The 52-week high price was 8.98 yuan. After Weimar’s official response to the news that it “has no interest in participating in the restructuring of Zotye”, the share price of Zotye Auto in the A-share market hit a record high in nearly three years on August 18.

　　After Weimar’s official response, Geely Automobile also responded that “Geely Holding did not participate in the reorganization of Zotye”.

　　Compared with Geely's official response, Weimar's response clearly revealed the meaning of "dislike". As Zotye, which was exposed to work stoppages, arrears of wages, layoffs, and debts in 2019, the restructuring announcement has been issued for more than 8 months, but there has been no result.

　　The stock price goes up, but no one takes it

　　In fact, in addition to Weimar and Geely, it was also rumored that Evergrande, Baoneng Group, Xiaomi, Weilai, and even Tesla will participate in the reorganization of Zotye Automobile, but in the end there was no follow-up, or the rumors were rejected.

　　In fact, in September last year, Zotye Automobile issued an announcement stating that the controlling shareholder was ruled by the court to accept bankruptcy and reorganization, after which Zotye Automobile started bankruptcy and reorganization. However, after Zotye Automobile and the pre-reorganization manager issued an announcement on open recruitment of investors on September 23 last year, no company registered and submitted materials.

　　At the beginning of January this year, in the "Announcement on the Progress of Public Recruitment of Investors", Zotye Automobile stated that on December 25 and 28 last year, an intentional investor and a pre-reorganization manager respectively signed a "confidentiality agreement". A prospective investor signed the "Confidentiality Agreement" and "Intention Agreement." At the same time, there are also other potential investors in contact with the pre-reorganization manager.

　　Although Zotye Automobile did not disclose the specific companies involved in the restructuring, after the announcement, the share price of Zotye Automobile began to soar. From January 12 to March 22, 2021, the closing price of Zotye Automobile has increased by 252.63%, and the cumulative turnover rate is as high as 92.42%.

　　At the beginning of April this year, Zotye Automobile announced in a suspension announcement of two companies participating in the reorganization, one of which is Shanghai Zhiyang Investment Co., Ltd. The company's business scope is industrial investment, venture capital, and investment management. The other is Hunan Zhibo Equity Investment Fund Management Co., Ltd., which is engaged in the entrusted management of private equity funds, investment and financing management and related consulting services.

　　Obviously, the two companies involved in the restructuring are investment companies. For the reorganization of Zotye Automobile, no other car manufacturers participated.

　　Zhongtai is really worthless?

　　Despite the constant scandals, there is actually no car manufacturer or company that wants to build a car to participate in the reorganization of Zotye Auto. Is it true that Zotye Auto is worthless?

　　An investor calculated an account: Yongkang 11.6 billion + Hangzhou 2 billion + Changsha 3 billion + Daye 6 billion + Chongqing 4 billion + Jinhua 3 billion + Linyi 5.5 billion + Xiangyang 3.3 billion + Guigang 6.2 billion, a total of 446 Billion. This is the production capacity layout of Zotye across the country. Among them, Yongkang 200,000/year+Hangzhou 100,000/year+Changsha 200,000/year+Daye 100,000/year+Chongqing 200,000/year+Jinhua 200,000/year+Linyi 300,000/year+Xiangyang 200,000/year +Guigang 200,000/year, the country's cumulative annual production capacity is 1.7 million vehicles.

　　Obviously, Zotye’s production capacity layout is undoubtedly a good target for any car maker who wants to build a car or quickly expand production capacity.

　　However, public data shows that Zotye Auto’s 2020 loss will be 10.801 billion yuan, and the company's net assets at the end of 2020 will be -4.423 billion yuan. Judging from the financial report, Zotye Automobile has long been insolvent.

　　Even if it goes bankrupt and reorganizes, Zotye Auto will need a huge sum of money to fill the previous shortfall. This is not a good deal for the new car-making forces that are still at a loss and are constantly listing and financing in various capital markets. For a giant like Xiaomi that is not short of money, the production capacity layout of Zotye Automobile is not very attractive to it, because Xiaomi may not build its own factories and will adopt the foundry model. Therefore, Zotye’s production capacity is nothing for Xiaomi. Usefulness.

　　The possibility of Evergrande and Baoneng is even smaller. At present, Evergrande and Baoneng frequently report crises. Among them, Evergrande Motor is planning to sell part of the equity in the electric vehicle department, and Evergrande Group is interviewed by relevant departments, and Baoneng Group also reported large-scale layoffs. In addition, Evergrande and Baoneng have no shortage of auto manufacturing bases.

　　In addition, the nicknames of Zotye Automobile’s "Tape Measure Department" and "Plastic" have spread far and wide. Zotye Automobile, which is famous for imitating and plagiarizing, does not have memorable technologies and products. Today, Zotye Automobile has completely ceased sales, the sales network has long since disappeared, the manufacturing business has long been suspended, and the talent team has also been lost. At the moment, Zotye Auto has only a pile of production bases, auto production qualifications and empty shells of A-share listed companies.

　　Therefore, for many car manufacturers, Zotye Auto is not as attractive as sector investors think.

　　Does Zotye have a future?

　　At the beginning of this year, the share price of Zotye Auto was around 1.3, and now the share price of Zotye Auto has risen to more than 8 yuan. Although no substantial progress has been made in bankruptcy and reorganization, the stock price of Zotye Automobile has risen again and again. But, how long can such a skyrocket last?

　　According to the announcement, Zotye Automobile held the first creditors meeting of the reorganization case on the morning of August 5 this year. Regarding the disclosure of the content of the meeting, some investors commented: "The key information was not disclosed at all", "Look carefully at the announcement, a few agendas have no substantive content.", "With this kind of work style, reorganization will lead to bankruptcy. ".

　　In the announcement on August 17, Zotye Automobile announced the first meeting of creditors to vote and pass the "Property Management and Valuation Plan" and the "Proposal for Managers to Continue Performing Their Duties". The main content of the "Property Management and Valuation Plan" is the basic principles and rules for property management and property valuation that are not included in the scope of reorganization. This "Property Management and Valuation Plan" does not involve debt settlement arrangements.

　　Obviously, the substantive progress of the first meeting of creditors of Zotye Auto is not great.

　　It is worth mentioning that of the two companies involved in bankruptcy and reorganization previously disclosed by Zotye Automobile, one of them has been clearly terminated and the other has been suspended. In other words, no company has publicly participated in the bankruptcy and reorganization of Zotye Automobile so far.

　　In this year's Zotye Auto's multiple risk warning announcements, Zotye Auto mentioned many times that "the company's stock may face the risk of termination of listing." Many investors have not taken this sentence seriously because of the risk warning required by relevant regulations. At present, Zotye Automobile, which has no investors to take over, can really fulfill this sentence?