Gasgoo Munich- Hozon New Energy Automobile, the parent company of Neta Auto, recently held its fourth creditors' meeting online, revealing a draft reorganization plan. Zhejiang Taiyi Shenglian Enterprise Management Partnership is set to inject 3 billion yuan into the restructuring, securing roughly 70.62% of Hozon's equity and taking control of the reorganized entity.
The draft still requires creditor approval and a court ruling, meaning the restructuring's final outcome remains uncertain.
Image source: Tianyancha App
On the financial front, 1.167 billion yuan of the 3 billion yuan investment will be allocated to settle debts tied to retained assets and cover bankruptcy and restructuring costs. The remaining 1.833 billion yuan will serve as working capital to resume production, rebuild the supply chain, repair after-sales networks, and fund daily operations.
Regarding asset disposal, production equipment for the Neta X and Neta L has been designated as core retained assets. Equipment for the Neta S and Neta GT is classified as non-core and will be disposed of separately. Post-restructuring operations will narrow their focus to the SUV segment.
The draft outlines a three-phase restructuring roadmap. The first phase prioritizes resuming production of the Neta X, primarily for overseas markets, with a target of 10,000 annual units. Managers stated that tentative orders have already been secured, while parts services for existing owners will be restored. The second phase involves developing new models for Asian, African, and Latin American markets, targeting an annual capacity of 300,000 units. The third phase aims to build global models, achieve an annual output value of 40 billion yuan, and initiate preparations for an IPO.
Corporate filings show Taiyi Shenglian was registered in April 2026 specifically for this restructuring. It is linked to the listed company Shanzi High-Tech, with ultimate control held by the team led by Chairman Ye Ji. On September 14, Shanzi High-Tech shares hit the daily limit-up, reflecting the market's intense reaction to the restructuring news.
