Nezha Auto founder was frozen for 46.76 million shares in multiple defendants recently opened trial – Passionategeekz –

[CNMO Technology News]Recently, Nezha Automobile affiliated company, Hezhong New Energy Vehicle Co., Ltd., has been in a series of turmoil. Tianyan Check information shows that the company has recently added bankruptcy cases, and the equity of the founder Fang Yunzhou was frozen, and many cases as defendants are about to be held intensively.

Nezha Auto

In the newly added bankruptcy case of Hezhong New Energy, the applicant is Shanghai Yuxing Advertising Co., Ltd., the Measures Court is the Intermediate People’s Court of Jiaxing City, Zhejiang Province, and the administrator is Zhejiang Zicheng Law Firm. Shanghai Yuxing Advertising has previously applied for the company’s bankruptcy review. Risk information shows that currently 100 equity freeze information exist in Hezhong New Energy, and founder Fang Yunzhou has multiple equity freeze records, with a total amount of frozen equity totaling RMB 46.76 million.

According to legal litigation information, many cases of Hezhong New Energy as a defendant cover product producer liability disputes, financial loan contract disputes, sales contract disputes, etc.

According to Passionategeekz, Nezha Automobile has accumulated nearly 400 million yuan in compensation and payables, involving more than 3,000 employees. The former employee said that he owed more than 6,000 people, and the maximum wage arrears of 8 months, with an average wage of about 100,000 yuan per person, totaling at least more than 300 million yuan, and there are about 270 people with equity funds, totaling more than 70 million yuan.

Looking back at the development history of Nezha Automobile, models such as Nezha V have relied on low-price strategies to sell considerable sales in the online car-hailing market and sinking markets, and once became the sales champion of new forces. However, the disadvantages of the low-price strategy lead to low profits of bicycles and their brand image is also mid- and low-end, which is not conducive to Nezha’s long-term development. Nezha subsequently launched models such as Nezha S and GT to impact the high-end market, but due to insufficient brand accumulation and other reasons, the sales of these models were not ideal, which made Nezha fall into the dilemma of not being able to conquer the low-end and not having a high-end market.

All rights reserved, no reproduction without permission