The export of new energy vehicles (NEVs) has reached a new peak. According to data from the China Association of Automobile Manufacturers, from January to July 2026, approximately 2.909 million NEVs were exported, representing a year-on-year increase of about 1.2 times. Amid shifting dynamics in overseas expansion, a new player once focused on international markets is now on a path to 'resurgence.'

As reported by Jiupai News, on September 11, the fourth creditors' meeting was convened for the bankruptcy restructuring case of Hozon New Energy Automobile, the parent company of Neta Auto. Zhejiang Taiyi Shenglian Enterprise Management Partnership proposed investing 3.001 billion yuan to subscribe for newly increased registered capital of Hozon New Energy Automobile. Upon completion, it would hold approximately 70.62% of the equity, becoming the controlling shareholder.

The restructuring plan still requires approval from the creditors' meeting and a court ruling. However, on September 14, influenced by this development, Shanzhi Hi-Tech's stock opened at the daily limit, clearly buoyed by market sentiment.

Business registration information reveals that the enterprise was established in April 2026 by Zhejiang Shanzhi Holdings Co., Ltd. and Zhejiang Shanzhi Yuxu Technology Co., Ltd. The actual controller of the former is Ye Ji, the chairman of Shanzhi Hi-Tech, while the latter is controlled by Yu Shuxin, the head of Shanzhi Hi-Tech's board office.

Shanzhi Hi-Tech has clarified that the listed company itself will not directly participate in the restructuring of Neta Auto, nor will it assume related investment obligations or debt risks.

I. Restructuring Plan Prioritizes 'Survival First'

Media reports indicate that in August 2025, Hozon New Energy Automobile publicly sought restructuring investors. Shanzhi Hi-Tech, as the sole applicant, paid a 50 million yuan deposit and proposed an investment plan of approximately 4.5 billion yuan, including cash and technological inputs, with a cash repayment rate of approximately 18.7% for ordinary creditors.

Due to significant disagreements among ordinary creditors, the third creditors' meeting on April 11, 2026, failed to pass the relevant arrangements. In March of the same year, because the original restructuring draft was not submitted on schedule, the Tongxiang Municipal Court ruled to terminate the original restructuring process, and Hozon New Energy Automobile was temporarily transferred to bankruptcy liquidation proceedings.

Subsequently, the restructuring approach was redesigned. On April 21, Taiyi Shenglian, specifically established for this case, was founded. The new draft, disclosed on September 11, adjusted the investment amount to 3.001 billion yuan, with corresponding changes to the ordinary debt repayment arrangements, achieving a new balance between debt handling, asset retention, and production resumption plans.

Specifically, the allocation of the 3.001 billion yuan reflects the priorities of the new plan:

1.167 billion yuan will be used to repay debts related to the assets to be retained, pay bankruptcy expenses, and restructuring costs; 1.833 billion yuan will be injected as working capital to support production resumption, supply chain reconstruction, and daily operations. With Hozon New Energy Automobile's debt exceeding 20 billion yuan, 3 billion yuan obviously cannot cover all historical burdens. Therefore, the investor's goal is likely to first address debts related to core assets and then retain sufficient cash to maintain production and service networks.

From an asset disposal perspective, the production and technological assets corresponding to the Neta X and Neta L are included in the retained assets, while assets related to models such as the Neta S and Neta GT, which once targeted the 200,000 to 300,000 yuan price range, are classified as non-core assets and will be disposed of separately.

According to the disclosed plan, the first phase will resume production of the Neta X, primarily for overseas markets, with a first-year sales target of 10,000 units, while simultaneously restoring supplier cooperation, official spare parts supply, and maintenance services for existing vehicle owners. The second phase will develop adapted models for markets in Asia, Africa, and Latin America, aiming for an annual production capacity of 300,000 units. The third phase will focus on creating global intelligent models, striving to achieve an annual output value of 40 billion yuan and initiating preparations for listing.

Considering its overseas business objectives, the likely reason for this approach is that SUVs are more closely aligned with the demands of emerging overseas markets, and focusing on a few models facilitates centralized procurement, inventory reduction, factory resumption, and after-sales training. What is most needed during the restructuring phase is not a complete product matrix but a sample that can be continuously delivered.

II. The Core Value of Restructuring Lies in the Reorganization of Vehicle Assets

The market's attention to Shanzhi Hi-Tech stems from the fact that the restructuring party itself 'rejuvenated' Shanzhi Hi-Tech through restructuring.

Shanzhi Hi-Tech, formerly known as Yinyi Co., Ltd., entered the automotive components sector in 2016 by acquiring assets such as American ARC and Belgian Punch. After completing bankruptcy restructuring in 2022, its actual controller changed to Ye Ji. By the first half of 2026, Shanzhi Hi-Tech's automotive components revenue reached 1.271 billion yuan, accounting for approximately 92.69% of its total operating revenue. The company has strategically positioned itself at the intersection of components manufacturing, asset restructuring, and automotive industry operations.

Additionally, Shanzhi Hi-Tech's current main business remains focused on automotive components. In the first half of 2026, its operating revenue was 1.371 billion yuan, a year-on-year decrease of approximately 20.87%, with a net profit attributable to shareholders of approximately 30.83 million yuan and a loss of approximately 349 million yuan after deducting non-recurring items. The fact that the listed company maintains separation from Taiyi Shenglian indicates a clear understanding of risk boundaries by the acquiring party.

From an industrial asset perspective, Neta Auto was once highly valuable. It reached a peak of 152,000 vehicle deliveries in 2022 and possessed vehicle production bases, research and development and manufacturing systems, overseas sales experience, and a certain level of brand recognition.

In terms of products, the Neta X was previously sold in markets such as Thailand and ranked first in local pure electric SUV registrations for two consecutive months. From January to May 2024, Neta exported 16,458 new energy vehicles, ranking among the top in exports among new force automakers. However, subsequent domestic product iterations and brand upgrades failed to generate stable returns, affecting the company's operational continuity. Factory shutdowns, disrupted supplier cooperation, and inactive after-sales networks rapidly diminished the value of its original assets.

Therefore, Taiyi Shenglian remains focused on its production qualifications, factory equipment, vehicle technology, channel resources, and overseas user base.

Notably, domestic passenger vehicle production qualifications are scarce, and bases in Tongxiang, Yichun, and Nanning retain the necessary hardware conditions for production resumption. The Nanning base also has KD (knocked-down) assembly and export capabilities. For an investment team with automotive components expertise, synergies may arise in procurement costs, quality management, production resumption, and overseas services.

Furthermore, Neta's previous attempts to enter the 200,000 to 300,000 yuan market required stronger brand premium, technological iteration, and channel service capabilities, with resource inputs far exceeding those for affordable products. After restructuring, focusing on the Neta X and Neta L means the company is temporarily abandoning multi-line competition and concentrating its limited cash on improving the delivery quality, supply chain stability, and customer service of one model. Especially at this juncture, concentrating efforts on overseas markets may be a crucial step in reinvigorating the brand.

III. Overseas Markets Have Entered a New Phase

The overseas strategy was not a temporary outlet sought during Neta's restructuring. When submitting its listing application to the Hong Kong Stock Exchange in 2024, Neta already positioned overseas business as a core selling point. At that time, it was advancing local factories in Thailand, Indonesia, and Malaysia and planned to deepen its presence in ASEAN, South America, the Middle East, and Africa.

Subsequently, Neta's setback was due to overseas orders failing to offset the impact of its domestic market contraction. In addition to insufficient demand, it was also because an automaker needed to simultaneously maintain domestic product iterations, cash flow, channels, and overseas localization operations. Growth in a single market could hardly fill the gap caused by the operational system's loss of momentum.

However, the environment for new energy vehicle exports has now changed. Not only has export scale continued to expand, with growth areas extending from Southeast Asia to Latin America, the Middle East, Africa, and Europe, but competitors have also expanded from a few leading brands to more automakers.

Early market entries often relied on vehicle exports and dealer sales, whereas the current market places greater emphasis on regulatory certifications, financial services, charging compatibility, maintenance training, spare parts warehousing, and local assembly. For consumers, purchasing a vehicle is just the starting point of the relationship; for automakers, ensuring the vehicle remains usable thousands of kilometers away completes the delivery.

Therefore, the significance of the Neta X's first-year target of 10,000 units lies in testing whether the operational system can recover. Neta needs to first answer several specific questions:

Can overseas prospective orders be converted into stable deliveries? Can suppliers resume production according to the new rhythm? Can official spare parts enter local warehousing? Can the original service network resume operations? Can the after-sales needs of vehicle owners formed during the production halt be addressed? This is a bold but well-founded experiment.

Combining Neta Auto's experience and the current market situation, Asia, Africa, and Latin America cannot be viewed as a single market.

Southeast Asian countries like Thailand have a relatively mature new energy consumption base and local production experience. The Latin American market places greater emphasis on price, financial solutions, and adaptability to complex road conditions. Some regions in Africa face practical conditions such as charging infrastructure, maintenance capabilities, and parts transportation radii. Therefore, the 'adapted models' in the second-phase plan should focus not just on changing appearances or configurations but also on regional adjustments to battery and thermal management, chassis durability, charging standards, in-vehicle language, financial channels, and after-sales models.

Currently, the two favorable conditions faced by the 'Shanzhi Group' are that the Nanning base has KD assembly and export capabilities, providing a starting point for localized production, and the existing channel and user base in Southeast Asia can reduce the cost of starting from scratch. There is still broad potential for new energy vehicle exports, but the market will not indefinitely reward mere low-price exports. Only enterprises with continuous iteration capabilities, regional service capabilities, and stable supply chains can transform short-term orders into long-term markets.

Source: Songguo Finance