Two years ago, when Baowo fell into decline following the SUV wave, the tragic ending was gradually revealed. Therefore, Futian's current announcement is just to clear the relationship with Borgward in the most unfeeling way.

　　 On December 9, Foton Motor issued an announcement that the relevant assets of Beijing Borgward Automobile Co., Ltd. (hereinafter referred to as "Beijing Borgward") were seized by the Beijing Third Intermediate People's Court. Due to the inability to repay the debts owed by the suppliers and other creditors, the relevant creditors applied for the seizure of relevant assets of Beijing Baowo, and the amount involved was about 124 million yuan.

　　 The announcement showed that the applicants for the seizure were Beijing Baowo creditors, a total of 34 companies, and the respondent was Beijing Baowo. The assets seized this time are all required by Beijing Baowo's production and operation, including machinery and equipment, transportation equipment, office equipment, IT equipment, tooling, other equipment, construction in progress, and inventory. The book value of the seized property is 2.209 billion yuan.

　　 This means that although Foton claims that the property rights of these seized assets do not belong to Foton, nor are they related assets that Beijing Borgward used to settle debts. But in view of the fact that Foton has also coveted Borgward's remaining assets for a long time, the court's operation has caused it to have an extremely adverse effect on the recovery of its own related claims.

　　The reason is that although in Borgward’s current shareholding structure, Beiqi Foton Motor Co., Ltd. holds 24.79% of the shares. However, when Borgward settled in UCAR, as of January 15, 2020, Foton Motor still had 1.48 billion yuan in the remaining price that had not been received. As a result, the final consequence was that Foton had to apply to the court for the seizure of the assets of the Shenzhou Department, and to recover the relevant debts of Borgward Automobile and its shareholders, in order to minimize losses.

　　 Obviously, from the current status quo, Borgward's debt solvency is almost zero. As early as March 19 this year, Foton Motor’s announcement mentioned that Borgward has not yet resumed work and production, and that there is a greater risk in production and operation, and it may not be able to repay its debts on time.

       For this reason, Foton Motor has stated that the company’s shareholding company Borgward Auto and Hua Xia Bank have not reached an agreement on the “borrowing new and repaying the old” plan for the 400 million yuan stock loan, and they are unable to repay the 400 million yuan loan principal of Hua Xia Bank on time and related related matters. Interest, 404 million yuan was paid to Hua Xia Bank on September 18 to pay the principal, interest, and penalty interest of the above-mentioned secured loan. After this compensation, Foton Motor provided Baowo with a guarantee balance of 310 million yuan and an overdue guarantee amount of 310 million yuan.

       Immediately afterwards, on November 18, Foton Motor stated that the company received a "Civil Ruling" from the court regarding the borrowing of shareholders of Borgward Automobile, ruling to seal up, seize or freeze the property of Shenzhou UCAR worth 1.645 billion yuan. The first batch of guarantees within the scope of this protection are waiting to freeze the shares of China UCAR (Pingtan) Financial Leasing Co., Ltd. and China UCAR (Fujian) Information Technology Co., Ltd. held by UCAR.

　　 Soon after, Foton Motor received the "Notice" on property preservation sent by the Beijing No. 1 Intermediate People's Court. The claimant is Foton Motor, and the respondent is China UCAR. Since Baowo Automobile has not repaid the loan from Foton Motor, in order to protect the legal rights and interests of the company, Foton Motor applied to the Beijing Arbitration Commission (hereinafter referred to as the "BAC") for arbitration and preservation. The BAC will The preservation application is submitted to the Beijing First Intermediate People's Court.

　　 In fact, according to the production and sales data released by Foton Motor, the cumulative sales in the first November of this year was 612,700, a year-on-year decrease of 2.04%. In addition, Foton Motor's net profit in the first three quarters was -3.5789 million yuan, and the brand once again fell into a loss. Therefore, for Futian who is not in a good situation, timely stop loss is the best choice. Regardless of the previous relationship between Borgward and Foton, in order to promote the company's recovery of Borgward Auto’s shareholders’ loans and guarantee the company’s legal rights and interests, Foton’s actions of recovering Borgward’s shareholders’ loans and equity transfer payments will not stop there. Down.