WM Motor: It has not filed for bankruptcy, core operations are normal, and founder Shen Hui sticks to his post

According to the official Weibo of WM Motor, this site learned on October 18 that WM Motor issued a statement today in response to news about founder Shen Hui that recently appeared online

Regarding some untrue remarks that have appeared recently, WM Motor Company stated that it would like to make the following clarifications:

1. WM Motor has not filed for bankruptcy! What is currently going on is the pre-reorganization stage accepted by the Shanghai No. 3 Intermediate People’s Court. Pre-reorganization is different from bankruptcy reorganization. It is a self-rescue behavior carried out in the early stages of a company facing difficulties. It aims to introduce strategic investors through debt restructuring, avoid bankruptcy and achieve rebirth and transformation.

2.Currently the company’s core positions are operating normally. After the National Day, some apps in the car did experience abnormal usage. The company established an emergency team, which solved the relevant problems within 48 hours of discovering the situation and resumed normal use. If similar situations occur in the future, please contact us as soon as possible.

3. The company's current focus includes after-sales service, resumption of work and production, export business, overseas cooperation, international financing, and the introduction of strategic investors. Certain progress has been made, and we will look for a suitable time to announce it to the public. The company's founder, Shen Hui, went to the United States to study in 1991 and has worked and lived in many places in Europe and the United States for many years. His recent work focus is mainly on overseas matters, so there is no situation where the company's founder goes overseas.

The current news on the Internet about Weimar’s financing of 40 billion is false. Most reports confuse the financing amount, creditor’s rights and debt amount. The company's relevant financing and operating conditions have been publicly disclosed in the prospectus

Currently, WM Motor is in an important pre-reorganization stage. We will try our best to protect the rights and interests of users, employees, suppliers, dealers and investors, and express our gratitude to the media and public for their attention. For false information and rumors, we will reserve the right to pursue legal liability of publishers, reprinters, disseminators and related entities, and maintain the company's reputation and image through legal and compliant methods

According to the Daily Economic News, a person close to Shen Hui revealed that Shen Hui has left the country and has not appeared in public in the company since the Spring Festival in 2023. His family Also moved to the United States before that. The updates Shen Hui posted on Weibo were also posted by a dedicated person, so the addresses displayed were all in Beijing. According to a report by Tencent News "High Beam", WM Motor, which is currently in the process of bankruptcy and reorganization, has only more than 800 employees left, and wages have been suspended for more than 4 months

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