Is Yinlong's 10 billion yuan new energy project going to fail? Too fast expansion is to blame

Recently, a seizure order issued by the Jiangsu Provincial High People's Court has attracted widespread attention. Relevant photos show that the Jiangsu Provincial High People's Court has sealed the real estate project of Nanjing Yinlong New Energy Commercial Vehicle.

Two days after the seizure order was posted, the project was unsealed. The unsealing announcement showed that Wuye Group Shanghai Co., Ltd. applied to the Jiangsu Higher People's Court to lift the seizure measures, and the Jiangsu Higher People's Court lifted the seal in accordance with the law. Wuye Group is one of the construction parties of the Nanjing Yinlong New Energy Project.

The project is part of Gree Group CEO Dong Mingzhu's dream of building cars.

Yinlong and Wuye had previously had differences in the performance of the contract, so Wuye applied for seizure through legal means to preserve the property. Later, the two parties reached an agreement and lifted the seizure.

The Nanjing Yinlong project is one of the nine industrial parks deployed across the country by Zhuhai Yinlong New Energy Co., Ltd.

According to public reports, the total investment of the Nanjing Yinlong New Energy Project is 10 billion yuan. The first phase of the project covers an area of ​​1,500 acres and has a construction area of ​​approximately 500,000 square meters. Construction officially started in October 2017.

It is reported that Wuzhi Group paid too much money in advance during the construction process and was unable to bear it. Industrial and commercial data show that Nanjing Yinlong is a subsidiary of Zhuhai Yinlong New Energy Co., Ltd., and the current largest natural person shareholder of Zhuhai Yinlong is Dong Mingzhu, chairman of Gree Electric Appliances, with a shareholding ratio of 17.46%.

According to public reports, at the end of 2016, Dong Mingzhu's Gree Electric Appliances tried to acquire Zhuhai Yinlong but failed. After that, Dong Mingzhu invested in Zhuhai Yinlong in her personal capacity.

She said at the time that the decision to invest in Zhuhai Yinlong was not for profit, but to support the rapid development of the new energy vehicle industry.

In addition to Dong Mingzhu, Wang Jianlin's Dalian Wanda is also one of the shareholders of Zhuhai Yinlong. In addition, there are shadows of private enterprise bosses such as JD.com's Liu Qiangdong and Shagang's Shen Wenrong.

For the Nanjing Yinlong project, Dong Mingzhu went to Lishui four times to personally finalize the project. Before Yinlong, three large vehicle manufacturers such as BYD had already settled in Lishui, and the local area currently concentrates 80% of Jiangsu's new energy bus production capacity.

The Nanjing project is just one of Yinlong's grand plans. According to public reports, after Dong Mingzhu joined Zhuhai Yinlong, Zhuhai Yinlong signed 9 industrial parks in Shijiazhuang, Luoyang and other places, with a total investment of over 80 billion yuan.

After rapid expansion, Yinlong is slowing down. According to media reports, the construction status of Luoyang Yinlong seems to be somewhat different from expectations, and factories such as Chengdu Yinlong have stopped working and employees have been given holidays.

The implementation of the new subsidy standards not only raises the threshold for new energy vehicles to obtain subsidies, but also forces automakers and power battery manufacturers to speed up the research and development of new energy endurance technologies, thereby promoting the overall development of the industry.

Wu Zhixin, deputy director of the China Automotive Technology Research Center, said in an interview with the media that the three-year critical period from 2018 to 2020 will see a major reshuffle in the vehicle and parts industry. By then, a large number of weak new energy vehicle companies will be acquired or go bankrupt, and those with unstable foundations and backward technology will undoubtedly become the first victims.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.