Yao Zhenhua was again exposed as "going to court". On October 13, the Bank of Shanghai (601229.SH) disclosed a loan dispute between it and Shenzhen Togis Technology Co., Ltd. (hereinafter referred to as "Togis"), and Shenzhen Baoneng Investment Group Co., Ltd. (hereinafter referred to as "" Baoneng Group "), Yao Zhenhua and other five defendants were sued together for failing to assume the obligation of guarantee.

In fact, this kind of prosecution is nothing new to Yao Zhenhua and the "Baoneng Department". In addition to these debt disputes with large and small enterprises, Yao Zhenhua also faces the problem of hundreds of millions of yuan of wages owed by internal employees for a long time. But for Yao Zhenhua, who has just lost land for Baoneng's Xi 'an factory and Guangzhou Industrial Park, the additional 2.58 billion to be repaid is undoubtedly worse.

Lawsuit-ridden Yao Zhenhua and "Baoneng Department"

One more to be repaid

Regarding the dispute over the financial loan contract of the Bank of Shanghai, the announcement shows that on December 24, 2020, the Shenzhen Branch of the Bank of Shanghai signed the Fixed Asset Loan Contract with Togis to lend 2.58 billion yuan to the latter, with the loan period from December 24, 2020 to December 24, 2023. At the same time, Shenzhen Branch signed the "Real Estate Mortgage Contract" with Shenzhen Shenye Logistics Group Co., Ltd. (hereinafter referred to as "Shenye Logistics"), signed the "Loan Pledge Contract" with Togis Group Co., Ltd. (hereinafter referred to as "Togis Group"), and signed the "Loan Guarantee Contract" with Shenye Logistics, Togis Group, Baoneng Group, Baoneng Holdings (China) Co., Ltd. and Yao Zhenhua, it is agreed that the five parties shall bear the joint and several liability guarantee guarantee for the above-mentioned Togis debt.

Nandu Bay Finance News Agency reporter noted that Togis and "Baoneng Department" there is a certain relationship. Eye checks show that Huang Shilong, the actual controller of Togis, once worked for Baoneng Group and is currently a supervisor of Shenzhen Baoneng Cultural Development Co., Ltd., which is actually controlled by Yao Zhenhua.

Now, because Togis has not fulfilled its obligation to repay the principal and interest in accordance with the contract, Shenzhen Branch announced the early recovery of the loan principal and interest, requiring Togis and others to go through the principal and interest settlement procedures. In view of the fact that Togis and others have not fulfilled their obligations to repay the principal and interest or assume the responsibility of guarantee, the Shenzhen Branch filed a lawsuit with the Shenzhen Intermediate people's Court of Guangdong Province in accordance with the law.

According to the lawsuit, the Bank of Shanghai requested that Togis immediately repay the principal of the loan of 2.58 billion yuan, and pay the interest, penalty interest and compound interest owed, as well as attorney's fees, case acceptance fees, preservation fees, etc. At the same time, the Bank of Shanghai requested that the remaining defendants, including Yao Zhenhua and Baoneng Group, be jointly and severally liable for the above-mentioned claims.

The announcement pointed out that the Bank of Shanghai has recently received the "Notice of Acceptance of Cases" from the Shenzhen Intermediate People's Court of Guangdong Province.

The prosecution of Yao Zhenhua and Baoneng is a "cliche". On July 29, Ruisong Technology (688090.SH) disclosed its disputes with Yao Zhenhua and Baoneng Group. It is reported that Xi'an Branch of Guanzhi Automobile Co., Ltd. (hereinafter referred to as "Guanzhi Xi'an"), a subsidiary of Baoneng Automobile, signed a "settlement agreement" with Guangzhou Ruisong Beidou Automobile Equipment Co., Ltd. (hereinafter referred to as "Guangzhou Ruibei"), which agreed on the relevant payment plan.

However, due to the failure of Guanzhi Xi'an to fulfill all the payment obligations according to the agreed payment plan, Guangzhou Ruibei sued the guarantor Yao Zhenhua and Baoneng Group to fulfill joint and several guarantee liabilities in the People's Court of Luohu District, Shenzhen. The results of the second instance showed that the Luohu District People's Court ruled that Yao Zhenhua and Baoneng Group should pay 29.84 million yuan to Guangzhou Ruibei Lianhe and pay the loss of overdue payment within 10 days from the effective date of the judgment.

in addition to these public disputes with listed companies, the eye check shows that Baoneng group, which Yao Zhenhua is at the helm, has 76 pieces of information about the executed, involving a total amount of 34.778 billion yuan. Yao Zhenhua himself was not alone. As the person to be executed, the total amount of execution reached 0.976 billion yuan.

internal and external troubles of "Baoneng Department": unpaid wages and lost land

Today's Baoneng system can be described as "suffering from the enemy": there is a serious problem of wage arrears internally, which has even caused many group incidents. Not only is it facing multiple debts with enterprises externally, but also the territory it once opened up is losing one after another.

Nandu Bay Finance News Agency has made a more detailed report on the problem of wage arrears of the "Baoneng Department. According to credible statistics provided by former employees interviewed, the "Baoneng Department" owed more than 1.3 billion yuan in total from July 2021 to April 2022.

in August this year, Luohu district human resources bureau fined baoneng group 50000 yuan for failing to pay 305 employees in full and on time in accordance with the law from March 2022 to April 2023. However, the punishment did not serve as a warning, and a number of employees interviewed said that they had not yet received back wages. In addition, according to the internal statistics of employees, in fact, the number of unpaid employees in Guangbaoneng's automobile sector is as high as more than 9000.

The problem of arrears of wages needs to be solved urgently, and the crisis of "Baoneng system" is still worsening due to the shrinking assets. According to a previous report by a reporter from the Bay Finance News Agency, the real estate rights of Baoneng Automobile's three plots of land in Xixian New District, Xi'an have been canceled and have been owned by the government. Less than a month after the land of the Xi'an factory was taken away, Baoneng Automobile will lose another million square meters of industrial land, this time in Guangzhou, which is the closest to the Shenzhen base camp.

The Huangpu District Bureau stated that it has notified the land use right holder in writing to apply for the cancellation of registration of the state-owned construction land use right within a time limit. However, due to the failure of the land use right holder to apply within the time limit, according to the relevant provisions of the "Implementation Rules of the Interim Regulations on Real Estate Registration", the Huangpu District Bureau will cancel the registration according to its powers.

Nandu Bay Finance Agency reporter learned from the official website of Guangzhou Municipal Bureau of Planning that the above-mentioned land belongs to Guangzhou Baoneng Automobile Co., Ltd. and is used to build Guangzhou Baoneng New Energy Automobile Industrial Park. From 2017 to 2019, Guangzhou Baoneng Automobile Co., Ltd. spent a total of about 0.87 billion yuan to auction three plots of land in JLZL-B-1-1, JLZL-B-1-2 and JLZL-B-1-3 in Jiulong Town, Huangpu District, Guangzhou, with a total land area of about 990000 square meters.

It is understood that Guangzhou Baoneng New Energy Automobile Industrial Park was once a key investment project of Baoneng Group and an important part of Baoneng Automobile's new energy industry layout. According to the initial plan, Baoneng Group intends to invest 30 billion yuan here to complete the infrastructure project and start the installation of process equipment by the end of 2019, and the first car will be offline in the third quarter of 2020. However, according to media reports, as of the end of 2020, the industrial park plant has only completed the construction of part of the steel frame, and the ground is overgrown with weeds, showing a shutdown state.

After that, in October 2021, Guangzhou Baoneng New Energy Automobile Industrial Park once again reported the start of construction, and the project has also become a key construction project in Huangpu District and Guangzhou Development Zone in 2021. But then the latest official news about the project stopped in April 2022. According to the official public number of the contractor, China Construction Third Bureau, April 6, 2022, according to the tweet, Guangzhou Baoneng New Energy Automobile Industrial Park has recently achieved the basic completion of the infrastructure entity project, and is making every effort to sprint the construction of the follow-up decoration project and ancillary works.

It is understood that since 2017, Baoneng has acquired 13 plots of land, nearly 9000 acres of car-building bases and project areas in 6 places including Guangzhou, Kunming, Hangzhou, Guiyang, Xi'an, and Kunshan in the name of car-building. However, in April 2022, two investment projects of Baoneng Automobile in Kunming have been removed. In September this year, the execution case of "Kunshan Juchuang Energy Technology Co., Ltd.", a battery project company of Baoneng Automobile in Kunshan City, was also transferred to bankruptcy by the court. In the reality of losing many factories, Baoneng's car-making road, once regarded as the "first core business", seems to be leading to a dead end, and Baoneng Group's financial predicament is obviously difficult to turn over.

writing: Chen Jingan, reporter of Nandu Bay Finance Agency