Mythology says Taiyi Zhenren reshaped Nezha's body using lotus roots. In reality, a company called "Taiyi Shenglian" is attempting to inject 3 billion yuan to "resurrect" Neta Auto.

On September 11, the fourth creditors' meeting for the bankruptcy reorganization case of Neta Auto's parent company, Hozon New Energy, was held online. The "Draft Plan of Reorganization" first disclosed the reorganization investor as Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership). Taiyi Shenglian plans to invest 3 billion yuan to acquire approximately 70.62% equity of Hozon New Energy, gaining operational control of the reorganized enterprise. Among this, 1.167 billion yuan will be used to repay related claims corresponding to assets to be retained and bankruptcy expenses, while the remaining 1.833 billion yuan will supplement working capital.

Business registration information shows that Taiyi Shenglian was registered and established in April 2026, formed by Zhejiang Shanzi Holdings Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd. in partnership. The former's actual controller is Ye Ji, Chairman of Shanzi Gaoke. Shanzi Gaoke has had a long-term layout in the vehicle production field: In 2023, it acquired Hebei Hongxing Motor to obtain passenger car production qualifications. In 2025, its subsidiary Shanzi Youqian collaborated with Tmall to launch its first model which has entered the engineering verification stage, with plans for mass production in the third quarter of 2026. During the public recruitment of reorganization investors for Hozon New Energy in December 2025, Shanzi Gaoke was the only interested investor to pay a 50 million yuan security deposit.

However, Shanzi Gaoke's own financial situation is not ample. In the first half of 2026, the company's operating revenue was 1.371 billion yuan, down 20.87% year-on-year; net profit attributable to parents was only 30.83 million yuan, down 85.69% year-on-year; and deducted non-recurring net profit loss was 349 million yuan. The registered capital of 3.001 billion yuan is still in subscribed status, and there are uncertainties regarding whether funds can arrive on schedule.

Debt is the most direct test. The "Draft Plan of Reorganization" shows that ordinary claims for Hozon New Energy are approximately 11.7 billion yuan, involving over 1,600 households; priority claims are approximately 2.2 billion yuan, involving 9 households. The repayment rate for ordinary claims below 800,000 yuan is approximately 12%, with only 10,000 yuan paid in the first 12 months, while the excess portion is converted into equity; priority claims only pay interest for the first three years, and principal repayment starts from the fourth year. Since 2017, Neta Auto has completed 10 rounds of financing, with a total financing amount of 22.844 billion yuan, but the gross margins from 2021 to 2023 were -34.4%, -22.5%, and -14.9% respectively, remaining in a loss state for a long time. At the time of bankruptcy reorganization, Hozon New Energy's net loss reached 18.3 billion yuan.

According to the "Three-Step Strategy" in the "Draft Plan of Reorganization", the first phase involves resuming production of the Neta X model, focusing on overseas markets with a target annual sales volume of 10,000 units; the second phase involves developing models adapted for regions such as Asia, Africa, and Latin America, with a target annual production of 300,000 units; the third phase aims to create global intelligent models, striving for an annual output value of 40 billion yuan and starting IPO preparation.

The time window for resuming production is very tight. Neta Auto halted production since November 2024, which has been nearly two years. According to relevant regulations from the Ministry of Industry and Information Technology, a production volume below 2,000 units for two consecutive years may result in being listed on the special publicity list. The situation in overseas markets is also not optimistic — in the first half of 2026, Neta Auto's cumulative sales in Thailand were only 365 units, and the Thailand Ministry of Finance had previously filed a lawsuit against it for failing to meet local production targets, seeking recovery of over 2 billion Thai Baht in subsidies.

Precedents are not distant. HiPhi Auto announced in 2025 that it received a 600 million USD investment from the Lebanese company EV Electra, but the funds never arrived, and the reorganization ultimately fell through.

According to Shanghai Securities News, some Neta Auto creditors stated that the probability of the reorganization plan passing is high, but whether Neta Auto can restart mass production depends on many factors such as paid-in capital arrival and capacity integration. The 3 billion yuan is a huge gap compared to the 13.9 billion yuan debt hole and the continuous capital investment required for vehicle manufacturing. Whether Neta can truly achieve rebirth, the answer is not in the draft, but in whether the money can arrive and whether it can smoothly return to the market.

Neta Auto's parent company Hozon New Energy's bankruptcy reorganization has made substantive progress. On September 11, the fourth creditors' meeting was held online, the restructuring investor Taiyi Shenglian plans to contribute 3 billion yuan, in exchange for about 70.62% equity of Hozon New Energy. Of this amount, 1.167 billion is used to pay off debts, and 1.833 billion is kept as working capital. The first thing after restructuring is to resume production of the Neta X, focusing on the overseas market, with a first-stage target of 10,000 units. From the sales champion of new EV startups with annual sales of 150,000 to bankruptcy reorganization, Neta took less than four years. Whether 3 billion can truly bring it back to life is worth a calm look.

Who is the Investor

This company named Taiyi Shenglian sounds quite suitable for Neta, but it is actually a subject specifically established for this restructuring. Public information shows Taiyi Shenglian was registered in April 2026, jointly established by Zhejiang Shanzi Holdings and Zhejiang Shanzi Yuxu Technology, the actual controller is Ye Ji, Chairman of Shanzi High-Tech. As early as August 2025 when Hozon New Energy recruited restructuring investors, Shanzi High-Tech was the only prospective investor, later Taiyi Shenglian replaced Shanzi High-Tech to participate in the restructuring investment, with relevant rights and obligations transferred together. Taiyi Shenglian's management team is said to have bankruptcy restructuring experience, having previously led the restructuring of listed companies in the parts industry.

How the 3 Billion is Spent

According to the arrangement of the restructuring draft, the 3 billion yuan was split into two parts. 1.167 billion yuan is used to settle claims corresponding to assets to be retained and bankruptcy expenses, essentially plugging holes in historical debts. The remaining 1.833 billion yuan is injected as working capital into Hozon New Energy to restore production, restart the supply chain, and maintain daily operations. The investor takes 70.62% equity and obtains operational control.

One reality needs to be seen clearly: 3 billion sounds like a lot, but Neta Auto's debt scale far exceeds this number. As of March 2025, the company owed over 6 billion yuan in payments to 134 core suppliers, total liabilities approaching 10 billion yuan, and cash on hand was only 320 million yuan. For the huge debt portfolio, the debt repayment fund of 1.167 billion can cover a quite limited proportion. Whether the restructuring plan can pass smoothly at the creditors' meeting is the first hurdle.

Resuming Neta X Production, Focusing on Overseas Markets

The primary task after restructuring is to bring the Neta X off the production line again. This compact SUV was previously the absolute main force for Neta's overseas expansion. After listing overseas in July 2024, orders exceeded 7,000 units, taking the number one spot in pure electric SUV registrations in the Thai market for two consecutive months. Currently, Neta X has already secured some intent orders. The first-phase sales target after resuming production is set at 10,000 units, mainly targeting the overseas market.

In addition to resuming vehicle production, the plan also mentions repairing cooperative relationships with upstream suppliers, restoring parts supply, revitalizing the original offline service network, and providing maintenance services to existing car owners. This point is the most tangible commitment for the existing 400,000 car owners. After Neta Auto's financial crisis hit, a large number of car owners faced the dilemma of after-sales supply interruption. Whether the service system can be rebuilt again explains the issue better than how many new cars are sold.

According to the plan, subsequent stages will develop adapted models for the Asia, Africa, and Latin America markets, with an annual production target of 300,000 units. The long-term plan aims to surge to 40 billion yuan annual output value and initiate an IPO. This blueprint spans a considerable distance, but starting from the first step of resuming production of 10,000 units, the gap in between needs to be filled step by step.

Conclusion

Neta Auto's restructuring this time is essentially using 3 billion to exchange for a chance to start over. Neta X indeed has a foundation overseas. Thailand registration data, sales networks in 7 countries, over 7,000 historical orders, these are all real assets. But it must also be seen that Neta Auto went from sales champion in 2022 to production halt in 2024. The collapse speed was rare among new EV startups. Cumulative losses over three years were 18.3 billion yuan, averaging a loss of over 80,000 yuan per car sold. The root of the problem is not just in the channels or product rhythm, but the entire business model did not work from the beginning.

The money from Taiyi Shenglian solves the problem of "surviving", not "thriving". Facing nearly 10 billion yuan in debt, the 1.167 billion debt repayment fund can actually leverage limited creditor confidence. Resuming Neta X production to fight the overseas market, the direction is correct, but the competitive landscape of the overseas market is already completely different from 2024. Chinese brands' layout in Southeast Asia is getting denser, and it is not easy for Neta to regrab market share. Whether this restructuring succeeds, short-term looks at the voting result of the creditors' meeting, medium-term looks at the actual delivery volume after Neta X resuming production, long-term looks at whether the new investor is willing to continue investing in R&D and quality control. 3 billion is just an entry ticket, the road ahead is still very long.

Proses penstrukturan semula secara kebankrapan bagi syarikat induk Neta Auto, Hesheng New Energy, telah mencapai kemajuan yang ketara. Pada 11 September, Mesyuarat Kreditur Ke-4 diadakan secara talian, pelabur penstrukturan semula Taiyi Shenglian merancang melabur 3 bilion yuan, untuk menukar sekitar 70.62% saham Hesheng New Energy. Daripada jumlah itu, 1.167 bilion digunakan untuk melunaskan hutang, 1.833 bilion dibiarkan sebagai modal kerja. Tindakan pertama selepas penstrukturan semula adalah untuk memulakan semula pengeluaran Neta X, menumpukan kepada pasaran luar negara, dengan sasaran fasa pertama sebanyak 10,000 unit. Daripada juara jualan baharu dengan jualan tahunan 150,000 unit sehingga penstrukturan semula kebankrapan, Neta mengambil masa kurang daripada empat tahun. Adakah 3 bilion ini boleh membuatnya benar-benar hidup semula, ia patut dipandang dengan tenang.

Siapakah Pelabur?

Nama syarikat Taiyi Shenglian kedengaran sesuai dengan Neta, tetapi ia sebenarnya merupakan entiti yang ditubuhkan khusus untuk penstrukturan semula kali ini. Maklumat awam menunjukkan Taiyi Shenglian didaftarkan pada April 2026, dibentuk oleh Zhejiang Shanzi Holdings dan Zhejiang Shanzi Yuxu Technology, dengan pemilik sebenar ialah Ye Ji, Pengerusi Shanzi High-Tech. Pada awal Ogos 2025 semasa Hesheng New Energy mengumpul pelabur penstrukturan semula, Shanzi High-Tech adalah satu-satunya pelabur berpotensi, kemudian digantikan oleh Taiyi Shenglian untuk menyertai pelaburan penstrukturan semula, hak dan kewajipan berkaitan dipindahkan sekaligus. Pasukan pengurusan Taiyi Shenglian dikatakan mempunyai pengalaman penstrukturan semula kebankrapan, pernah mengendalikan kerja penstrukturan semula bagi syarikat tersenarai dalam industri komponen.

Bagaimana 3 Bilion Itu Dibelanjakan

Mengikut arrangement draf penstrukturan semula, 3 bilion yuan dipecahkan kepada dua bahagian. 1.167 bilion yuan digunakan untuk melunaskan hutang yang berkaitan dengan aset yang diingini disimpan dan kos kebankrapan, secara sederhananya untuk menutup lubang hutang sejarah. Baki 1.833 bilion yuan sebagai modal kerja disuntikkan ke Hesheng New Energy, digunakan untuk memulakan semula pengeluaran, melancarkan semula rantaian bekalan, dan mengekalkan operasi harian. Pelabur mengambil 70.62% saham, mendapatkan kuasa penguasaan operasi.

Di sini perlu dilihat satu realiti: 3 bilion kedengaran banyak, tetapi skala hutang Neta Auto jauh melebihi angka ini. Hingga Mac 2025, syarikat tertunggak 6 bilion yuan kepada 134 pembekal teras, jumlah hutang hampir 10 bilion, wang tunai di buku hanya tinggal 320 juta yuan. Dana pelunasan hutang 1.167 bilion bagi baki hutang yang besar, nisbah liputan agak terhad. Adakah pelan penstrukturan semula boleh lulus dalam mesyuarat kreditur, adalah halangan pertama.

Neta X Kembali Produksinya, Tumpuan Utama Luar Negeri

Tugas utama selepas penstrukturan semula adalah untuk memulakan semula pengeluaran Neta X. SUV Kompak ini sebelum ini merupakan tonggak utama eksporsi Neta, selepas pelancaran luar negara pada Julai 2024 tempahan melebihi 7,000 unit, berulang kali selama dua bulan berturut-turut mengambil tempat pertama bilangan pendaftaran SUV elektrik tulen di pasaran Thailand. Sekarang Neta X telah menerima sebahagian tempahan niat, sasaran jualan fasa pertama selepas memulakan semula pengeluaran ditetapkan sebanyak 10,000 unit, terutamanya untuk pasaran luar negara.

Selain memulakan semula pengeluaran kereta utuh, pelan ini juga menyentuh mengenai membaiki hubungan kerjasama dengan pembekal hulu, memulakan semula bekalan spare part, menggerak semula rangkaian perkhidmatan offline sedia ada, memberikan perkhidmatan pembaikan dan penyelenggaraan kepada pemilik kereta sedia ada. Ini adalah janji yang paling nyata bagi 400,000 pemilik kereta sedia ada. Selepas Neta Auto meletup, ramai pemilik kereta menghadapi kesulitan bekalan pasca-jualan, sama ada boleh menyusun semula rangkaian perkhidmatan, lebih boleh menjelaskan masalah daripada berapa banyak kereta baharu dijual.

Mengikut perancangan, peringkat seterusnya akan membangunkan model yang disesuaikan untuk pasaran Asia, Afrika, dan Amerika Latin, sasaran pengeluaran tahunan 300,000 unit, pelan jangka panjang untuk menetapkan nilai pengeluaran 40 bilion yuan dan memulakan IPO. Reka bentuk ini mempunyai jurang yang tidak sedikit, tetapi bermula dengan langkah pertama memulakan semula 10,000 unit, jurang di antaranya perlu diisi langkah demi langkah.

Penutup

Penstrukturan semula Neta Auto kali ini, pada asasnya menggunakan 3 bilion untuk menukar peluang untuk memulakan semula. Neta X memang mempunyai asas di luar negara, data pendaftaran di Thailand, rangkaian jualan di 7 negara, tempahan sejarah lebih daripada 7,000 unit, semuanya adalah aset sebenar. Tetapi juga perlu dilihat, Neta Auto dari juara jualan 2022 hingga henti pengeluaran 2024, kadar runtuh dalam baharu adalah jarang berlaku, kerugian terkumpul tiga tahun 18.3 bilion, purata setiap menjual satu kereta rugi lebih daripada 80,000 yuan. Akar masalah bukan sahaja pada saluran atau irama produk, tetapi keseluruhan model perniagaan sejak awal tidak dapat dikendalikan.

Wang Taiyi Shenglian ini boleh menyelesaikan masalah 'hidup', bukan masalah 'hidup dengan baik'. Dana pelunasan hutang 1.167 bilion berhadapan dengan hutang hampir 10 bilion, keyakinan kreditur yang sebenarnya boleh digerakkan adalah terhad. Memulakan semula Neta X untuk memasarkan pasaran luar negara, arah adalah betul, tetapi struktur persaingan pasaran luar negara berbeza sepenuhnya dengan 2024, pelaburan jenama Cina di Asia Tenggara semakin padat, Neta ingin merampas semula bahagian tidak mudah. Adakah penstrukturan semula kali ini berjaya, jangka pendek lihat keputusan undi mesyuarat kreditur, jangka sederhana lihat jumlah penghantaran sebenar selepas Neta X kembali, jangka panjang lihat sama ada pelabur baharu rela terus melabur dalam penyelidikan dan kawalan kualiti. 3 bilion hanyalah tiket masuk, jalan di hadapan masih panjang.