“If you come back, you won’t buy the land again.”
Editor’s note: This article is from “ Daily future car “(micro-channel public number ID: auto-time), author: Pan Lei.
Author | Pan Lei
Edit | Liang Chen
The huge group has taken a step back from the abyss of delisting.
On September 6, the huge group was suspended. According to the announcement on September 5, the company received a large number of applications for the reorganization of the court, and the risk of delisting due to the failure of the reorganization, starting from the first trading day (September 9) next week, the stock code is also Will be changed to “*ST huge”, officially “wearing stars wearing a hat.”
As the first car dealership, during the peak period, the huge group once owned more than 1,000 auto 4S stores and is the largest auto dealer group in the country.
But now it is on the verge of bankruptcy.
In fact, since the huge store sales last year, the wind of the tight capital chain has begun to spread quietly, but at that time, Pang Qinghua also thought that this is no big deal. He once said: “Selling a few stores can’t explain anything.”
But in October last year, he no longer defended the big, and instead admitted that the funds did go wrong.
From an industry perspective, the huge capital chain break is related to the relatively weak market environment that has been in place since last year. The decline in new car sales has affected huge capital turnover, and car dealers are also a high debt ratio, so the debt crisis has been detonated.
Looking at the store can not help themselves, the huge can only hope to pass the current crisis and resolve the debt risk through the court reorganization, which is called a huge robbery by Pang Qinghua.
But it’s undeniable that this is also related to the huge initial blindfolding. When the market is good, the huge amount of investment is not controlled in time, and the scale of buying and selling stores is expanding, and the business risks are subjectively enlarged.
In an interview with the media, Pang Qinghua also reflected on his aggressive strategy. “If you come back, you will not buy more land.”
At the same time, in the process of waiting for the court’s ruling, the huge is also promoting the slimming plan. It retains a joint venture brand 4S store with relatively strong operating capacity. But for the 4S that is in the incubation periodShops are all rented or sold.
At the moment, the situation is still grim. According to the semi-annual report released at the end of August, the asset-liability ratio reached 81.87%, which was higher than 80.29% at the end of the previous year.
If the final ruling of the court can achieve debt restructuring, it will help to reduce the debt ratio and improve cash flow. However, if the reform fails, it will be tantamount to a huge situation.
[I am Pan Lei, the author of the Future Auto Daily, focusing on the automotive industry and forward-looking technology, and are always welcome to exchange and provide news clues. WeChat A10010A123, please add a note name, company, position. 】
