Leapmotor Designated as a Discredited Entity Subject to Enforcement; Its Founder Faces Restrictions on High-End Spending
4 day ago / Read about 0 minute
Author:小编   

On September 26, information from the China Execution Information Publicity Network revealed that on September 25, the People's Court of Baiyun District, Guangzhou, officially designated Zhejiang Leapmotor Technology Co., Ltd., along with its wholly-owned subsidiary, Lingpao Automobile Trading Co., Ltd., as discredited entities subject to enforcement. The case is identified by the number (2025) Yue 0111 Exec. 13502, with the enforcement grounded in the legal basis of (2023) Yue 0111 Min Chu No. 25175. Consequently, the founder and chairman of Leapmotor have been barred from engaging in high-consumption activities.

As per the legally binding documents, Lingpao Automobile Trading is obligated to compensate Guangzhou Shouqi Automobile Services Co., Ltd., the plaintiff, with a total sum of RMB 3,618,100. This amount encompasses RMB 416,000 in rental fees, RMB 2,715,700 for vehicle acquisition, RMB 446,400 in liquidated damages for delayed payments, and RMB 40,000 in legal fees. Furthermore, it was agreed that this payment would be made in a lump sum by June 27, 2024. Additionally, Leapmotor will be held jointly and severally liable for the aforementioned debts incurred by Lingpao Automobile Trading.