HiPhi versucht erneut, sich "wiederzubeleben".

Yesterday, an announcement from HiPhi Auto's parent company once again shed light on HiPhi's prospects.

As reported, the parent company, Human Horizons, has officially released the Draft of the Reorganization Plan. It confirms that there are still two potential investors currently in negotiations, but neither their identities nor a timeline for the investment are mentioned.

Months have passed since Middle Eastern capital EV Electra showed its "red card". This Chinese premium electric vehicle company, which once entered the market with a price tag of 800,000 yuan, is once again on the verge of failure.

Is it still worth saving HiPhi?

Indefinite "Resurrection"

According to the Draft of the Reorganization Plan released yesterday, the content of this draft mainly focuses on key issues such as debt repayment, continuation of vehicle production, and protection of vehicle owners' rights.

First of all, in this reorganization, different types of debts will be treated differently.

Specifically, employee salaries, social insurance contributions, taxes, and the costs of insolvency proceedings, totaling about 630 million yuan, will be repaid with priority. These costs will be fully paid in cash from the capital of the new investors to ensure that these basic rights are not affected.

Secondly, for the secured claims, there are five creditors with a total claim of 1.156 billion yuan. Their debts will be repaid first with the originally secured assets. If the realization of the collateral is insufficient, the remaining amount will be converted into ordinary claims and treated together with other ordinary creditors in accordance with the rules.

Regarding the largest ordinary claims, 2,462 creditors are involved, and the total claim amounts to 12.476 billion yuan.

The good news is that the part up to 30,000 yuan per creditor can be fully repaid in cash. For the part exceeding 30,000 yuan, creditors can choose to either retain a part in cash or directly convert this claim into shares of the newly established company after the reorganization. It is estimated that more than 80% of the ordinary debts will eventually be converted into shares.

For the subordinated claims, such as some shareholder loans or liabilities to related parties, these claims do not participate in the repayment and are therefore lost.

It is worth noting that the draft clearly points out that the company can only go into insolvency liquidation if no one is willing to take over the company in the end.

In this case, the repayment rate of ordinary creditors could only be about 2.83%. That is to say, most creditors would probably not get a single cent back.

In comparison, one can at least get some cash back or potentially valuable shares in the future if one accepts the reorganization plan.

In addition, the draft has also clearly defined the production side. Currently, the factories in Yancheng and Qingdao are shut down.

If the reorganization is successful and production is to resume, the lease terms with the landlords of the factory buildings need to be renegotiated. At the same time, the license for vehicle production needs to be discussed with the existing partnership partners or a new way needs to be found.

For customers who have already purchased a HiPhi vehicle, the previously promised services such as free maintenance, battery replacement, and vehicle - Internet data will, in principle, be continued by the newly established company after the reorganization.

Currently, these customer services are temporarily maintained by a subsidiary of the Jiangsu Yueda Group so that they do not completely stop.

As of January 2026, there are still two potential investors in negotiations with the company. Previously, six companies had shown interest, but some withdrew due to lack of deposit or other reasons.

The Middle Eastern "Big Breaker"

Actually, HiPhi thought in May 2025 that it had found its "savior".

At that time, the Lebanese electric vehicle company EV.Electra.Ltd. announced with great fanfare that it would finance HiPhi with 720 million yuan, about 100 million US dollars, to acquire 69.8% of the controlling shares of the newly established "Jiangsu HiPhi Automobile Co., Ltd." and promote the new production of models such as the HiPhi Z.

As soon as the news was made public, the story of "Middle Eastern capital saves Chinese new forces" flooded the media. Many people thought HiPhi was saved.

Unfortunately, reality quickly shattered the hopes.

Later, it turned out that this so - called investment was never realized. EV.Electra did not pay a single cent, and even the deposit of 100 million US dollars agreed in the contract was never received.

Even more surprisingly, there was no penalty clause in the cooperation contract between the two parties. So HiPhi was simply left in the lurch without being able to do anything against the other party.

In hindsight, this cooperation was surrounded by many doubts.

Although EV.Electra claims to have branches in Canada and Italy, its website shows HiPhi models, but there are no actual vehicle production activities. It seems that the company is just "decorating" itself with the brand and popularity of HiPhi and running a marketing campaign.

Some industry experts have even pointed out that this company is also involved in the cryptocurrency industry and its financial strength is very questionable. Moreover, the so - called "total investment of 600 million US dollars in three years" it promised had no reliable performance guarantee from the beginning and was more like a castle in the air.

Actually, HiPhi was not saved but misused as a marketing tool, and valuable time for the reorganization was wasted.

Is it still worth saving HiPhi?

So, does a highly indebted HiPhi still have a chance?

Currently, yes! But only on the condition that it completely transforms and the investors are smart enough not to be deceived by the "premium story".

Among the many automobile companies specializing in luxury electric vehicles, the real value of HiPhi does not lie in its cool - sounding brand name, but in the actually existing technological resources.

Particularly worth mentioning is the H - SOA Super Body Electronic and Electrical Architecture. This technology enables more than 150 functional modules in the vehicle to be freely combined like building blocks. This is leading in the industry.

There is also its vehicle - and - cloud - integrated battery management system, which monitors the battery status in real - time through an electrochemical model. It is said to be more accurate in terms of battery efficiency and lifespan than many competitors.

By the way, there is still room and possibility for further improvement of these technologies. But in the end, someone has to be willing to pay for it.

One can't live on just technological showmanship.

If HiPhi really wants to survive, it must be brave enough to let go of these unrealistic dreams.

The first step is to completely abandon the fixation on "luxury cars worth 800,000 yuan". Currently, the market does not accept this price range for new - force vehicles. Even Porsche has to cut prices.

At the same time, one must look for a "host" with open eyes. HiPhi now needs a strategic partner with a background in the automobile or manufacturing industry that can bring resources. One must keep in mind that not all "high - tech" companies automatically have the right to "survive".

Can the two "mysterious investors" currently in negotiations bring about a turning point?

No one can promise that.

This article is from the WeChat account "Shenshui Finance Club", author: Han Jun. 36Kr has obtained permission to publish.