Abstract:
On the morning of September 11, the fourth creditors meeting in the bankruptcy and reorganization case of Hezhong New Energy Automobile Co., Ltd. (hereinafter referred to as "Hezhong New Energy"), the parent company of Nezha Automobile, was held online. Jiupai News financial reporters learned from many creditors that this creditors meeting will vote on the "Reorganization Plan (Draft)" of Hezhong New Energy. The "Reorganization Plan (Draft)" disclosed for the first time that the reorganization investor of Hezhong New Energy is Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership).
According to the content of the "Reorganization Plan (Draft)" provided by a creditor, "Taiyi Shenglian", as a reorganization investor, plans to provide 3 billion yuan for the reorganization investment of Hezhong New Energy and obtain approximately 70.62% of the latter's equity.
Among them, 1.167 billion yuan of the 3 billion yuan in cash will be used to pay off related claims and bankruptcy expenses corresponding to the assets to be retained; the remaining 1.833 billion yuan will be used to supplement the liquidity of Hezhong New Energy and support its operations and development after reorganization.
【1】Restart plan announced: Resumption of production of Nezha X model, intention orders have been received
The "Reorganization Plan (Draft)" shows that the future development plan of Hezhong New Energy will be completed in three stages.
In the first phase, it is planned to resume production of the Nezha X model, mainly for overseas markets, with a target annual sales volume of 10,000 units. At the same time, we will rebuild cooperation confidence in the upstream supply chain, ensure the supply of official spare parts, fully resume the after-sales maintenance of "Nezha Automobile", and activate the existing service network to provide official maintenance services to car owners.
Interior view of Hezhong New Energy’s Tongxiang factory. Picture/Jiupai News Shu Jiakui
The manager stated in the "Reorganization Plan (Draft)" that "some intended orders have been obtained for the resumption of production of the Nezha X model."
It is understood that Nezha X is a compact SUV model with a price range of 89,800 yuan to 124,800 yuan before the discontinuation of production. It was once the main model of Nezha Automobile going overseas. Nezha Automobile once disclosed that Nezha X has been launched in 7 overseas countries and has received more than 7,000 orders.
At the same time, in this reorganization, the mechanical equipment, electronic equipment, fixed assets, etc. of Nezha L and X models will be retained as core operating assets, while the mechanical equipment of Nezha S and GT models will be disposed of as non-core operating assets.
According to the plan, the second phase of Nezha Automobile’s restructuring will focus on launching models suitable for Asia, Africa, Latin America and other regions, with an annual production target of 300,000 units. In the third stage, it plans to build global smart models, strive for an annual output value of 40 billion yuan, and start preparations for an IPO.
In terms of employee placement, the manager said that for employees who have existing labor relations with Hezhong New Energy, Hezhong New Energy will properly place them in accordance with the law; for retired employees who have had labor relations with Hezhong New Energy, return channels will gradually be opened in the future.
[2] "Taiyi Shenglian" is a specially designed entity to participate in the restructuring investment on behalf of Shanzi Hi-Tech
Previously, news that A-share listed company Shanzi Hi-Tech planned to invest in Hezhong New Energy was widely circulated in the market. According to "China-Singapore Jingwei", a staff member of Shanzi Hi-Tech Securities Department once said: "We are only participating in (Hezhong New Energy)'s restructuring of investors' intentions and are one of the intended investors."
The "Reorganization Plan (Draft)" disclosed at this creditors meeting confirmed that Shanzi Hi-Tech has indeed participated in the reorganization investment work of Hezhong New Energy. According to records, during the registration period for the manager to recruit reorganization investors (from August 4 to September 15, 2025), Shanzi High-tech Co., Ltd. (i.e., the listed entity of Shanzi High-tech) signed up as the only intended investor, but later "Taiyi Shenglian" served as the intended investor to participate in the reorganization investment on behalf of Shanzi High-tech. The rights and obligations of Shanzi High-tech were transferred to "Taiyi Shenglian".
Although "Taiyi Shenglian" is not directly related to Shanzi Hi-Tech in terms of financial and equity relationships, the two companies still have close overlap in terms of personnel.
Industrial and commercial registration information shows that "Taiyi Shenglian" was registered and established in April 2026. It was jointly established by Zhejiang Shanzi Holding Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd. The actual controller of the former is Ye Ji, chairman of Shanzi Hi-Tech, and the actual controller of the latter is Yu Shuxin, director of the board of directors of Shanzi Hi-Tech.
In addition, Yu Shuxin also serves as the legal representative of Shanzi Yuqian, an automobile company owned by Shanzi Hi-Tech. In January 2026, Zhu Renjie, Vice President of Shanzi Hi-Tech and CEO of Shanzi Yuqian, responded to the rumors of "Shanzi Hi-Tech's participation in the reorganization of Hezhong New Energy" to Jiupai News reporters: "We are still working closely with the government and the management team to actively promote the reorganization work."
The "Reorganization Plan (Draft)" also mentioned that "Taiyi Shenglian" is a special entity for this reorganization. Its management team has rich experience in operating the automobile industry and bankruptcy reorganization experience, and has completed the bankruptcy reorganization of listed companies in the parts industry.
Notice of creditors meeting. Picture/Hezhong New Energy Manager
Public information shows that Shanzi Hi-Tech was formerly known as Yinyi Shares. It was once a leading real estate company deeply involved in Ningbo. The former actual controller of Yinyi Shares was Xiong Xuqiang. In 2016, it entered into the auto parts industry by acquiring the American ARC (airbag inflator) and the Belgian Punch (automatic transmission). In 2019, the company was ST'ed due to the major shareholder's occupation of the listed company's funds and the debt explosion. In the same year, the company was forced to initiate bankruptcy reorganization. After the implementation of the reorganization plan in 2022, the actual controller of Yinyi Shares was changed from Xiong Xuqiang to Ye Ji. In 2023, the company was renamed "Shanzi Shares" and in March 2024, it was renamed Shanzi Hi-Tech.
In terms of automotive business, Zhu Renjie, vice president of Shanzi Hi-Tech, once served as director of manufacturing engineering at Tesla, and led the establishment of the Shanghai Gigafactory body manufacturing team and promoted the launch and mass production of the Cybertruck project. He joined Shanzi Hi-Tech in August 2024 and served as CEO of Shanzi Yuqian.
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