In 2020, Zotye Auto, which threatened to "let ordinary people drive luxury cars" and sold 300,000 cars a year, was in desperate situation. In the same year, Tongfeng Electronics returned to state-owned assets, and Tieniu Group went bankrupt. Looking around, the Iron Bull Empire of Zhejiang, Britain and Ren Jian is almost lost everywhere. "Don't lean on the fence alone, it is infinite, and it is easy to see when it is difficult." I wonder if Li Yu, queen of the Southern Tang Dynasty, can describe the feelings of this Zhejiang businessman?
"Beating Reservoir Dogs" has always been something people are willing to do, and "failed" Ren Jian has become the target of public criticism. The editor of "Doug talks about cars" combed his deeds. 1992 established the hardware factory, which made tieniu group famous in 1999. In 2003, he set foot in vehicle manufacturing and held two listed companies in 2007. Ren Jian, who has been in business for decades, probably never dreamed that he was in such a bad situation when he was in his 60s. Zotye, which he founded, is also considered to deserve failure, and even the restructuring has only progressed to the stage of restructuring investors for nearly half a year. At this point, British Ren Jian seems to be the laughing stock of the automobile circle, but should British Ren Jian really be beaten?
Zhejiang businessmen stepping on the beat of the times
As a Zhejiang businessman, the story of Geely's founder starting from scratch is widely sung, so that people ignore the legend that Zhejiang businessmen should leave on the road to entrepreneurship.
The 1990s were the golden stage of China's manufacturing development. 1992, we should seize the opportunity of the times, take out all our savings and borrow money from relatives and friends, and make up 80,000 yuan to start the Great Wall Machinery Hardware Factory, start producing tractor parts, and then set foot in the production of motorcycles and auto parts.
When I was a factory director for several years, I was dissatisfied with the fact that the panels of Changhe van popular in the market at that time were all imported from Japan.
"I thought, can we produce such parts?" In this way, he established Zhejiang Tieniu Industrial Co., Ltd. in 1996, focusing on the matching of sheet metal parts of vans.
1999, Tieniu 10 18A car roof won the national key new product award, and finally replaced Japanese products to supply Changhe. At this time, Ren Jian's "Iron Bull" began to become famous in the industry, and the continuous orders also made Ren Jian's wealth roll more and more.
Ying Ren Jian, who was not willing to do only upstream parts, bought an automobile production line in Taiwan Province in 2003 through partnership, and Zotye Automobile was born. Zotye's sales reached the peak of 330,000 vehicles from the first model was launched in 2005 to 20 16, which is also the golden stage of the development of domestic automakers.
It is worth mentioning that in the field of new energy vehicles, Britain and Ren Jian began to lay out as early as 20 1 1, and started to set up Zotye New Energy. In addition, Ren Jian introduced Ma Jun Automobile and Zotye Ford in 20 15, when the trend of new energy vehicles had already appeared.
Throughout the entrepreneurial history of Zheshang, he can also be called a private entrepreneur who is stepping on the beat of the times.
Is cronyism a failure?
Although Ren Jian's pioneering work stepped on the beat of the times, it is also a fact that his "Iron Bull Empire" fell apart.
In the development history of Zotye Automobile, "cronyism" has always been one of the symbols of Ren Jian. At the beginning of the establishment of Zotye Automobile, the chairman of Zotye Automobile was invited back from Xiamen. It is reported that Wu Jianzhong is Ren Jian's brother-in-law.
In the subsequent development, Wu Jianzhong walked out of a "takenism" mode, and made Zotye famous by imitating luxury cars including Audi Q5. However, in the minds of consumers, Zotye brand has been branded as "the king of the cottage".
In fact, from the perspective of the law of development, Wu Jianzhong's choice is not wrong. After all, in China, where the industrial base is relatively weak, it is a choice for everyone, including Geely and other independent brand car companies.
However, after Wu Jianzhong left on 20 15, Jin Zheyong, who was recruited, still did not jump out of the "strange circle" of "cronyism". It is reported that Jin Zheyong is Ren Jian's nephew. After Jin Zheyong took charge of Zotye Automobile, Zotye Automobile tried to find a good way to "reshape the brand", but as a result, we also saw that Zotye Automobile finally went downhill and accidentally fell into a desperate situation.
Ren Jian who makes money?
After the Zotye crisis, Ren Jian was said to be the biggest "vampire", and many people thought that he should make money by making cars.
In 2020, Zotye Motor will lose 20 19 years10 billion yuan. The financial report shows that the company's operating income in 20 19 was 2.986 billion yuan, down 79.78% year-on-year. The net profit attributable to shareholders of listed companies was-11/900,000 yuan, down1498.98% year-on-year; The basic earnings per share was -5.52 yuan, a year-on-year decrease of 15 15.38%. The loss in a single year is tens of billions, which is really rare among car companies in China. It is worth mentioning that in 20 19, Zotye Automobile also received 3 billion "life-saving money" from Zhejiang Yongkang Rural Commercial Bank.
Where did all the money go? At that time, including Zotye employees and media reports, it was said that the money was taken away by his family.
Of course, this statement is not unreasonable. Previously, Shenzhen Stock Exchange sent an inquiry letter to Zotye Automobile, asking Zotye to explain the specific measures that the company has taken and intends to take to solve the problem of Tieniu Group's 365,438+million non-operating funds occupation, and whether the above-mentioned occupied funds have been returned. Zotye said in its reply that Tieniu Group occupied 3 1 10,000 yuan of non-operating funds, which have not been returned to the company up to now (2021February 9).
In fact, it is not the first time that British Ren Jian is suspected of "fishing for gold" from Zotye Automobile. Starting from 20 16, Zotye Auto should be listed by Ren Jian. 20 16 In March, Jinma, a subsidiary of Tieniu Group, announced for the first time that it planned to acquire 0/00% equity of Yongkang Zotye Automobile Co., Ltd. held by 23 shareholders, including Jin Zheyong, Changcheng Changfu, Tianfeng Zhixin and Tieniu Group, with a transaction consideration of 65,438+. At that time, Zotye's assets were only 2.2 billion yuan, with a premium of over 400%.
Shortly after the announcement, the CSRC questioned the kinship between its controlling shareholder and the actual controller, and whether the high valuation of Zotye Auto11600 million yuan was reasonable. Subsequently, Jinma shares adjusted this. The first two shareholders of Zotye Automobile headed by Jin Zheyong voluntarily transferred 44.69% and 7.23% of the shares to Tieniu Group, making Tieniu Group the largest shareholder and actual controller of Zotye Automobile.
After various operations, Tieniu Group finally acquired 0/00% equity of Zotye Auto11600 million yuan by borrowing from Jinma. So far, Zotye Auto has been listed successfully, but this is only a wave of "right-handed" operations. The sky-high premium and the wave of new energy vehicles have made Zotye's market value soar to more than 30 billion after listing, and Tieniu Group in Britain and Ren Jian has also made a fortune.
Of course, the high premium is not for nothing. According to the profit forecast compensation agreement signed at the time of backdoor borrowing and its supplementary agreement, the audited net profit attributable to shareholders of the parent company in 20 16, 20 17, 20 18 and 20 19 shall be no less than RMB 65,438+respectively. If Zotye Auto fails to fulfill its performance commitment, Tieniu Group will give priority to the repayment of Zotye Auto shares, which will be repurchased and cancelled by the listed company at 1 yuan, and the insufficient shares will be repaid in cash. Although Zotye's performance is difficult to reach the target, it seems that Ren Jian Tieniu still made some money from gambling.
In the year of listing, Zotye Auto failed to fulfill its performance promise. The net profit of 2065438+2007 was 134 billion yuan, and only 95. 15% of the performance commitment was fulfilled. Tieniu Group compensated with 1 00000 shares, and the listed company repurchased and cancelled with1yuan. It is worth noting that the shares obtained by Tieniu Group were exchanged through Zotye Automobile's entry into the listed company, and the cancellation of a small number of shares did not affect its holding position.
In 20 18, zotye not only failed to make a profit, but also lost 4190,000 yuan, which was 2 billion yuan different from the performance commitment of16100,000 yuan. According to the compensation agreement, Tieniu Group needs to compensate 468 million shares, which was cancelled by the listed company.
However, Tieniu Group later disclosed an agreement with Jin Zheyong, which stipulated that the shares compensated by Tieniu Group, that is, Zotye Automobile, would be compensated by Jin Zheyong in cash, based on the share price of Zotye Automobile on the last trading day of 20 18. In the end, Jin Zheyong paid a total of 2.028 billion yuan to Tieniu Group.
As for the compensation, Britain and Ren Jian "coincidentally" pledged 80% of the shares of Tieniu Group's listed companies to the bank, resulting in insufficient repayment of their shares. In other words, Tieniu Group not only failed to compensate Zotye's performance, but took 2 billion yuan from Zotye, and gained a lot of income by virtue of share pledge.
Tieniu Group is British Ren Jian, and the money is naturally considered to have fallen into the hands of British Ren Jian. In this context, it is said that Zotye should cash in one billion.
Does he really have no dream of building a car?
Ren Jian never seems to want to build a good car, because of "cronyism" and "making money by making cars". Is that really the case?
Although the label of Zotye Auto's "Tape Department" is lingering, Ren Jian seems to have realized that Zotye Auto needs to embark on the road of self-research from 20 17. Since the beginning of this year, Zotye's investment in R&D has increased year by year. In 20 18, the R&D expenses of Zotye Automobile increased by 2 1. 15% compared with 20 17, reaching 7120,000 yuan; In 20 19, the R&D expenditure increased to about 876 million yuan.
20 17 1 1 month, zotye automobile also announced that it had received a notice from its controlling shareholder, tieniu group co., ltd., that it would invest in manufacturing projects of automobile core systems such as automobile powertrain in Changzhou economic development zone. After the project is completed, it will also be transferred to our company (Zotye Automobile) in priority.
It can be seen that Ren Jian seems to be interested in making Zotye Automobile embark on the road of "core competitiveness" by "throwing money".
Of course, up to now, we still haven't seen Zotye Auto become a private car company with "core competitiveness". Zotye Automobile, which was once all-powerful, is now "waiting for the price to be sold", expecting the restructuring investors to complete the adjustment as soon as possible and start the road of restructuring. As for Ren Jian, regardless of whether Zotye Auto's restructuring is successful or not, I'm afraid this Zhejiang businessman's dream of building a car will come to an end.