The full name of Guanghui Automobile Guanghui Automobile Service Group Joint Stock Company, founded in 1999, listed on the Stock Exchange in November 2015, the actual controller of the company was once known as “Xinjiang's richest” Sun Guangxin. The company's actual controller is Sun Guangxin, who was once called “Xinjiang's richest man”. Guanghui Automobile is mainly engaged in passenger car distribution services and passenger car leasing services, and was one of the largest passenger car distribution and service groups in China. Guanghui Automobile began to enter the luxury and ultra-luxury market in 2016 and became one of the largest BMW dealerships in China through the acquisition of Baoxin Automobile .

As of December 31, 2023, the Company had established a passenger car distribution network covering 28 provinces, autonomous regions and municipalities directly under the Central Government, distributing more than 50 passenger car brands, operating 735 business outlets (including 695 4S stores), and laying out 245 outlets for ultra-luxury and luxury brands.

However, in 2023, Guanghui Auto closed 50 4S stores, and a source with knowledge of the blue whale news reporter revealed that the number of future Guanghui closed stores or will reach 300.

The market value, the peak of the car more than 100 billion yuan, now the market value of only less than 6.5 billion yuan, and went to the edge of the delisting. July 21 evening, Guanghui Automobile announced that the company in July 21, 2024 received the SSE issued “on the company's shares and convertible bonds termination of the listing of related matters of the supervisory work letter”. Guanghui Auto announced that because its share price closed below RMB 1 for 20 consecutive trading days from June 20, 2024 to July 17, 2024, the company's shares and convertible bonds have touched the conditions for termination of listing.

The debt of nearly 70 billion yuan, the wide exchange of automobile on the verge of delisting behind: passive involved in the price war, luxury car profitability advantage is lost.

In last year's annual report, Guanghui Automobile mentioned that the main contradiction in China's automobile market in 2023 is reflected in the overcapacity and lack of demand, and this contradiction leads to an imbalance between supply and demand in the market, which in turn inspires a fierce competition for market share among manufacturers. In order to maintain or increase market share in the competition, automobile manufacturers have generally adopted the strategy of exchanging price for volume, which has triggered a comprehensive “price war”. This year, Porsche, Mercedes-Benz, BMW, Audi and other traditional luxury car brands have cut prices significantly, dealers' profit margins are further compressed, capital and operating pressures have increased, and Grand Gateway Automotive was once proud of the profitability of the luxury car advantage has gradually been disintegrated. In addition to this reason, another problem faced by the car is the transition is too late. As the country's largest automobile distribution company, Guanghui in the past, mainly relying on the joint venture brand authorized 4S stores to obtain income, in the joint venture automobile dividend period of those years, the company's performance has achieved rapid growth. However, in recent years, new energy vehicles have gradually taken over the mainstream, joint venture car sales have shrunk considerably, due to the large proportion of joint venture car companies mainstream brand outlets, performance naturally also affected. From the peak of the 100 billion market value to today's wages in arrears, refused to hand over the car, many closed store, on the verge of delisting, the current situation faced by the car is a microcosm of the domestic car dealers, such as not actively embrace the change, even if sitting on the 100 billion market value of the time to be eliminated may only be a matter of time.