HiPhi Motors Plans for "Rebirth" Again

Yesterday, an announcement from the parent company of Gaohe Automobile made people see new possibilities for Gaohe.

It is reported that its parent company, Human Horizons, officially announced the "Draft Reorganization Plan", confirming that there are still two potential investors in the negotiation stage, but it did not disclose their specific identities or the schedule for capital injection.

Several months have passed since the Middle Eastern capital EV Electra "stood Gaohe up". This domestic high - end electric vehicle enterprise, which once amazed the market with a price tag of 800,000 yuan, is once again on the verge of life and death.

Is Gaohe still worth saving?

Indefinite "Resurrection"

According to the "Draft Reorganization Plan" released yesterday, the content of this draft mainly focuses on key issues such as how to repay debts, whether the company can continue to manufacture cars, and how to protect the rights and interests of car owners.

First of all, this reorganization adopts different treatment methods for different types of debts.

Specifically, the company will give priority to repaying employees' wages, social insurance, taxes, and the expenses generated during the bankruptcy process, totaling approximately 630 million yuan. This will be paid in full in cash with the funds from the new investors to ensure that these most basic rights are not damaged.

Secondly, there are 5 creditors with secured claims, with a total amount of 1.156 billion yuan. Their debts will be repaid first with the mortgaged assets; if the proceeds from the realization of the mortgaged assets are not enough, the remaining part will be converted into ordinary claims and handled together with other ordinary creditors according to the rules.

As for the largest part, the ordinary claims, it involves 2,462 creditors, with a total amount as high as 12.476 billion yuan.

The good news is that the part within 30,000 yuan per creditor can be fully recovered in cash; for the part exceeding 30,000 yuan, creditors can choose either to get a certain proportion of cash back or to directly convert this claim into shares of the reorganized new company. It is estimated that more than 80% of ordinary debts will eventually be converted into equity.

However, for sub - ordinate claims, such as some shareholders' loans or related - party debts, this type of claims will not participate in the repayment, which is equivalent to being lost.

It is worth mentioning that the draft clearly warns that if no one is willing to invest and take over the company in the end, the company will have to go into bankruptcy liquidation.

In that case, the repayment rate for ordinary creditors may be only about 2.83%, which means that most creditors are likely to get nothing.

In contrast, accepting the reorganization plan now can at least get some cash back or obtain equity that may be valuable in the future.

In addition, the draft also clarifies the content regarding production. Currently, the factories in Yancheng and Qingdao are both in a state of suspension.

If the reorganization is successful and the company wants to resume production, it has to renegotiate the rental conditions with the landlords of the factories; at the same time, the vehicle manufacturing qualification also needs to be negotiated with the existing cooperation partners or a new way needs to be found.

For users who have already bought Gaohe cars, the services such as free maintenance, battery replacement, and in - car infotainment data promised before will, in principle, be continued by the reorganized new company.

Currently, these after - sales services are temporarily maintained by a company under Jiangsu Yueda Group to prevent them from being completely interrupted.

As of January 2026, there are still 2 potential investors in separate negotiations with the company. Previously, 6 companies had expressed their interest, but some of them withdrew due to reasons such as not paying the deposit.

The Middle Eastern "Tycoon" Stood Gaohe Up

Actually, as early as May 2025, Gaohe once thought it had found its "savior".

At that time, a Lebanese electric vehicle enterprise named EV.Electra.Ltd. publicly announced that it would inject 720 million yuan (approximately 100 million US dollars) into Gaohe, acquire a 69.8% controlling stake in the newly established "Jiangsu Gaohe Automobile Co., Ltd.", and planned to promote the mass - production of models such as the HiPhi Z again.

As soon as the news came out, the story of "Middle Eastern capital saving a Chinese new - energy vehicle startup" instantly went viral, and many people thought Gaohe was saved.

Unfortunately, reality soon slapped them in the face.

Subsequent developments showed that the so - called investment never materialized. EV.Electra didn't actually pay a single cent, and even the 100 - million - dollar deposit stipulated in the agreement never arrived.

What's even more outrageous is that there was actually no penalty clause in the cooperation agreement between the two parties, which means Gaohe was stood up for nothing and had no way to deal with the situation.

Looking back afterwards, there were many doubts about this cooperation.

Although EV.Electra claims to have branches in Canada and Italy, its official website shows Gaohe's models on one hand and lacks actual vehicle - manufacturing actions on the other. It seems more like using Gaohe's brand and popularity to enhance its own image and conduct a wave of marketing.

Some industry insiders even pointed out that this company is also involved in the virtual currency business, and its financial strength is very questionable. Moreover, the "total investment of 600 million US dollars within three years" it promised at the beginning had no reliable guarantee of performance, which was more like pie in the sky.

To put it bluntly, Gaohe was not saved this time but was used as a publicity tool, wasting precious time for reorganization.

Is Gaohe Still Worth Saving?

So, is there still hope for Gaohe, which is deeply in debt?

Currently, it can still be saved! But the prerequisite is a complete transformation, and the investors need to be sober - minded. Don't be deceived by the "high - end story" anymore.

Among a bunch of luxury new - energy vehicle enterprises, the real value of Gaohe actually lies not in its cool - sounding brand name, but in the solid technological foundation it has accumulated.

One technology that has to be mentioned is the H - SOA Super - Integrated Electronic and Electrical Architecture. This technology allows more than 150 functional modules in the vehicle to be freely combined like building blocks, which is leading in the industry;

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

Moreover, there is still room and possibility for further improvement of these technologies. However, no matter how advanced the technology is, there must be someone willing to pay for it.

Just showing off skills can't fill the stomach.

If Gaohe really wants to survive, it must be ruthless in cutting off those unrealistic illusions.

The first step is to completely abandon the obsession with "800,000 - yuan luxury cars". The market simply doesn't recognize new - energy vehicles at this price point now. Even Porsche has to cut prices.

At the same time, Gaohe needs to be discerning in finding a "host". Now, what Gaohe needs is a strategic partner with an automotive or manufacturing background that can bring resources. It should be noted that not all "high - tech" startups are naturally qualified to survive.

Can the two "mysterious investors" currently in negotiation bring about a turnaround?

No one can guarantee it.

This article is from the WeChat official account "Shenshui Finance Club", author: Han Jun. Republished by 36Kr with permission.