WM Motor's debt exceeds 20.3 billion yuan. It is reported that many senior executives have been arrested for contract fraud, job embezzlement, etc.

According to Automobile News, WM Motor’s first creditors’ meeting was held at 9:30 a.m. on the 29th at the Shanghai No. 3 Intermediate People’s Court. Creditors participated via video access. meeting and vote on the reorganization case.

Participants revealed that the creditors' meeting was held in an orderly manner, but when it came to core information such as resolving arrears of employee wages, the spokesman for the creditors' meeting said everything was under plan, and no other precise information was released to the outside world.

Currently, Weimar has fallen into a serious insolvency situation. Materials on the reorganization case show that the administrator incorporated the confirmed creditor's rights amount of 3.376 billion yuan into Weimar Technology Group's creditor's rights table.

According to the audit report mentioned in the reorganization case, Weimar Technology Group’s total audited book assets were 3.988 billion yuan, and its liabilities were as high as 20.367 billion yuan. In an evaluation report, Weimar Technology Group assessed the total assets at 4.107 billion yuan and the total liabilities at 19.305 billion yuan.

The work being carried out at the same time as the debt reorganization is to investigate the internal illegal issues of WM Motor.

It is reported that many senior executives within Weimar have been investigated by relevant departments due to contract fraud, loss of state-owned assets, job embezzlement, etc., including core management Hou Haijing, Fang, Xiao, and Zhou who caused the shutdown of Weimar (The legal person of Weimar Nduo Company), Xiang Moumou and many other personnel have been controlled by relevant departments. Automotive Industry 13 is verifying with relevant persons.

Founded in 2015, WM Motor was once a member of the leading camp of new car-making forces. However, it is now in the stage of bankruptcy and reorganization. WM Motor has tried to go public three times, but all failed.

After entering 2023, WM Motor has been in constant turmoil. It has been exposed that it has laid off employees and suspended wages, stopped work and production, closed stores, and frozen equity. In February, most Weimar employees were furloughed without pay.

In March, the Shanghai Qingpu District Consumer Rights Protection Committee issued a consumer warning for WM Motor. In June, after previously narrowing the scope of salary payment, only mid-level and senior managers at WM were paid salaries. Even so, WM executives are not of the same mind.

Some WM employees lamented that WM Motor had some system problems from the beginning. In the early days of its establishment, WM Motor formed two "power cores": Shen Hui and Hou Haijing.

The team led by Shen Hui is responsible for financing and has strong government liaison capabilities. Compared with Shen Hui's financing and connections, Hou Haijing controls WM Motor's technology, production and supply chain based on the technology he obtained from Geely's unusual channels.

Many employees revealed that Hou Haijing, who is not in public, has power and influence that can affect most of WM Motor.

On September 10, 2023, Shen Hui posted on Weibo: "I went to Munich on a business trip this week, and then New York. Good things come in hard times, just wait for the flowers to bloom." However, Weibo's background IP showed that Shen Hui's post Weibo post from Beijing.

Since forwarding a statement related to WM Motor’s operating conditions on February 17, 2023, Shen Hui’s personal social Weibo IP address has changed from Shanghai to Beijing. For a company headquartered in Shanghai, the founder’s social IP is always in Beijing. In response to this question, many WM Motor employees revealed that Shen Hui’s social platform has been handed over to an agency for operation and maintenance, and Shen Hui has already escaped abroad.

Checked Shen Hui’s personal Weibo and found that the most recent Weibo was published on January 8, 2024, and many consecutive pieces of content have nothing to do with Weimar.

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