Suzhou Jinlong received a total of RMB 4.4 billion in subsidy for RMB 1.6 billion Jinlong Automobile Co., Ltd. in 2015

According to the announcement of Jinlong Auto on April 1, Jinlong Automobile Industry (Suzhou) Co., Ltd., a subsidiary of Xiamen Jinlong Automobile Group Co., Ltd., recently received a payment of 160.437 million yuan for the national new energy vehicle promotion subsidy paid by the Suzhou Municipal Finance Bureau. yuan. Up to now, the holding subsidiary of Golden Dragon Motor has received a total of 4.97535 billion yuan (that is 4.379 billion yuan) in 2015. In addition, Xiao Bian learned that Yutong Bus’s national subsidies for new energy vehicle promotion in 2015 amounted to 3.232048 billion yuan (that is, 3.23 billion yuan).

According to the notification issued by the Ministry of Finance on granting energy-saving and emission reduction subsidies for new energy vehicle subsidies and new energy bus operation subsidies in 2015 (Caijian [2016] No. 816), and on granting energy-saving emission reduction subsidies for 2015 "New Energy Vehicle Third Batch Payment of Subsidy Funds" (Caijian (2017) No.39) and other related regulations, Xiamen Jinlong Automobile Group Co., Ltd. holding subsidiary Jinlong United Automotive Industry (Suzhou) Co., Ltd. recently received Suzhou The Municipal Finance Bureau transferred the payment of the national new energy vehicle promotion subsidy of 160.437 million yuan in 2015.

According to the announcement, Xiamen Jinlong United Automotive Industry Co., Ltd. and Xiamen Kinglong Wagons Co., Ltd. of Golden Dragon Automotive Holding Co., Ltd. had received RMB 1.1778 billion in 2015 national subsidy for new energy vehicle transfer paid by Xiamen Finance Bureau in December 2016 respectively. 16.9111 million yuan.

In addition, the reporter learned that in October 2016, the Ministry of Finance copied the Notice of Administrative Punishment of the Ministry of Finance (Cai Jian Han [2016] No. 6) to the Ministry of Industry and Information Technology, confirming Suzhou Jinlong’s application for the 2015 central government subsidy Of the energy vehicles, 1683 vehicles were still unfinished as of the end of 2015, but in 2015 they applied for motor vehicle licenses in advance. Among these, 519 million yuan was involved in the central government's subsidies.

On October 13, 2016, Jinlong Motors “posted” a fine notice of the “Notice of Receiving Administrative Penalties from the Ministry of Finance”, in which the Ministry of Finance will recover the funds of 519 million yuan for Suzhou Jinlong’s 2015 central government budget. A penalty of RMB 259 million was imposed on 50% of the amount of non-compliance issues for Suzhou Jinlong. At the same time, the company's central government financial assistance qualification will be cancelled from 2016, and when it will resume, it will be regarded as rectification and will be re-approved according to the procedures.

Suzhou Jinlong has stopped production and sales of problem vehicles since September 8, 2016. However, due to the recovery of controlling subsidiaries and the total fine of 778 million yuan, the performance of Golden Dragon Motors was still affected. On January 26, 2017, Jinlong Bus announced the 2016 annual loss forecast announcement. According to the announcement, due to penalties from the Ministry of Finance and the Ministry of Industry and Information Technology, Jinlong United Automotive Industry (Suzhou) Co., Ltd. is unable to recover or is expected to recover the central energy-efficient new energy vehicles. Financial subsidy and local financial subsidy have reduced sales income or provision for bad debts, and have paid a fine; Suzhou Golden Dragon Co., Ltd. has been unable to undertake orders for new energy vehicles since September 2016, resulting in new energy vehicles in the fourth quarter of 2016. Sales revenue dropped significantly. Due to the above factors, Suzhou Golden Dragon Company expects to have a substantial loss in 2016.