Investing 3 billion yuan, "Taiyi" wants to save "Nezha"

Recently, with the convening of the 4th creditors' meeting for the bankruptcy restructuring case of Neta Auto, the mysterious restructuring investor has finally surfaced — Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Taiyi Shenglian") plans to contribute 3 billion yuan to acquire approximately 70.62% equity of Hozon New Energy, the parent company of Neta Auto, and become its controlling shareholder.

At present, the restructuring plan still needs to be voted and approved by the creditors' meeting and ruled and approved by the court, so there are still certain procedural uncertainties in its final implementation.

According to the draft provided by creditors, the 3.001 billion yuan restructuring investment fund of Taiyi Shenglian will be used in two parts. 1.167 billion yuan of it will be used to pay off relevant creditor's rights corresponding to the assets to be retained, cover bankruptcy expenses and relevant restructuring costs, so as to solve the legacy debt problems; the remaining 1.833 billion yuan will be fully injected into Hozon New Energy as working capital for production and operation, specially used for vehicle production resumption, supply chain system reconstruction, after-sales network restoration and daily operation turnover.

In terms of asset disposal, the mechanical equipment of the Neta L and Neta X models are classified as core operating assets for retention, while the equipment related to Neta S and GT are classified as non-core assets for separate disposal. This means that the production capacity after restructuring will be contracted and focused on the SUV category.

According to the plan, Neta Auto will be promoted gradually in three stages after restructuring. The first stage is the production resumption start-up period, which will give priority to resuming the production of the Neta X model, focusing on overseas markets with an annual sales target of 10,000 units. It is understood that Neta X was previously launched in overseas markets such as Thailand, and once ranked first in the number of pure electric SUV registrations in Thailand for two consecutive months, accumulating a certain overseas market foundation and user reputation, and has now obtained some overseas intention orders. Meanwhile, the reconstruction of supply chain confidence, the recovery of official spare parts supply, and the activation of after-sales maintenance networks will also be promoted to solve the after-sales guarantee problem of the existing 400,000 car owners.

The second stage is the scale expansion period, which will develop exclusive adapted models for emerging markets in Asia, Africa, Latin America and other regions, with the goal of reaching an annual production capacity of 300,000 units. The third stage is the long-term upgrading period, which will build global intelligent electric models, strive to achieve an annual output value of 40 billion yuan, and start preparations for IPO listing.

Taiyi Shenglian Industrial and Commercial Information

The industrial and commercial registration information shows that Taiyi Shenglian was established on April 21, 2026, with a registered capital of 3.001 billion yuan, which is a special purpose entity established specifically for this bankruptcy restructuring. The partnership is jointly funded and established by Zhejiang Shanzi Holding Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd., of which Shanzi Holding holds 99.9667% of the shares as the absolute controlling shareholder; Shanzi Yuxu holds 0.0333% of the shares and acts as the executing partner.

After equity penetration, the actual controller of Shanzi Holding is Ye Ji, the chairman of Shenzhen Stock Exchange listed company Shanzi Hi-Tech, and the actual controller of Shanzi Yuxu is Yu Shuxin, the head of the board office of Shanzi Hi-Tech. Both investment entities are not affiliated to the listed company Shanzi Hi-Tech system. Shanzi Hi-Tech has also publicly clarified on many occasions that the listed company itself does not participate in this Neta Auto restructuring project, does not bear relevant investment obligations and debt risks, and the investment behavior and operation entities are all outside the listed company, not included in the scope of consolidated statements.

Public information shows that the main business of Shanzi Hi-Tech itself currently focuses on auto parts. The 2026 semi-annual report shows that the company's revenue is 1.371 billion yuan, a year-on-year decrease of about 20.87%, the attributable net profit is about 30.83 million yuan, a year-on-year decrease of about 85.9%, and the non-recurring profit and loss deducted loss is still about 349 million yuan; in the revenue structure, auto parts account for 1.271 billion yuan, accounting for 92.69%.

Shanzi Hi-Tech's stock price hits the daily limit

Driven by the news that Taiyi Shenglian restructures Neta Auto, Shanzi Hi-Tech (000981.SZ) opened higher and hit the daily limit today. As of press time, the company's stock price is at 2.85 yuan, with a total market value of about 28.493 billion yuan.

Looking back at the restructuring process of Neta Auto, it has been full of twists and turns. In August 2025, the administrator publicly recruited restructuring investors, and Shanzi Hi-Tech, as the only applicant, paid a deposit of 50 million yuan. The previously proposed 4.5 billion yuan plan (cash plus technology, corresponding to a cash repayment rate of 18.7% for ordinary creditor's rights) was strongly opposed by the ordinary creditor group, and was not voted through at the third creditors' meeting on April 11, 2026; in March 2026, due to the failure to submit the original draft on schedule, the Tongxiang People's Court ruled to terminate the original restructuring procedure, and Hozon New Energy was once transferred to bankruptcy liquidation.

After that, the plan was completely revised. On April 21, 2026, Taiyi Shenglian was registered and established, the investment scale was reduced from 4.5 billion yuan to 3 billion yuan, and the repayment rate of ordinary creditor's rights was also reduced accordingly. The new draft voted at the 4th creditors' meeting on September 11 is exactly the product of this compromise.

Although the restructuring path is relatively clear, the recovery of Neta Auto still faces multiple challenges. The first is the debt pressure. Only 1.167 billion yuan of the 3 billion yuan investment is used for debt repayment. Facing the total debt scale of more than 20 billion yuan, the repayment plans for priority creditor's rights and ordinary creditor's rights still need to be voted and approved by creditors, and there are still disputes over the repayment ratio and period of ordinary creditor's rights.

The second is the reconstruction of the supply chain. Since production was suspended for more than a year, a large number of suppliers have terminated their cooperation. Rebuilding the supply chain system not only requires capital investment, but also time and trust repair, and the production capacity climbing speed may be lower than expected. In addition, there is market competition. A large number of Chinese auto companies have also poured into overseas markets, and price competition is equally fierce. Neta brand's market awareness and channel capabilities after more than a year of interruption need to be re-established. These are the core problems that Neta Auto needs to solve after restructuring.

This article is from the WeChat Official Account "Jiemian News", written by Li Kefeng, and published with authorization by 36Kr.