What about Youth Cars?

The sudden collapse of a company is probably the last thing employees want to see. Every employee wants his or her company to prosper. However, in mid-January this year, Zhejiang Youth Automobile Group suddenly declared bankruptcy and entered bankruptcy liquidation.

More than 1,000 employees received notices about the contract, requiring them to complete the resignation procedures within 3 days. The government also provides monthly unemployment insurance of 1,440 yuan for employees who have not yet found a job. However, for today's society, it is simply an amount that even they cannot support themselves. Why did Youth Auto Group suddenly declare bankruptcy?

Pang Qingnian, founder of Youth Auto Group, was born in Zhejiang in 1958. Pang Qingnian's family was not wealthy and he was born in a rural family. But Pang Qingnian was a very good businessman when he was 21 years old. Pang Qingnian started his own business.

At that time, Pang Qingnian founded his own tape factory and made his first pot of gold. At the age of 28, Pang Qingnian invested 260,000 yuan to found Zhejiang Pan'an Rubber Factory. And become a supplier to many bicycle manufacturers. And became the first in the industry.

At the age of 35, Pang Qingnian founded Zhejiang Hangtong Group and served as chairman. Just two years later, Pang Qingnian and Beijing Northern Vehicle Factory jointly established Jinhua Northern Fulai Vehicle Co., Ltd..

In 1999, Pang Qingnian acquired Beijing Northern Vehicle Factory's shares in Jinhua Northern Fulai Vehicle Co., Ltd. .and changed the company name to Jinhua Youth Automobile Manufacturing Co., Ltd.. The youth group consists of three groups: commercial vehicle group, passenger vehicle group, and auto parts group. It has more than 8,000 employees.

No one expected that Jinhua Youth Automobile Manufacturing Co., Ltd., which was gaining momentum, would suddenly declare bankruptcy. The employees could hardly believe that even Jinhua City and the Development Zone were full of confidence and encouragement for Pang Qingnian Jinhua Youth Automobile Manufacturing Co., Ltd. from the beginning.

But didn’t the company have any warning before? Still don't care? Pang Qingnian had been reminded many times before this. In 2013, Pang Qingnian was put on file by the police on suspicion of fraud.

Even in 2017, Pang Qingnian announced that the company had produced the world's first water-hydrogen fuel vehicle, which means that the vehicle's cruising range can reach 1,000 kilometers without refueling or charging, just adding water . But once he said this, Pang Qingnian didn't think he would become a joke to others in the future.

Less than a few months after Pang Qingnian’s announcement, Youngman Auto announced that the world’s first fuel cell truck that produces hydrogen from water rolled off the assembly line. Pang Qingnian is famous for his "water-hydrogen engine", but he also announced that it was offline in a very short period of time, which made many people think that Pang Qingnian was superficial and exaggerated.

This is not the first time you have slapped yourself in the face. Another time, Pang Qingnian launched an investment plan of 44.4 billion, and Pang Qingnian wanted to establish ten production bases across the country. However, this project also missed the mark. In the eyes of the public, almost none of the 44.4 billion planned plan has been completed. On the contrary, you can cash out a lot to make your own pockets.

Tianyancha information shows that there are 2,029 judicial risks related to Jinhua Youth Automobile Manufacturing Co., Ltd., and Pang Qingnian has been listed as the executor of default dozens of times. Pang Qingnian, who is good at cooperating with local governments and profiting from them, is not an honest businessman.

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