li Modern Industry Development Co., Ltd., has become the controlling shareholder of Evergrande Intelligent Automobile (Guangdong) Co., Ltd. and Evergrande New Energy Automobile (Guangdong) Co., Ltd. [3][4]. - The capital contributions from Guangzhou Ju Li to the two subsidiaries are 2.5 billion yuan and 5 billion yuan, respectively, with a 100% ownership stake in each [4]. Group 2: Financial Performance - Evergrande Auto reported a revenue of only 38.38 million yuan for the first half of 2024, a significant decline of 75.17% compared to 155 million yuan in the same period last year [8]. - The company is facing a total debt exceeding 72.5 billion yuan and a net asset deficit of 57.9 billion yuan as of the end of 2023 [8]. Group 3: Operational Challenges - As of June 30, 2024, Evergrande Auto's cash and cash equivalents totaled 54.96 million yuan, down from 146.72 million yuan at the end of 2023, indicating a cash flow crisis [8]. - The company has only delivered 1,429 units of its sole model, Hengchi 5, since its inception, which is significantly below industry averages [8]. Group 4: Legal and Bankruptcy Issues - Evergrande Auto has been unable to secure funding to address its liquidity issues, leading to delays in its annual performance announcement and the suspension of its stock trading [10][15]. - The company has entered bankruptcy proceedings for its subsidiary, Evergrande New Energy Automobile (Tianjin) Co., Ltd., which has halted production since January 2024 [12][15]. Group 5: Future Outlook - Despite the state-owned asset takeover, Evergrande Auto requires substantial financial investment and specialized management to navigate its current challenges, leaving its future uncertain [15].
恒大汽车两大子公司被广州国资接手 注册资本合计75亿元！去年半年亏超200亿元