Once one of the four “German BBBA” brothers, Borgward Motors is on the verge of life and death in the domestic auto market. On the evening of April 8, Foton Motor (600166) announced that due to Beijing Baowo’s financial depletion, it was indeed unable to pay off its due debts, and its assets were insufficient to pay off all debts. Beijing Baowo held an extraordinary general meeting of shareholders on April 8 and resolved It applied for bankruptcy liquidation in accordance with the law, and submitted the relevant application to the Beijing No. 1 Intermediate People’s Court on April 8. The announcement stated: On April 8, 2022, the company received a written notice from Beijing Baowo Automobile Co., Ltd. (hereinafter referred to as “Beijing Baowo”) that Beijing Baowo has held a temporary shareholder meeting on April 8, 2022. At the meeting, a resolution of the extraordinary general meeting of shareholders was issued. The “Proposal on the Company’s Application for Bankruptcy and Liquidation” was reviewed and approved, and the relevant application was submitted to the Beijing No. 1 Intermediate People’s Court on April 8. The specific content is as follows: 1. The main content of the written notice is that Beijing Baowo is indeed unable to pay off the due debts due to its financial depletion, and the assets are insufficient to pay off all the debts. Beijing Baowo will hold an extraordinary general meeting of shareholders on April 8, 2022, .
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