Evergrande cars do not rely on venture capital?

Pre -debt financing, overdrawn Evergrande car cash flow.

Wen ｜ Song Hongshan

Source | Future Epolidation (ID: HIFUTURCITY)

Cover Source ｜ icphoto

Relying on the mass production car posters and models of the car show alone, Evergrande Motors once raised a strategic investment of 30 billion Hong Kong dollars. The participating institutions include Tencent, Didi, Sequoia Capital and Yunfeng Fund. However, the default of a trust plan recently unveiled the hidden debt hazards of Xujia's printed car.

36 氪 recently learned exclusively that Zhongcheng Trust New Energy 5 recently issued an announcement of extension of the surplus trust duration, and the trust plan defaulted. At the stage of raising funds from investors, Zhongcheng Trust informed investors that financing funds will be used for the construction of Evergrande Shenyang New Energy Vehicle Factory, but investors have not received the corresponding funding materials provided by the trust company. The source of the trust plan obtained the return of investment is the cash flow of Evergrande's future sales revenue.

However, Zhongcheng Trust has given up to recover the investment rights through the return payment of Evergrande Automotive Sales.

Investors at No. 5 of New Energy 5 told 36 氪 that the underlying pledged assets of the trust fund are Evergrande residential projects, which are the Light 073 plot of Guiyang City and the Taoyuan 098 plot. The total size of the trust is 10-12 Between 100 million yuan, investors generally believe that compared to waiting for Evergrande's cash flow returns, Zhongcheng Trust to take over two land development is safer, but it is also a helpless choice.

In 2019, Evergrande had disclosed that it invested 120 billion yuan in Shenyang to build a new energy vehicle project base. Since then, there has been no news of construction and production in Shenyang base. According to the strategic cooperation agreement signed by the Shenyang Municipal Government and Evergrande Group in June of that year, Evergrande New Energy Vehicle R & D and production bases will be settled in Hunnan District, wheel motor R & D and production bases and power battery super factories will be settled in Tiexi District.

Before the press release, 36 氪 called the office of the Development and Reform Commission of the Tiexi District of Shenyang City, and the staff who answered the phone said that they did not know about Evergrande New Energy Automobile Base Project.

The first new energy vehicle owned by Evergrande Automobile has been selling for pre -sale, and a sale gimmick with no reason to withdraw from the car for 15 days. Liu Yongzhuo, president of Evergrande Automobile, also revealed recently that as of July 29, Hengchi 5 cumulative pre -sale of pre -sale The order exceeds 37,000 units. At present, Evergrande Automobile Production Base is located in Tianjin. It is the heavy responsibility of Evergrande's acquisition of NEVS Guineng Automobile. It is responsible for the production of Evergrande's first mass production model Hengchi 5, but whether it can meet mass production standards has been repeatedly questioned.

Hengda has recently signed an agreement with a number of trust companies to peel off some projects to the trust company. The latter will take over the operation and management of the project company and invest in it to ensure the subsequent development and construction of the project and the insured building. Exercise the right to repurchase equity.

Industry insiders told 36 氪 that after the trust company takes over the Evergrande project, if the sales of the plot are optimistic and enough to pay the investor in arrears, Evergrande has the right to share the remaining repayment rights; In principal, investors also have the right to continue to recover from Evergrande.

With the promotion of various institutions such as the government, keeping the property is the first. The cash flow generated by new energy vehicles through sales, due to various complex funds such as creditors and supply chain mortgage guarantees, trust investors are facing great uncertainty. A Zhongcheng Trust New Energy 5 investors revealed that because of the downside status of the real estate market and the crisis in Evergrande, the exfoliation of the two plots is not optimistic.

36 氪 learned from multiple places that the total scale of China Cheng Trust helped Evergrande's new energy project financing of 6-7 billion yuan. In July of this year, the No. 3 Energy 3 of Zhongzhisoto Zuo also defaulted. Investors reported to the CBRC, questioning the number of new Energy No. 3, forged trust contracts, faked underlying assets, unauthorized relief of equity pledges and destroying the bottom -up assets, and the underlying assets, and the underlying assets, and the underlying assets, and the underlying assets, and the underlying assets, and the underworld assets, and A number of major violations of the law of 2.6 billion yuan of huge trust funds.

It is understood that in the difficult process of debt reorganization, China Evergrande plans to provide debt -to -equity for overseas creditors to provide the equity of the two listed companies of the group's property and car, but the major overseas creditors have rejected the proposal.

China Evergrande failed to announce a debt restructuring plan at the end of July. Evergrande said that in view of the size and complexity of the group and the current status of the industry, due diligence is still being advanced. It is hoped that the specific reorganization plan will be announced as soon as possible and made positive progress as soon as possible.

Evergrande car has an unknown future, and Evergrande property is not optimistic. Earlier, the reasons for Evergrande Property for 13.4 billion yuan was made public by the bank -Xia Haijun, former president of Evergrande China, and former chief financial officer Pan Darong and Hengda Property executives, and 13.4 billion As a pledge margin, deposits borrow from banks through third -party companies, and then borrow from China Evergrande bailout. Earlier, a war investor in Evergrande Property also told 36 氪 that it is of little significance to propose a liquidation in Hong Kong property in Hong Kong.

According to the information disclosed at the creditor's conference call in March 2022, Evergrande's overseas direct debt is equivalent to the total scale of about 22.7 billion U.S. dollars, including US $ 14.2 billion in overseas bonds issued by Evergrande China, and Tianji Holding subsidiary Jingcheng Company issued Overseas bonds were US $ 5.2 billion, as well as project financing and private equity financing 3.3 billion US dollars.

The production line of new energy vehicle companies is huge and the return cycle is long. It requires long -term capital support. The mainstream new energy vehicle manufacturers mainly pass equity instead of debt financing. Taking Weilai Automobile as an example: The financial report shows that as of February 28, 2022, Weilai Automobile had a total of 10.6823 billion yuan in long -term loans, mainly including bonds, 2026 bonds and 2027 bonds, some assets support securities And Weilai Automobile's long -term bank debt. From 2016 to 2021, the company's cumulative equity financing was about 90 billion yuan.

The real estate development driven by debt rolls is like four -by -one hundred meters relay, and the car building is like a marathon. Xu Jiayin might hold the relay stick and joined this long game.

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