On September 12th, Beijing Time, the results of the fourth creditors' meeting (held online) for the bankruptcy reorganization of Hozon New Energy Automobile Co., Ltd., which took place on September 11th, were revealed. According to these results, the Restructuring Plan (Draft) formally disclosed that Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership) would serve as the restructuring investor.

When you come across terms like Nezha, Taiyi, and restructuring, does it evoke the scene in Fengshen Bang where Taiyi Zhenren reconstructs Nezha's physical form to bring him back to life?

However, Taiyi Shenglian's approach differs from that of Taiyi Zhenren in the movie. Instead of using lotus roots to revive Neta Automobile, it plans to acquire approximately 70.62% of Hozon New Energy's equity with around 3 billion yuan in cash, thereby becoming its controlling shareholder. In the novel Fengshen Yanyi, Taiyi Zhenren reconstructs Nezha's human form using two lotus flowers and three lotus leaves from the Five Lotus Pond. Lotus flowers and leaves, also known as water lilies, may have inspired the name Taiyi Shenglian.

Returning to the allocation of the 3 billion yuan restructuring funds: 1.167 billion yuan will be allocated to repay debts associated with retained assets and bankruptcy-related expenses. The remaining 1.833 billion yuan will be utilized to replenish working capital, facilitating the resumption of production, restoration of the supply chain, and daily operations.

Hozon New Energy Automobile Co., Ltd.'s debt is categorized into approximately 2.2 billion yuan in priority claims (from 9 creditors) and approximately 11.7 billion yuan in ordinary claims (from over 1,600 creditors). The repayment plan for priority claims is as follows: the principal will be fully retained, with only interest paid in the first three years. Repayment of the principal will commence in installments from the fourth year onwards. The repayment plan for ordinary claims is divided into two scenarios: 1. For single claims under 800,000 yuan, the comprehensive repayment rate is approximately 12%, with 10,000 yuan paid within 12 months and the remaining amount settled within two years. 2. For single claims exceeding 800,000 yuan, all debts will be converted into equity, with Hozon New Energy's equity calculated in accordance with the restructuring plan.

Currently, this Restructuring Plan (Draft) still requires court approval to become effective, introducing an element of uncertainty. Nevertheless, it represents a significant step toward the revival of Neta Automobile.

Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership) is a specialized investment entity established exclusively for the restructuring of Neta Automobile. The executive partner is Zhejiang Shanzhi Yuxu Technology Co., Ltd. The partnership is structured with Zhejiang Shanzhi Holdings Co., Ltd. holding 99.9667% and Zhejiang Shanzhi Yuxu Technology Co., Ltd. holding 0.0333%, with a total subscribed capital of 3.001 billion yuan. However, no actual contributions have been made yet, as the Restructuring Plan (Draft) still awaits court approval.

The actual controller of Zhejiang Taiyi Shenglian Enterprise Management Partnership is Ye Ji, the chairman of Shanzhi Hi-Tech (000981.SZ). Shanzhi Hi-Tech is classified under the automotive components industry by Tonghuashun, boasting a latest market capitalization of 25.893 billion yuan. According to financial reports, the company's net profit attributable to shareholders over the past few years is as follows: losses of 968.5 million yuan, 2.057 billion yuan, and 1.742 billion yuan in 2022-2024, respectively, followed by a profit of 1.026 billion yuan in 2025, and a profit of 30.83 million yuan in the first half of 2026 (H1).

Revenue in the first half of 2026 (H1) reached 1.371 billion yuan, marking a year-on-year decrease of 20.87%. Operating profit stood at 175.8 million yuan, a year-on-year decrease of 16.63%. Net profit amounted to 30.83 million yuan, reflecting a year-on-year decrease of 85.69%.

During the phase of recruiting restructuring investors for Hozon New Energy in 2025, Shanzhi Hi-Tech emerged as the sole interested investor. After paying a 50 million yuan deposit, it registered Taiyi Shenglian as the investment entity to participate in the restructuring in April 2026.

Ye Ji boasts extensive experience in restructuring.

In 2020, he gained control of Yinyi Co., Ltd. through bankruptcy restructuring, subsequently divested its original real estate business, and renamed it Shanzhi Hi-Tech. The company underwent a transformation, focusing on high-end manufacturing and the automotive industry, with overseas complete vehicle manufacturing as its core strategic direction.

Shanzhi Hi-Tech has made the following strides in the complete vehicle sector:

1. Shanzhi Automobile's self-developed passenger vehicle project has established its core team, with plans to develop passenger vehicles for markets including Central Asia, the Middle East, and Africa. The launch of self-developed models is scheduled for Q4 2026-Q1 2027.

2. In 2022, Ye Ji planned to invest no more than 400 million yuan to participate in the restructuring of Zhidou Automobile, but the project ultimately did not materialize. This marked an early attempt to enter the new energy vehicle sector.

3. Following the failed restructuring of Zhidou Automobile, Ye Ji's Shanzhi Hi-Tech, through its subsidiary Zhidao New Energy Technology Co., Ltd., signed an agreement with the Xingtai Xindu District Government in late 2022. In May 2023, it publicly acquired 90% of the equity of Xingtai Longgang Investment. Longgang Investment fully owns Hongxing Automobile, enabling Shanzhi Hi-Tech to indirectly control Hongxing Automobile and obtain complete production qualifications for passenger vehicles and new energy vehicles. (It is worth noting that Hongxing Automobile was previously a target for Duofluoro's ambitions to enter complete vehicle manufacturing.)

Currently, Hongxing Automobile focuses on new energy urban distribution trucks. In December 2023, the Baosiwan BOX1 officially commenced mass production, marking Shanzhi Hi-Tech's inaugural complete vehicle mass production project.

4. Shanzhi Hi-Tech also endeavored to collaborate with the Harbin Economic and Technological Development Zone to revitalize the former Hafei Automobile factory, establishing Heilongjiang Yunfeng Automobile Co., Ltd. Positioned as an export base for fuel-powered passenger vehicles, primarily targeting the Russian market, Shanzhi Automobile Industry Group, a subsidiary of Shanzhi Hi-Tech, held 80% of Yunfeng Automobile's equity. However, in May 2025, Shanzhi Automobile Industry Group transferred 80% of Yunfeng Automobile's equity to Harbin Yunkai Auto Parts Co., Ltd. for a transaction price of 24.6 million yuan. The transaction was finalized in July 2025, and Shanzhi Hi-Tech no longer retains control over Yunfeng Automobile.

5. Following this failed attempt, Shanzhi Hi-Tech recalibrated its strategy to concentrate resources on the new energy vehicle sector, leading to its involvement in the restructuring of Hozon New Energy in 2025.

With Ye Ji and Shanzhi Hi-Tech drawing inspiration from the tale of Fengshen Bang in their endeavor with Hozon New Energy, can they realize their aspirations? The outcome hinges on whether Shanzhi Hi-Tech, as a listed company, can furnish a stable and ample cash flow.