Is Neta Auto really on the verge of a comeback? Will Taiyi Holy Lotus inject 3 billion yuan to rebuild its operations?

Beijing time September 12, according to the voting on the "Restructuring Plan (Draft)" at the 4th online creditor's meeting of Hozon New Energy Automobile Co., Ltd. for bankruptcy restructuring held on September 11, the restructuring investor - Zhejiang Taiyi Shenlian Enterprise Management Partnership (Limited Partnership) was officially disclosed.

Neta, Taiyi, restructuring, seeing these terms, do you feel the vibe in *Fengshen Yanyi* where Taiyi Zhenren reshapes Nezha's physical body to bring him back to life?

However, Taiyi Shenlian will not revive Neta Auto using lotus roots as Taiyi Zhenren did in the legend, but plans to obtain approximately 70.62% equity of Hozon New Energy with about 3 billion yuan in cash to become its controlling shareholder. In fact, in the novel *Fengshen Yanyi*, Taiyi Zhenren took two lotus flowers and three lotus leaves from the Five Lotus Pond to piece together a human form for Nezha. Lotus flowers and lotus leaves are also called sacred lotus, which is likely the origin of the name Taiyi Shenlian.

Back to the distribution of the 3 billion yuan restructuring fund: 1.167 billion yuan is used to pay off the claims corresponding to the retained assets and bankruptcy-related expenses; 1.833 billion yuan is used to supplement working capital for resuming production, restoring the supply chain and daily operations.

The total claims of Hozon New Energy Automobile Co., Ltd. are divided into approximately 2.2 billion yuan of priority claims (9 creditors) and approximately 11.7 billion yuan of ordinary claims (more than 1600 creditors). The repayment plan for priority claims is as follows: the principal is fully retained, only interest is paid in the first 3 years, and the principal is repaid in installments starting from the 4th year. The repayment plan for ordinary claims is divided into two scenarios: 1. For claims under 800,000 yuan per single transaction, the comprehensive repayment rate is about 12%, of which 10,000 yuan is paid within 12 months, and the remaining amount is paid off within 2 years; 2. All claims exceeding 800,000 yuan per single transaction are converted into equity, and converted into Hozon New Energy equity according to the restructuring plan.

At present, this "Restructuring Plan (Draft)" still needs to be approved by the court to take formal effect, and there is still uncertainty, but it is one step closer to the revival of Neta Auto.

Zhejiang Taiyi Shenlian Enterprise Management Partnership (Limited Partnership) is a special investment entity newly established exclusively for this restructuring of Neta Auto. Its executing partner is Zhejiang Shanzi Yuxu Technology Co., Ltd. The partner structure is that Zhejiang Shanzi Holding Co., Ltd. holds 99.9667% of the shares, and Zhejiang Shanzi Yuxu Technology Co., Ltd. holds 0.0333% of the shares. The total capital contribution is 3.001 billion yuan on a subscribed basis, and there is no actual paid-in record yet, after all, the "Restructuring Plan (Draft)" still needs to be approved by the court.

The actual controller behind Zhejiang Taiyi Shenlian Enterprise Management Partnership is Ye Ji, Chairman of Shanzi High-Tech (000981.SZ). According to the industry classification on Tonghuashun, Shanzi High-Tech belongs to the auto parts sector, and its latest closing market value is 25.893 billion yuan. According to the financial report data, the profit and loss of the company attributable to shareholders of the parent company in the past few years are as follows: it recorded losses of 968.5 million yuan, 2.057 billion yuan and 1.742 billion yuan respectively from 2022 to 2024, a profit of 1.026 billion yuan in 2025, and a profit of 30.83 million yuan in H1 2026.

In H1 2026, the revenue was 1.371 billion yuan, down 20.87% year on year, the operating profit was 175.8 million yuan, down 16.63% year on year, and the net profit was 30.83 million yuan, down 85.69% year on year.

In 2025, during the period when Hozon New Energy recruited restructuring investors, Shanzi High-Tech was the only intended investor, after paying a deposit of 50 million yuan, it registered Taiyi Shenlian as the investment entity to participate in this restructuring in April 2026.

Judging from Ye Ji's track record of operations, he has rich experience in restructuring.

In 2020, he took over Yinyi Co., Ltd. by pushing forward the restructuring, then divested the original real estate business of Yinyi Co., Ltd., and later renamed it Shanzi High-Tech. The company transformed into high-end manufacturing and the automotive industry, and took overseas complete vehicles as its core strategic direction.

Shanzi High-Tech has made the following attempts in the complete vehicle sector:

1. The self-developed passenger vehicle project of Shanzi Auto has built its own core team, planned to develop self-developed passenger vehicles for the markets including Central Asia, the Middle East and Africa, and is scheduled to roll out the self-developed models from Q4 2026 to Q1 2027.

2. In 2022, Ye Ji planned to invest no more than 400 million yuan to participate in the restructuring of Zhidou Auto, but the project finally failed to land, which was his early attempt to enter the new energy complete vehicle sector.

3. After the failure of restructuring Zhidou Auto, Ye Ji's Shanzi High-Tech signed an agreement with the government of Xindu District, Xingtai at the end of 2022 through its subsidiary Zhidao New Energy Technology Co., Ltd., and publicly listed to transfer 90% equity of Xingtai Longgang Investment in May 2023. Longgang Investment wholly owns Hongxing Auto, so Shanzi High-Tech indirectly holds Hongxing Auto and obtained the full production qualification for passenger vehicles and new energy complete vehicles. (It is worth mentioning that Hongxing Auto was previously the target that Duofu Duo wanted to acquire to enter the complete vehicle manufacturing sector.)

At present, Hongxing Auto focuses on new energy urban distribution vans, and the Baosiwan BOX1 was officially mass-produced and rolled off the production line in December 2023, which is the first mass-produced complete vehicle project implemented by Shanzi High-Tech.

4. Shanzi High-Tech also tried to cooperate with Harbin Economic Development Zone to revitalize the former Hafei Auto factory and establish Heilongjiang Yunfeng Automobile Co., Ltd., which is positioned as an export base for fuel passenger vehicles focusing on the Russian market. Shanzi Auto Industry Group, a subsidiary of Shanzi High-Tech, holds 80% equity of Yunfeng Auto. However, in May 2025, Shanzi Auto Industry Group transferred 80% equity of Yunfeng Auto to Harbin Yunkai Auto Parts Co., Ltd. with the transaction consideration of 24.6 million yuan. The transaction was completed in July 2025, and Shanzi High-Tech no longer holds controlling shares in Yunfeng Auto.

5. After the failure of this attempt, Shanzi High-Tech adjusted its corporate strategy to focus resources on the new energy complete vehicle track, which led to its participation in the restructuring of Hozon New Energy in 2025.

Ye Ji and Shanzi High-Tech even applied the story of *Fengshen Yanyi* in this attempt for Hozon New Energy. Will their wish come true? It still depends on whether the listed company Shanzi High-Tech can provide stable and sufficient cash flow.

This article is from WeChat official account "Auto Intelligence" (ID: invehc), author: Michael Yuan, authorized for release by 36Kr.