Leapmotor Blacklisted as Dishonest Executor: Founder Faces Luxury Spending Ban Amid Company’s 3.61 Million Yuan Debt

According to the China Enforcement Information Disclosure Network, on September 25, the People’s Court of Baiyun District, Guangzhou, officially listed Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor, 09863.HK) and its wholly owned subsidiary, Lingpao Auto Trading Co., Ltd. (“Lingpao Auto Trading”), as dishonest executors under case number (2025) Yue 0111 Zhi 13502, with the enforcement reference (2023) Yue 0111 Minchu 25175.

Notably, this ruling places significant restrictions on the personal spending of Leapmotor’s founder and chairman, who is now subject to limitations on high-value consumption.

Debt Obligations

The binding legal judgment determined that Lingpao Auto Trading owes Guangzhou Shouqi Automobile Service Co., Ltd. a total of 3.6181 million yuan. This includes:

• 416,000 yuan in rental fees,
• 2.7157 million yuan in vehicle purchase payments,
• 446,400 yuan in overdue penalty fees, and
• 40,000 yuan in attorney’s fees.

The company had agreed to settle the full amount in a lump sum by June 27, 2024. Leapmotor is held jointly liable for the repayment of this debt.

Additional Enforcement Measures

Beyond the financial obligations, Leapmotor and Lingpao Auto Trading are also required—within three months of settlement—to assist Guangzhou Shouqi in re-registering 73 vehicles involved in the case under Lingpao Auto Trading’s name. The cost of these transfer procedures will be borne by Lingpao Auto Trading.

Corporate Background

Corporate data shows that Guangzhou Shouqi Automobile Service Co., Ltd. is a wholly owned subsidiary of Shouqi Car Rental Co., Ltd., which itself is controlled by Beijing Shouqi Group Co., Ltd. The ultimate controlling shareholder is the Beijing Municipal Government.