The shares of Hubei Xinghui, held by WM Motor, have been frozen What’s happening now?

Hubei Xinghui shares frozen What's happening now?

【phoneauto News】On August 3rd, phoneauto noticed that according to the information displayed on the Enterprise Investigation APP, Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. has added equity freeze information. The person subject to enforcement is WM Motor Technology Group Co., Ltd., with a frozen equity amount of approximately 19.6762 million RMB, and the freeze period is from July 28th, 2023 to July 27th, 2026. The associated case shows that the case involves a trade dispute between Zhejiang Lihua Group Co., Ltd. and several companies under WM Motor, and the case will be heard on September 1st.

Similarly, based on the information displayed on the Enterprise Investigation APP, Hubei Xinghui New Energy Intelligent Automobile Co., Ltd. was established in April 2017, with Shen Hui as the legal representative and a registered capital of 6 billion RMB. Its business scope includes the manufacturing, sales, and after-sales service of new energy intelligent automobiles, complete vehicles, and related components. It is wholly owned by WM Motor Technology Group Co., Ltd. On the other hand, WM Motor Technology Group Co., Ltd. was established in January 2015, with Shen Hui as the legal representative and a registered capital of 6 billion RMB. Its business scope includes the technology design and research and development, sales and after-sales service of new energy intelligent automobiles, as well as related automotive components and after-sales service, technical consultation and services, and technology transfer, etc.

It is worth noting that previously, WM Motor was once exposed to a series of problems such as wage arrears, salary reductions, layoffs, and production suspensions, and even became a dishonest debtor. The founder, Shen Hui, was also subject to restrictions on high consumption. However, WM Motor has also stated that it is making every effort to carry out user services, repay debts in an orderly manner in accordance with the law, and actively promote the plan to expand into the international market for new energy vehicles. It is expected to resume work and production in the near future and restore normal operations. Around July 25th, WM Motor announced on its official Weibo account the news of a new car “ready to set sail” for international markets, accompanied by a series of pictures of cars waiting to be loaded onto ships at the port.

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