The behind-the-scenes beneficiary of "Taiyi", which contributed 3 billion yuan to bail out Nezha, has been subjected to high-consumption restrictions.

Neta Auto, which has gone through a series of hardships along its development, has finally welcomed its "Taiyi Zhenren" that can reshape its business foundation.

With the disclosure of the *Restructuring Plan (Draft)*, the mysterious veil of Taiyi Shenlian, the restructuring investor of Hozon New Energy, the parent company of Neta Auto, has been officially lifted.

Taiyi Shenlian plans to contribute 3 billion yuan to obtain approximately 70.62% of the equity of Hozon New Energy. Of the total amount, 1.167 billion yuan is planned to pay off relevant claims corresponding to the assets to be retained and bankruptcy expenses, while the remaining 1.833 billion yuan will be used to supplement working capital.

At the same time, Taiyi Shenlian has also formulated a three-step strategy for Neta Auto: it plans to resume production of the Neta X model first, then focus on the overseas market with an annual production target of 300,000 units, and finally achieve global layout and an annual output value of 40 billion yuan, while launching IPO preparation work.

Leida Finance noted that Taiyi Shenlian has a close relationship with Shanzi Hi-Tech, the only previous intended restructuring investor of Neta Auto. One of the beneficial owners of the former is precisely Ye Ji, the actual controller of the latter.

Shanzi Hi-Tech, which was reorganized from *ST Yinyi, recorded a cumulative loss of nearly 4.8 billion yuan from 2022 to 2024, and did not turn a profit until last year.

By the end of the first half of this year, the total assets of Shanzi Hi-Tech were only 7.31 billion yuan, less than 30% of the total declared claims of Neta Auto previously disclosed at 26.58 billion yuan.

In addition, Tianyancha shows that since the beginning of this year, Ye Ji, the actual controller of Shanzi Hi-Tech, has added 3 new consumption restriction orders, bringing his total number of consumption restriction orders to 5.

"Taiyi Saves Neta", the 3 Billion Yuan Restructuring Plan is Unveiled

According to a report by Jiupai News, on the morning of September 11, the fourth creditors' meeting of the bankruptcy and restructuring case of Hozon New Energy Automobile Co., Ltd. (referred to as "Hozon New Energy"), the parent company of Neta Auto, was held online.

According to the *Restructuring Plan (Draft)* provided by creditors, Zhejiang Taiyi Shenlian Enterprise Management Partnership (Limited Partnership) (referred to as "Taiyi Shenlian"), the restructuring investor of Hozon New Energy, plans to invest 3 billion yuan in the restructuring of Hozon New Energy and obtain approximately 70.62% of its equity.

Of the 3 billion yuan, 1.167 billion yuan will be used to pay off relevant claims corresponding to the assets to be retained and bankruptcy expenses; the remaining 1.833 billion yuan will be used to supplement the working capital of Hozon New Energy to support its operation and development after restructuring.

The much-concerned "rebirth path" of Neta Auto is expected to be completed in three steps.

In the first phase, the company plans to resume production of the Neta X model, which is mainly targeted at the overseas market with an annual sales target of 10,000 units. At the same time, it will rebuild the confidence of upstream supply chain partners, ensure the supply of official spare parts, fully restore the after-sales maintenance and repair services of Neta Auto, and activate the existing service network to provide official maintenance services for car owners.

The administrator stated in the *Restructuring Plan (Draft)* that for the resumption of production of the Neta X model, "some intended orders have been obtained so far".

It is understood that the Neta X is a compact SUV, with a price range of 89,800 yuan to 124,800 yuan before production suspension. This model used to be the main export model of Neta Auto, which was launched in 7 overseas countries and received more than 7,000 orders.

In this restructuring, the mechanical equipment, electronic equipment and fixed assets of the Neta L and Neta X models are retained as core operating assets, while the mechanical equipment of the Neta S and Neta GT models will be disposed of as non-core operating assets.

In the second phase, after restructuring, Neta Auto will focus on launching models suitable for markets in Asia, Africa, Latin America and other regions, with an annual production target of 300,000 units.

In the third phase, the company plans to develop global intelligent models, strive to achieve an annual output value of 40 billion yuan, and launch IPO preparation work.

In terms of employee resettlement, the administrator said that Hozon New Energy will properly resettle employees who have existing labor relations with the company in accordance with the law.

For former employees who once had labor relations with Hozon New Energy, the company will gradually open up re-employment channels in the future.

Coincidentally, WM Motor, another automaker that has encountered similar operational difficulties, once previously announced a high-profile three-step resumption plan.

In September last year, WM Motor released the *White Paper to Suppliers*, planning to resume production in September, achieve mass production of 100,000 units by 2026, start IPO preparation from 2027 to 2028, and finally strive for the ambitious target of an annual output of 1 million units and revenue of 120 billion yuan by 2030.

At that time, WM Motor also hoped to make a breakthrough in the overseas market. It planned to resume production of the EX5/E.5 models in the initial stage, and stated that it had obtained clear orders in the overseas market.

However, Leida Finance noted that WM Motor's official WeChat account later deleted the previously released *White Paper to Suppliers*, and news about WM Motor's resumption of production gradually faded out of the market.

An In-depth Look at Taiyi Shenlian: Its Beneficial Owner is Subjected to Consumption Restriction

Tianyancha shows that Taiyi Shenlian, the restructuring investor of Hozon New Energy, was registered and established in April this year.

In terms of equity, Taiyi Shenlian is jointly established by two companies: Zhejiang Shanzi Holding Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd.

Among them, the actual controller of the former is Ye Ji, the chairman of Shanzi Hi-Tech, and the actual controller of the latter is Yu Shuxin, the head of the general office of the board of directors of Shanzi Hi-Tech. Both of them are the beneficial owners of Taiyi Shenlian.

The names "Taiyi Shenlian" and "Shanzi Yuxu" are obviously deliberately chosen: in *Investiture of the Gods*, Taiyi Zhenren belongs to the lineage of the Yuxu Palace on Kunlun Mountain, is a direct disciple of Yuanshi Tianzun and one of the "Twelve Golden Immortals", who used lotus flowers and lotus leaves to reshape the body of Neta.

Shanzi Hi-Tech, which has a close relationship with Taiyi Shenlian, did not emerge out of nowhere. As early as September last year, there were reports that Shanzi Hi-Tech was promoting the restructuring with Hozon New Energy, that the original Hozon New Energy staff would complete the handover and layoff after October 1, and that the Shanzi Hi-Tech team would officially take over the operation.

In December of the same year, there were reports that Shanzi Hi-Tech had fully taken over Neta Auto. At that time, relevant staff of Shanzi Hi-Tech said, "We have such an intention (referring to the intention to participate in the restructuring of Hozon New Energy), but it has not been finally confirmed yet."

At the same time, Shanzi Hi-Tech also established Zhejiang Qianhe Automobile Co., Ltd. at the registered address of Hozon New Energy, but relevant staff of Shanzi Hi-Tech denied that this was preparation for the restructuring of Neta Auto, saying that "it is just part of the company's normal business development".

It is worth noting that Qianhe Automobile is wholly owned by Shanghai Shanzi Youqian Technology Co., Ltd., a subsidiary of Shanzi Hi-Tech, and Yu Shuxin is the legal representative, director and manager of Shanzi Youqian.

Now, the *Restructuring Plan (Draft)* confirms that during the registration period for the administrator to recruit restructuring investors (from August 4 to September 15, 2025), A-share listed company Shanzi Hi-Tech was the only intended investor.

However, Taiyi Shenlian later replaced Shanzi Hi-Tech to participate in the restructuring investment, and all the rights and obligations of Shanzi Hi-Tech were assumed by Taiyi Shenlian.

The *Restructuring Plan (Draft)* shows that Taiyi Shenlian is a special entity established for this restructuring. Its management team has experience in automotive industry operation and bankruptcy restructuring, and has previously completed the bankruptcy restructuring of a listed company in the auto parts industry.

The aforementioned "completed the bankruptcy restructuring of a listed company in the auto parts industry" may be related to Shanzi Hi-Tech.

Public information shows that the predecessor of Shanzi Hi-Tech is Ningbo real estate company Yinyi Co., Ltd., which cut into the auto parts industry in 2016 by acquiring American ARC (airbag gas generator) and Belgian Punch (automatic transmission).

In 2019, Yinyi Co., Ltd. was marked as ST due to the misappropriation of listed company funds by major shareholders and the outbreak of debt defaults, and the company was forced to start bankruptcy restructuring in the same year.

Ye Ji, the Ningbo real estate businessman who led the restructuring of Yinyi Co., Ltd., is quite mysterious. The Jiaxing Zihe Jinxin Equity Investment Partnership (Limited Partnership) (hereinafter referred to as "Zihe Jinxin") controlled by him became the restructuring investor of Yinyi Co., Ltd. with a total offer of 3.2 billion yuan.

After the restructuring plan was implemented in 2022, the actual controller of Yinyi Co., Ltd. was changed from Xiong Xuqiang to Ye Ji. In 2023, the company was renamed Shanzi Co., Ltd., and then renamed Shanzi Hi-Tech in March 2024.

It is worth mentioning that as the controlling shareholder of Zhejiang Shanzi Holding Co., Ltd., the behind-the-scenes shareholder of Taiyi Shenlian, Chiji Holding Group Co., Ltd. is also the executing partner of Zihe Jinxin, the controlling shareholder of listed company Shanzi Hi-Tech; while Ye Ji is the actual controller of both Zhejiang Shanzi Holding Co., Ltd. and Shanzi Hi-Tech.

However, Tianyancha shows that at present, Chiji Holding Group Co., Ltd. and Ye Ji are subject to 4 and 5 consumption restriction orders respectively.

The Recent Performance of Shanzi Hi-Tech is Not Optimistic, Neta Faces Great Challenges on Its "Rebirth Path"

In terms of performance, the results Shanzi Hi-Tech delivered in the years after restructuring are not outstanding.

From 2022 to 2024, Shanzi Hi-Tech recorded three consecutive years of losses, with a cumulative attributable net loss of 4.768 billion yuan. It was not until 2025 that the company finally turned a profit, recording an annual attributable net profit of 1.026 billion yuan.

However, in 2026, Shanzi Hi-Tech once again faced profit pressure. In the first half of the year, the company's attributable net profit shrank by 85.69% year-on-year to 31 million yuan; the loss of non-recurring profit and loss adjusted net profit expanded by 25.53% year-on-year to 349 million yuan.

In the same period, the net cash flow generated from operating activities of Shanzi Hi-Tech was -147 million yuan, and the ending balance of cash and cash equivalents was only 307 million yuan.

By the end of the first half of the year, the asset-liability ratio of Shanzi Hi-Tech was 61.28%, which was significantly improved compared with 81.52% at the end of 2021, but its total assets shrank from 21.516 billion yuan at the end of 2021 to 7.31 billion yuan.

However, for this restructuring, Taiyi Shenlian is facing a heavily indebted Neta Auto.

Public information shows that from 2021 to 2023, Hozon New Energy recorded a cumulative net loss of as high as 18.3 billion yuan, with an average loss of more than 80,000 yuan per vehicle sold.

According to the disclosure of the Hozon New Energy administrator, by the end of August last year, a total of 1,631 creditors had declared their claims, with a total declared amount of as high as 26.58 billion yuan.

In addition to the aforementioned creditors, the company also owed more than 5,000 employees a total of about 460 million yuan in wages, economic compensation, subsidies and welfare, reimbursement expenses, and provident fund.

The administrator also disclosed that the book balance of monetary funds in the debtor's account was about 15.4591 million yuan, of which the acceptance guarantee deposit was about 420,000 yuan, and the bank deposit was about 15 million yuan. In addition, Hozon New Energy currently has accounts receivable of about 9.3 billion yuan.

Some views hold that facing the huge debt gap of Neta Auto, Taiyi Shenlian is under great capital pressure. Coupled with the fierce competition in China's new energy vehicle market and the trend of large automakers expanding their business overseas, Neta Auto's "rebirth path" is bound to face numerous challenges.

This article is from the WeChat official account "Leida Finance", written by Ding Yu, edited by Meng Shuai, and published with authorization from 36Kr.