the "treasure fire dispute" has just been suspended, and Yao Zhenhua has been revealed to have lost another lawsuit and has to compensate nearly 30 million.

Hongxing Capital Bureau noted that on July 29, listed company Ruisong Technology (688090.SH) issued a notice saying that its holding subsidiary Guangzhou Ruisong Beidou Auto Equipment Co., Ltd. (hereinafter referred to as "Guangzhou Ruibei") sued Yao Zhenhua and Baoneng Investment. Recently, the court of second instance issued a judgment: Yao Zhenhua and Baoneng Investment were sentenced to pay 29.84 million yuan to Guangzhou Ruibei and pay overdue payment losses.

Baoneng's Guanzhi car arrears

After the supplier sued, only the 4 million was also

Looking back at this case, we should start with the announcement of Baoneng Investment to build a car. After the "Baowan Controversy" in 2015, Baoneng announced in a high profile the following year that it would enter the bureau of new energy vehicles. In March 2017, Baoneng Automobile was formally established. In December of the same year, Baoneng Group invested 6.63 billion yuan to acquire 51% of Chery's Guanzhi Automobile.

Image from Baoneng official website

Guangzhou Ruibei, a holding subsidiary of Ruisong Technology, is one of the suppliers of Guanzhi Automobile. According to its official website, Guangzhou Ruibei is a manufacturer of automotive intelligent equipment technology research and development, with customers including GAC, Honda, Great Wall and Volvo.

In mid -2021, Baoneng Auto is in a liquidity crisis and Guanzhi Auto is also in arrears. In August 2021, Guangzhou Ruibei sued Guanzhi Xi'an and Guanzhi Automobile for failing to pay the pre-acceptance payment to Guangzhou Ruibei in accordance with the two Equipment Purchase Contracts signed by both parties, involving a total amount of more than 3200 million yuan.

by February 2022, Guangzhou Ruibei, Guanzhi Xi 'an, Yao Zhenhua and Baoneng Investment Group signed the Settlement Agreement on the above cases. At that time, Ruisong Technology said in the announcement that the settlement agreement agreed that the defendant Guanzhi Xi'an or its designated subject promised to pay the amount to Guangzhou Ruibei in accordance with the agreed repayment plan, and its related parties Yao Zhenhua and Baoneng Investment provided joint and several guarantees.

Only two months later, Ruisong Technology announced that it had recently filed a lawsuit with the people's Court of Luohu District, Shenzhen City, where the settlement agreement was signed, demanding that Yao Zhenhua and Baoneng Investment Group immediately perform their joint and several guarantee responsibilities and pay the down payment of 2 million yuan.

In August 2022, the case was reversed again. Ruisong Technology disclosed in the announcement that due to changes in objective circumstances, the company applied to the Luohu Court to change its litigation request, and ordered Yao Zhenhua and Baoneng Investment to repay 29.84 million yuan to Guangzhou Ruibei and pay overdue payment losses and litigation costs.

Red Star Capital Bureau noted that Ruisong Technology also disclosed in the above announcement that Baoneng Investment Group had made a counterclaim, requesting an order to terminate the "Settlement Agreement" involved in the case.

Image from public company announcement

baoneng investment group's counterclaim is that after the signing of the settlement agreement, on April 25, 2022, guanzhi Xi' an entrusted outsider Guangzhou baoneng automobile trading co., ltd. to pay 2 million yuan to Guangzhou ruibei and another 2 million yuan on may 20, 2022. On February 16, 2022, Baoneng Group made a resolution of the shareholders' meeting to guarantee the Settlement Agreement.

Baoneng Investment Group believes that after receiving the down payment from Guanzhi Xi 'an, Guangzhou Ruibei failed to apply to Xianyang Intermediate People's Court and Weicheng Court for withdrawal of the lawsuit at the agreed time point, and at the same time failed to apply to the two courts for equipment unsealing, and failed to continue to perform the original "Equipment Purchase Contract", violating the relevant provisions of the "Settlement Agreement.

It is worth mentioning that the first-instance judgment of the Luohu Court held that when the above-mentioned "Settlement Agreement" was signed, the main contract facts and the amount of creditor's rights had undergone major changes, and Baoneng Group's request to terminate the "Settlement Agreement" had facts and laws. basis. However, Guangzhou Ruibei was not satisfied with the above judgment and appealed to the Shenzhen Intermediate People's Court.

lost the second instance and required compensation of nearly 30 million yuan

Baoneng Auto is in a financial crisis

On July 29, Ruisong Technology announced that Guangzhou Ruibei received the second-instance judgment from the Shenzhen Intermediate People's Court, and the two-year dispute finally came to an end.

Image from public company announcement

Shenzhen Intermediate People's Court believes that the Settlement Agreement has been adopted by the resolution of the shareholders' meeting of Baoneng Investment and is legal and effective. The purpose of signing the agreement is to solve the problem of repayment of arrears under the three procurement contracts between the two parties, including the Equipment Purchase Contract involved in the case, and the agreement clearly stipulates the amount and time of repayment in installments, and Baoneng Investment and Yao Zhenhua are jointly and severally liable for the payment obligations. Guanzhi Xi'an shall pay in accordance with the time and amount of installment payment agreed in the contract, and if it fails to perform in accordance with the contract, Baoneng Investment and Yao Zhenhua shall bear the responsibility of guarantee.

therefore, the Shenzhen Intermediate People's Court ruled that Yao Zhenhua and Shenzhen Baoneng Investment Group Co., Ltd. shall repay Guangzhou Ruibei with 29.84 million yuan and pay the loss of overdue payment within 10 days from the effective date of this judgment.

On July 30, the Red Star Capital Bureau called Baoneng Investment Group to inquire about the impact of the case, but no response has been received. As of now, Baoneng Group has not made a public response to the case.

red star capital bureau noted that in February 2023, Yao zhenhua, chairman of baoneng group, said at the "2023 new year's commencement meeting of baoneng group" that 2023 would be the decisive year for baoneng's strategic acceleration.

However, according to the Daily Economic News report in June, Baoneng Automobile was exposed to problems in the capital chain, and dealers and employees were affected to varying degrees. At the same time, the official website of Ali Judicial Auction showed that the property including vehicles and a large number of Guanzhi cars in the Tongling rental house of Guangdong Baoneng Automobile Sales Co., Ltd. were auctioned.

In mid-July, according to public information, Baoneng Auto Parts Co., Ltd. added a new equity freeze information. The person subject to execution is Baoneng Auto Group Co., Ltd., and the amount of frozen equity is 5 billion RMB. From July 11, 2026 to July 10, 2026, the enforcement court is Shenzhen Longhua District People's Court.

Red Star News reporter Qiang Ya mill

Editor Xiao Ziqi