AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Brilliance auto stock1/11/2024 ![]() Around 75 percent of its passenger car sales last year were Brilliance-BMW ones, according to Brilliance China’s 2019 annual report. In the first half, BMW Brilliance Automobile contributed CNY4.4 billion (USD671 million) in net profit, while the group’s total profit came to CNY4 billion, indicating that the rest of the company’s businesses ran up a deficit.īrilliance Auto has three car marques of its own, Zhonghua, Jinbei and Huasong, and two JV brands, BMW Brilliance and Renault Brilliance. Brilliance China Automotive Holdings, the 1st Chinese auto company to list on the New York Stock Exchange, said it plans to withdraw that listing. The firm is heavily dependent on its JV with BMW, its only profit-making business. 16.īrilliance Auto is expected to bounce back after the restructuring and make up some of the losses to creditors. It has defaulted on CNY6.5 billion (USD992.5 million) in loans and amassed CNY144 million (USD22 million) in unpaid interest, the Shenyang, Liaoning province-based firm said on Nov. ![]() The group has liabilities of around CNY52.4 billion (USD8 billion). However, it is necessary and possible to reorganize the company due to its intrinsic value. The insolvency will not involve subsidiary firms, including the JVs with BMW and French carmaker Groupe Renault, which are independent entities, a company insider told Yicai Global.īrilliance Auto has insufficient assets to pay off all its debts and therefore is bankrupt, said the Liaoning Shenyang Municipal Intermediate People’s Court which today accepted creditors’ application for reorganization. The stock price of Brilliance China closed up 8.25 percent at HKD7.48 (USD0.96). 20 - Shares in Brilliance China Automotive Holding, whose joint venture with BMW is the German carmaker’s biggest production plant worldwide, soared as much as 10 percent today on the news that its struggling parent firm Brilliance Auto Group has thrown in the towel and gone into bankruptcy and restructuring.
0 Comments
Read More
Leave a Reply. |