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Mythology says Taiyi Zhenren reshaped Nezha's body using lotus roots. In reality, a company called "Taiyi Shenglian" is attempting to inject 3 billion yuan to "resurrect" Neta Auto.
On September 11, the fourth creditors' meeting for the bankruptcy reorganization case of Neta Auto's parent company, Hozon New Energy, was held online. The "Draft Plan of Reorganization" first disclosed the reorganization investor as Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership). Taiyi Shenglian plans to invest 3 billion yuan to acquire approximately 70.62% equity of Hozon New Energy, gaining operational control of the reorganized enterprise. Among this, 1.167 billion yuan will be used to repay related claims corresponding to assets to be retained and bankruptcy expenses, while the remaining 1.833 billion yuan will supplement working capital.
Business registration information shows that Taiyi Shenglian was registered and established in April 2026, formed by Zhejiang Shanzi Holdings Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd. in partnership. The former's actual controller is Ye Ji, Chairman of Shanzi Gaoke. Shanzi Gaoke has had a long-term layout in the vehicle production field: In 2023, it acquired Hebei Hongxing Motor to obtain passenger car production qualifications. In 2025, its subsidiary Shanzi Youqian collaborated with Tmall to launch its first model which has entered the engineering verification stage, with plans for mass production in the third quarter of 2026. During the public recruitment of reorganization investors for Hozon New Energy in December 2025, Shanzi Gaoke was the only interested investor to pay a 50 million yuan security deposit.
However, Shanzi Gaoke's own financial situation is not ample. In the first half of 2026, the company's operating revenue was 1.371 billion yuan, down 20.87% year-on-year; net profit attributable to parents was only 30.83 million yuan, down 85.69% year-on-year; and deducted non-recurring net profit loss was 349 million yuan. The registered capital of 3.001 billion yuan is still in subscribed status, and there are uncertainties regarding whether funds can arrive on schedule.
Debt is the most direct test. The "Draft Plan of Reorganization" shows that ordinary claims for Hozon New Energy are approximately 11.7 billion yuan, involving over 1,600 households; priority claims are approximately 2.2 billion yuan, involving 9 households. The repayment rate for ordinary claims below 800,000 yuan is approximately 12%, with only 10,000 yuan paid in the first 12 months, while the excess portion is converted into equity; priority claims only pay interest for the first three years, and principal repayment starts from the fourth year. Since 2017, Neta Auto has completed 10 rounds of financing, with a total financing amount of 22.844 billion yuan, but the gross margins from 2021 to 2023 were -34.4%, -22.5%, and -14.9% respectively, remaining in a loss state for a long time. At the time of bankruptcy reorganization, Hozon New Energy's net loss reached 18.3 billion yuan.
According to the "Three-Step Strategy" in the "Draft Plan of Reorganization", the first phase involves resuming production of the Neta X model, focusing on overseas markets with a target annual sales volume of 10,000 units; the second phase involves developing models adapted for regions such as Asia, Africa, and Latin America, with a target annual production of 300,000 units; the third phase aims to create global intelligent models, striving for an annual output value of 40 billion yuan and starting IPO preparation.
The time window for resuming production is very tight. Neta Auto halted production since November 2024, which has been nearly two years. According to relevant regulations from the Ministry of Industry and Information Technology, a production volume below 2,000 units for two consecutive years may result in being listed on the special publicity list. The situation in overseas markets is also not optimistic — in the first half of 2026, Neta Auto's cumulative sales in Thailand were only 365 units, and the Thailand Ministry of Finance had previously filed a lawsuit against it for failing to meet local production targets, seeking recovery of over 2 billion Thai Baht in subsidies.
Precedents are not distant. HiPhi Auto announced in 2025 that it received a 600 million USD investment from the Lebanese company EV Electra, but the funds never arrived, and the reorganization ultimately fell through.
According to Shanghai Securities News, some Neta Auto creditors stated that the probability of the reorganization plan passing is high, but whether Neta Auto can restart mass production depends on many factors such as paid-in capital arrival and capacity integration. The 3 billion yuan is a huge gap compared to the 13.9 billion yuan debt hole and the continuous capital investment required for vehicle manufacturing. Whether Neta can truly achieve rebirth, the answer is not in the draft, but in whether the money can arrive and whether it can smoothly return to the market.
