Apropos the declaration of the
YunQue Q1, Erik kindly informed me about bankruptcy proceedings against some Youngman companies. I decided to look further into the fate of this group.
In July/August 2017, Zhejiang Youngman Lotus Automobile, Zhejiang Youngman Lotus Engine Co., Ltd. and Hangzhou Yaman Engine Co., Ltd. were declared bankrupt and went into liquidation. In September/October, Hangzhou Youngman Automobile Co., Ltd. was also entered into the proceedings. Zhejiang Youngman Lotus was responsible for the Xiaoshan plant in Hangzhou (Plant I) and Hangzhou Youngman Automobile for the newer Xiasha plant also in Hangzhou (Plant II).
I searched for more info on the rest of the facilities of this group. Youngman had ventured on a mad expansion spree after setting up the passenger car project. It operated and/or built plants in Jinhua (car & bus), Anshun, Tai'an, Jinan, Hangzhou, Lianyungang (truck/bus), Shizuishan (truck), Quzhou (transmission). Investments were announced and cooperation agreements signed with local governments for plants in Haining, Erdos, Liupanshui, and Guiyang.
Everything, however, came to nought. Many of the announcements did not bear fruit and eventually the local administrations withdrew the land allotments. Working plants became idle, with reporters who visited the locations witnessing signs of desertion and neglect. Weeds and tall grass were seen growing around the properties. The new Shizuishan plant had assembled only about a hundred trucks. There were also accusations of irregularities regarding a coal concession in Shizuishan. The new Xiasha plant had not even produced anything. The group landed huge debts wherever they had operated. Most of these standing but idle plants are likely to have their assets stripped off eventually. Only Jinhua was found to be somewhat active. Evidently, Youngman has gained approval for a number of BEV bus models. The Anshun plant was somehow saved by sale to an NEV aspirant backed by a financial group (possibly a creditor as well). No doubt the Anshun city government, which owned close to half of the equity (as Guizhou Aviation had already divested), was instrumental in this, and who also invited Changan later to help.
Sources:
http://cv.ce.cn/zxz/gdpl/201705/22/t20170522_23061224.shtml
http://www.escn.com.cn/news/show-425085.html
http://www.yicai.com/show_topic/2861741/
and dozens of other articles.
