On November 25, according to a report by Tencent Auto Insight, an insider of Brilliance Group revealed that “the acquisition of the Zhonghua plant by BMW has been suspended, and the relevant BMW staff in the Zhonghua workshop have been withdrawn.”

　　According to the above-mentioned sources, the relevant leaders of FAW are currently meeting with the senior leaders of Brilliance Group. The group believes that BMW’s 1.633 billion yuan purchase of the Zhonghua plant is “too cheap and internally disagree”.

　　For this reason, Caijing Auto contacted the relevant person in charge of Brilliance Group, but as of the time of publication, no response was received from the other party.

　　On November 20 last year, the Shenyang Intermediate People's Court ruled to accept creditors' application for the reorganization of Brilliance Automobile Group Holdings Co., Ltd., marking that this car company has officially entered the bankruptcy reorganization process.

　　On October 20, the Anti-Monopoly Bureau of the State Administration for Market Regulation conducted a simple case announcement on BMW China’s acquisition of Brilliance Automotive Manufacturing Equity. The announcement period is from October 20, 2021 to October 29, 2021.

　　According to the public announcement, Brilliance Automobile Group Holdings Co., Ltd. ("Brilliance Group") currently holds 100% of the equity of Brilliance Automobile Manufacturing Co., Ltd. ("Brilliance Manufacturing"), thereby independently controlling Brilliance Manufacturing. BMW (China) Investment Co., Ltd. ("BMW China") has signed an equity sale and purchase agreement with Brilliance Group to acquire the entire equity of Brilliance Manufacturing. After the proposed transaction, BMW China will independently control Brilliance Manufacturing.

　　On the morning of August 31, the second creditors meeting (hereinafter referred to as the "Second Debt Meeting") of 12 companies including Brilliance Group and other companies was held. There were three proposals at the meeting, including the property management and price conversion plan, and the establishment of creditors. The committee's two proposals, as well as the core proposal, BMW China acquires the "Zhonghua" brand.

　　After the creditors voted, all three bills were passed. However, the passing rate of BMW China's proposal to acquire the "Zhonghua" brand is not high. The agreed amount only accounts for 57% of the amount of debts attended the meeting, slightly exceeding the minimum limit of 50%, which is the proposal with the lowest passing rate.

　　According to people familiar with the matter, BMW China's price of 1.633 billion yuan is basically fair. First of all, the bid and appraised price of the asset part are equivalent to 1.233 billion yuan, followed by a premium of 400 million yuan, which is the price paid for the qualification of vehicle production.

　　BMW China said: “We hope to support the reorganization of Brilliance Group with practical actions and are committed to further expanding our business in Liaoning Province. We hope to use the existing production capacity of Brilliance Automobile Manufacturing Co., Ltd. However, the project is still relevant. Department’s approval process. More information will be released at a later time."

　　At present, Brilliance Group is under great pressure to repay debts. The total amount of liabilities is about 2.5 times the estimated market value of assets. The manager of Brilliance Group introduced at the Second Debt Meeting that as of August 13, 2021, a total of 6,005 creditors have declared their claims to the manager, with a declared amount of approximately 54.313 billion yuan. The manager has initially determined and suspended the determination of the debt amount after review. About 49.983 billion yuan. In addition, after investigation, it is estimated that employee claims and undeclared claims are about 12.001 billion yuan. Therefore, the total estimated debt of 12 companies including Brilliance Group is 61.984 billion yuan.