Daily travel bus Jinlong will face huge fines only due to new energy vehicle declaration fraudulent subsidies

Jinlong Automobile announced on the evening of November 20th that its holding subsidiary Jinlong United Automotive Industry (Suzhou) Co., Ltd. (referred to as: Suzhou Jinlong) received the “Notice of Administrative Processing of the Ministry of Industry and Information Technology” issued by the Ministry of Industry and Information Technology (work letter [2016] ] No. 513, hereinafter referred to as “the “Notice”).

According to the announcement, in October 2016, the Ministry of Finance copied to the Ministry of Industry and Information Technology the “Notice of Administrative Punishment of the Ministry of Finance” (Financial Supervision Letter [2016] No. 6), confirming that Suzhou Jinlong Company declared the 2015 central financial subsidy fund for new energy vehicles. Among them, 1,683 vehicles have not been completed by the end of 2015, but in 2015, the motor vehicle driving license was issued in advance. Not meeting the reporting conditions, involving subsidy funds of 519 million yuan.

According to relevant regulations, the Ministry of Industry and Information Technology will deal with Suzhou Jinlong Company: 1. Order Suzhou Jinlong Company to stop production and sales of the problematic vehicles. Second, suspend Suzhou Jinlong Company to declare the qualification of the recommended models for the promotion and application of new energy vehicles, and remove the problem models from the “Recommended Models for Promotion and Application of New Energy Vehicles”. Third, the Suzhou Jinlong Company was instructed to carry out a six-month rectification. After the rectification is completed, the Ministry of Industry and Information Technology will check and accept the rectification situation.

Jinlong Motor stated that Suzhou Jinlong Company has stopped production and sales of problem vehicles since September 8, 2016. At present, the production and operation of Suzhou Jinlong Company is normal. All directors, supervisors and senior management of the company attach great importance to the above issues. After further confirmation with the relevant departments, the company will make an accurate assessment of the impact of the contents of the Notice on Suzhou Jinlong Company and the company, and fulfill its information disclosure obligations in a timely manner.

According to the data of Jinlong Auto's 2016 semi-annual report, its operating income was 11.079 billion yuan, a year-on-year increase of 7.71%, and the net profit attributable to listed companies was 164 million yuan, a year-on-year increase of 10.7%. The net profit attributable to listed companies in 2015 was 535 million yuan. CICC expects Jinlong Motor's 2016 net profit to be reduced to 125 million yuan, down by 76.9%.

Jinlong Company also stated that after careful consideration, Suzhou Jinlong Company intends to abandon its right to make representations and defenses. Suzhou Jinlong Company will carry out rectification in accordance with the requirements of the Ministry of Industry and Information Technology, in order to resume the qualification of Suzhou Jinlong Company to declare new models for the promotion and application of new energy vehicles as soon as possible.

At present, the problem of fraudulent enterprises mainly involves four situations: there are no cars, no cars, no signs, and related parties and dealers are idle. Suzhou Jinlong is a typical “brand-free car”: the car has not yet been produced, and the license can be registered in the vehicle management department through abnormal channels, and then the extremely rich subsidy can be declared by the number of cards.

Earlier announcements showed that the Ministry of Finance will recover the stipend of the central government's 2015 financial subsidy of 519 million yuan, and impose a fine of 50% of the amount of violations, that is, 259 million yuan. At the same time, from 2016 onwards, the company will be disqualified from the central financial subsidy. When it is resumed, it will be subject to rectification and re-approval according to procedures.

Jinlong Automobile previously stated in the announcement that Suzhou Jinlong’s fraudulent compensation will have a greater impact on the company’s 2016 operating results. "A preliminary estimate will directly reduce the company's net profit attributable to the parent company in 2016 by approximately RMB 315.4 million. The specific impact amount and accounting treatment shall be subject to the audit of the company's annual auditing firm."

The reporter noted that due to the impact of the new energy vehicle fraud in the first half of 2016, Suzhou Jinlong experienced a significant decline in net profit in the case of sales growth. In the first half of the year, a total of 9,800 passenger cars were sold, a year-on-year increase of 13.4%. The operating income for the same period was 5.198 billion yuan, a year-on-year increase of 30.54%, but the net profit was only 55,658,500 yuan, a year-on-year decrease of 60.71%.

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