Article from WeChat public account:Investing in the Internet (ID: China-Venture) , author: Making of, Zhan party song, the question from FIG: Oriental IC

Before the bankruptcy was declared, the youth car had been litigated. The boss Pang Youth has become “Lai Lai” 21 times since 2014, and there are many disputes with local government investment institutions.

Pang Youth’s dream of making a car is a step further.

Hangzhou Youth Automobile Co., Ltd. (hereinafter referred to as “Youth Car”) has officially completed the bankruptcy proceedings last month.

The People’s Court Notice Network shows that since the bankruptcy property of the youth car has been distributed, according to the provisions of Article 120 of the Enterprise Bankruptcy Law of the People’s Republic of China, the end of the youth car bankruptcy was decided on October 21, 2019. program. The amount of youth vehicles used for the settlement of ordinary bankruptcy claims is 205,435,080.96 yuan, and the debt settlement rate is 28.47%.

Youth Automobile was established by Zhejiang Merchant Pang Youth. It consists of three sections: commercial vehicles, passenger cars and auto parts. On August 21, 2017, Young Auto announced that it produced the world’s first water-hydrogen fuel vehicle. On May 23, 2019, due to a controversial report in the “Nanyang Daily”, the little-known youth car was controversial, and its propaganda “hydrogen-hydrogen car” technology also became the target of public criticism.

Before the bankruptcy was declared, the youth car had been litigated. According to public information, the youth car involved 105 lawsuits and 25 times were classified as untrustworthy enforcers. In addition, the investment network found that the young people behind the youth car began to become “Lao Lai” since 2014, and the act of dishonesty is as many as 21 times, and many of the many acts of dishonesty are in dispute with the investment institutions of local governments.

However, despite this, Pang Youth and Youth Cars are still long-sleeved and have many opportunities for cooperation..

Controversial “hydrogen car”

The predecessor of the youth car is Jinhua Neoplan Vehicle Co., Ltd., which is mainly engaged in the production of passenger buses and buses. It has provided buses for the Beijing two sessions.

Pang Youth is a native of Taizhou, Zhejiang. In 1995, Pang Youth established a joint venture with Beijing’s Northern Vehicle Manufacturing Plant and established a Jinhua North Fulai Automobile Co., Ltd. with a 70% stake. However, at that time, Pang Youth believed that the form of joint venture was difficult to let go. In the second year, in 2000, he sold more than 9 million to buy the remaining 30% of the shares, and newly formed Jinhua Neoplan Vehicle Co., Ltd.

In 2004, Pang Youth began to enter the sedan market. This year, he signed an agreement with Guizhou Aviation Industry to acquire the qualification for car production through the acquisition of the Skylark car owned by Guihang. Subsequently, he launched the “Youth Lotus” brand through cooperation with the Malaysian Lotus Car’s parent company, Malaysia’s Baoteng Automobile, and began to market to the market including racing, competing, L3 and L5. 4 models.

In 2009, Pang Youth publicly stated that it will establish 10 production bases nationwide, bringing the total production capacity of youth vehicles to 1.463 million. The investment places include Jinan, Taian, Lianyungang, Shizuishan, Erdos, Haining and Liupanshui. The investment plan is 44.4 billion yuan.

There is a great reputation for Pang Youth and Youth Cars. It was published in the May 1919 issue of Nanyang Daily. The article emphasizes the “hydrogen car” of young cars, which is a sigh of relief. In the subsequent lead media to visit the production of water-hydrogen vehicles, Pang Youth also spoke amazingly, saying that the water discharged from the engine can drink, deepening the market’s doubts about “hydrogen and hydrogen vehicles.”

In fact, as early as August 21, 2017, Young Auto released the first water-hydrogen fuel vehicle at the Jinhua headquarters in Zhejiang. At that time, the relevant media also published a report entitled “The first water-hydrogen fuel car of the youth car has a 500-kilometer mileage.” According to the report, Pang Youth said at the time that water-hydrogen fuel vehicles do not need to be refueled or charged, and only water can be used to chemically react hydrogen to produce hydrogen gas for more than 500 kilometers.

118 million subsidies before bankruptcy

It is worth noting that just before the official announcement of bankruptcy, the youth car just received a subsidy of 118 million.


According to the public notice document issued by the Ministry of Industry and Information Technology in October, the total number of vehicles for the subsidy of Youth Motors in 2017 was 549 vehicles, and the subsidy funds received by enterprises were 118 million yuan. Just six months ago, the youth car was unable to meet the subsidy standard because of the 343 new energy vehicles that were approved for approval.

In September 2018, the Ministry of Industry and Information Technology conducted a preliminary review of the 2017 new energy vehicle subsidy application enterprises. The 343 new energy vehicles applied for by the Youth Motors had a cumulative mileage of less than 20,000 kilometers. After verification, they cannot be included in the subsidy list (ie “reduced”). In April 2019, the final version of the 2017 New Energy Vehicle Promotion and Application Grant Fund (Supplementary)Financial Review Final Vehicle Information Sheet was announced. In this version, the accumulated mileage is still less than 20,000 kilometers, and the 343 new energy vehicles applied by the youth car have still not changed the fact of being reduced.

Electric vehicle observer Qiu Junjun told the investment network that if the new energy vehicle submitted by the company was reduced due to insufficient mileage, the mileage demand will be met before the next approval, and the same batch of vehicles can be submitted for approval again. There is a period of subsidy declaration, and the competent department issues a notice to the enterprise, but there is no fixed number of declarations per year.

Investing in the network found that the company that received the new energy vehicle subsidy for the youth car is its core car company “Jinhua Youth Automobile Manufacturing Co., Ltd.”, and the vehicle models are all pure electric buses and buses. The device can be a lithium iron phosphate battery.

Unlike the outside world’s doubts, there are no hydrogen vehicles in the vehicles that the young cars are replenished, and there are no electric vehicles that use hydrogen fuel cells. Qiu Junjun told the investment network that hydrogen fuel cell vehicles, pure electric vehicles and plug-in hybrids belong to each other. Since the subsidized models of this youth car belong to pure electric vehicles, they will not be hydrogen fuel cell vehicles. He also said that hydrogen fuel cell vehicles also use batteries, commonly known as electric and electric hybrids. Lithium iron phosphate is the most common in terms of passenger car power batteries.

Young cars have been defrauded in 2017, and have therefore been suspended from applying for new energy vehicle qualifications. In February 2017, the Ministry of Industry and Information Technology had imposed penalties on young cars because the installed capacity of 245 new energy vehicles sold by Young Auto in 2014 to the Shanghai Bus Bus Group was less than the announced capacity.

Pang Youth with long sleeves and good dance

Use the “hydrogen-hydrogen car” to instigate the investment of the Nanyang government, or with the Pang youth in the political businessThe characteristics of long sleeves and good dance are inseparable. The investment in the network found that Pang Youth’s government support or cooperation is far more than Nanyang.

For example, Zhejiang, the hometown of Pang Youth, gave the youth car a series of support from public opinion to funding. In May 2018, the Zhejiang Science and Technology Department publicly showed that the youth car applied for 343 new energy vehicle subsidies to Zhejiang Province, totaling about 74.18 million yuan. However, after the Zhejiang Provincial New Energy Vehicle Promotion and Application Subsidy Fund Liquidation Review Meeting, the number of new energy vehicles that the youth car actually received subsidies was 350, and the subsidy was more than 75.68 million yuan.

When Pang Youth was questioned because of “water and hydrogen car”, Chen Hong, member of the Party Working Committee of Zhejiang Jinhua Economic and Technological Development Zone and deputy director of the management committee, had interviewed several media: “No matter what others, he worked hard Doing this. I don’t think there is anything to be embarrassed.”

The Rugao City of Jiangsu Province also had rumors of cooperation with Pang Youth. In April 2017, Pang Youth publicly stated that the Rugao New Energy Industry Fund, which was established in August 2016, will hold a 30% stake in Young Auto. Through publicly credible data, the China Investment Network found that the new energy industry fund mentioned by Pang Youth pointed to a fund named “Zhuzhong Zhongjin Industrial Investment Development Fund Center”. Rugao City People’s Government indirectly holds 30% of the fund.

But the investment network failed to inquire about the investment in the youth car in the Industrial Investment Development Fund Center of the Rongzhong. And the fund has applied for a simple cancellation in August 2019, because the business license is lost, and the business license is invalidated. The China Investment Network failed to contact the relevant person of the fund to comment on the investment that Pang Youth claimed.

In addition, Nantong Baiying Energy Co., Ltd., which Pang Haoliang’s son Pang Haoliang actually controlled, is involved in the management of the Economic and Technological Development Zone Management Committee, which indirectly holds 11.22% of the company’s shares.

But a non-negligible fact is that government investment institutions that previously worked with Pang Youth have had disputes with them more than once. China’s executive information disclosure network shows that in October 2015, Pang Youth became the old Lai because of “other responsibilities to refuse to comply with the effective legal documents.” The plaintiff was Taian Development Zone Taishan Venture Capital Co., Ltd. Penetrating equity, the actual controller of the company is the Taian High-tech Industrial Development Zone Security Committee.

Before, there were media reports that Young Auto acquired mineral resources in the name of investment and construction in Shizuishan City, Ningxia and Erdos City, Inner Mongolia, and quickly sold and cashed. “China Times” interviewed a senior official at Shizuishan City in Ningxia on this matter. The other party bluntly said: “Our evaluation is that the government has encountered a scam. The opponent’s ability is too strong. We feel cheated, but we can’t defend our rights. We only have a dumb loss.


Article from WeChat public account:Investing in the Internet (ID: China-Venture), author: Making of, Zhan party song