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fast technology reported on august 29th that yesterday,china grand auto officially delisted from the stock marketon the day of delisting, the market value was only 6.471 billion yuan, while this figure had exceeded 100 billion yuan at its peak.

on august 25 of this month, guanghui auto issued an announcement stating that the daily closing price of the company's stock was lower than 1 yuan for 20 consecutive trading days from june 20, 2024 to july 17, 2024, triggering the conditions for delisting.

guanghui automobile was established in 1999.it was once one of the largest automobile dealer groups in chinaas of the end of last year, guanghui auto had a national automobile dealership network covering 28 provinces, autonomous regions and municipalities, operating a total of 735 business outlets, including 695 4s stores.

in the "2024 top 100 group revenue list" released by the china automobile dealers association, last year guanghui auto ranked second with a revenue of 137.998 billion yuan.

but the change came quite suddenly. in 2020, guanghui auto's revenue was approximately 158.442 billion yuan, a year-on-year decrease of 7.05%; net profit attributable to the parent was 1.516 billion yuan, a year-on-year decrease of 41.71%. it attributed the reason to the temporary suspension of online stores during the epidemic.

since then, guanghui auto's annual revenue and net profit attributable to its parent company have continued to decline.in 2022, guanghui auto suffered a loss for the first time, with net profit attributable to the parent company of approximately 2.669 billion yuan。

since last year, the price war in the domestic automobile market has gradually escalated, which has brought greater survival pressure to guanghui automobile. guanghui automobile has repeatedly stated in its financial reports thatthe "price war" has had a profound impact on the auto dealership industry, and guanghui auto is under pressure again。

recently, consumers in jiangsu, shandong, guangdong, liaoning, anhui and other places have encountered difficulties in picking up their cars, involving multiple brands such as mercedes-benz, bmw, volvo, jaguar land rover, etc. the 4s stores involved are all dealers under guanghui.

the car owner revealed that the salesperson told them that the new car's certificate of conformity had been mortgaged to bmw finance by the 4s store. now the store's capital chain is tight, the certificate of conformity cannot be redeemed, and there is no way to pick up the car even if it is in the store.

in addition, some store sales staff of guanghui dealers are also victims, with many sales staff complaining that they have been owed wages for several consecutive months.

it is worth mentioning that losses among auto dealers are quite common. the "2024 first half national auto dealer survival status survey report" released by the circulation association shows that in the first half of this year, the loss rate of dealers reached 50.8%, and the profit rate was 35.4%;the average loss per dealer store is as high as 1.78 million yuan。