China Auto Trending Hashtag| P D Group filed for bankruptcy reorganization

1. FF and THE 9's new energy vehicle project settled in Hohhot

   

On June 10th, the Internet company THE 9 announced that its new energy vehicle project with FF has settled in the Hohhot Economic and Technological Development Zone. THE 9 has signed a memorandum of strategic cooperation with the Office of the Development Leading Group of the Sha'er Industrial Zone in the Hohhot Development Zone. The memorandum is valid for three months.

The memorandum shows that Hohhot Sha'er Industrial Zone will reserve no less than 5,000 acres of land supply for new energy vehicle projects and support joint ventures to obtain new energy passenger vehicle production qualifications. At the same time, THE 9 and Hohhot Sha'er Industrial Zone will jointly set up a new energy industry fund. THE 9 and its subsidiaries will contribute no less than 500 million yuan, including the purchase of industrial land and commercial land. The government will contribute no less than 1.5 billion yuan. including capital subsidies.

2. PANGDA Group filed for bankruptcy reorganization

   

Chinese media reported that the car dealer group PANGDA Group officially filed a bankruptcy reorganization application on May 17, and is currently awaiting approval. Subsequently, Pang Group Chairman Pang Qinghua confirmed the matter in an interview.

As the first Chinese auto dealer to land in A-shares, P D Group has suffered from operating losses, equity freezes, operational difficulties, and insufficient liquidity, and has been sued by dozens of courts. Once the bankruptcy reorganization is approved, the “business system debt-to-equity swap” will be carried out, thereby reducing the debt ratio of the enterprise.