Technify Motors GmbH is an aircraft Diesel engine manufacturer based in Sankt Egidien, Germany. In July 2013, Chinese state-owned Aviation Industry Corporation of China (AVIC) acquired the aircraft Diesel engine designs and manufacturing assets of the former Thielert Aircraft Engines GmbH and added them to the Continental Motors Group as Technify Motors GmbH. The 5,000th engine was delivered in April 2017 after 15 years of production, accumulating more than 5.25 million flying hours and equipping over 2,750 aircraft. History Thielert AG was a German financial holding company that has owned engine development and manufacturing companies. It was headquartered in Hamburg. Companies owned were Thielert Aircraft Engines GmbH with sites in Lichtenstein, Saxony and Altenburg, Thuringia. Thielert AG was quoted on the Frankfurt Stock Exchange and was a member of the SDAX. Founded in 1989, turnover increased from €3.3 million in 1997 to €16.2 million in 2002, while employees grew from 27 to 112; Thielert Aircraft Engines was founded in 1999 to adapt Diesel engine for general aviation, entered Centurion 1.7 serial production in 2002 and had 86 employees in 2003. The main operating unit, Thielert Aircraft Engines GmbH, declared insolvency on 24 April 2008 and was then run by an insolvency administrator, Bruno M. Kübler. The holding company, Thielert AG, also filed insolvency a week later on 30 April 2008 after the loss of its operational unit, Thielert Aircraft Engines GmbH. The holding company ceased operations in autumn of 2008. It was sold in July 2013 to Continental Motors, a subsidiary of Aviation Industry Corporation of China (AVIC). Insolvency On 6 March 2008 Thielert's financial statements for 2003, 2004 and 2005 were nullified by a Hamburg court, on the basis that the company had breached valuation provisions. As a result of these events the company's stock dropped to a record low of €0.36 from previous highs of €25.22 on the German stock market. On 23 April 2008 it was announced that the company Board of Directors had dismissed "with cause" company founder Frank Thielert and also cancelled his employment contract, due to evidence found during a criminal investigation by the Hamburg Office of Criminal Investigation. The allegations included that false invoices had been written, which were used to boost accounts receivable and create the appearance of a better financial position for the company. The board also dismissed Chief Financial Officer Roswitha Grosser and sold off €24.4 million to cover immediate