Zebra Consumption Fan Jian
The mythical story of Taiyi Zhenren using lotus flowers to reshape Nezha’s body is being played out in real shopping malls.
Last week, news came out that Taiyi Shenglian invested 3 billion yuan to reorganize Nezha Automobile, and the market enthusiasm has not diminished. Yesterday, the stock price of Shanzi Hi-Tech, a company affiliated with Taiyi Shenglian, hit the daily limit.
Whether Taiyi Shenglian’s plan to reorganize Nezha Auto will finally come to fruition still needs to go through a series of procedures.
Currently, what the market is most concerned about is whether Ye Ji, the investor behind the restructuring, has been repeatedly restricted in height and his companies are in debt. Whether he can shoulder the heavy responsibility of resurrecting Nezha.
Taiyi saves Nezha
After being suspended for nearly two years, the reorganization of Hezhong New Energy, the parent company of Nezha Automobile, has finally made significant progress again.
Last Friday, the fourth creditors’ meeting of Nezha Automobile’s bankruptcy and reorganization case was held, and Zhejiang Taiyi Shenglian Enterprise Management Partnership (Limited Partnership) finally emerged as a reorganization investor.
Information disclosed at the creditors’ meeting showed that Taiyi Shenglian planned to invest 3 billion yuan to acquire approximately 70.62% of Hezhong New Energy and become the new actual controller.
According to the reorganization draft, 1.167 billion yuan of the reorganization investment funds provided by Taiyi Shenglian will be used to pay off related claims corresponding to the assets to be retained, pay bankruptcy expenses and related reorganization costs, and solve historical debt problems; the remaining 1.833 billion yuan will be used as the production and operation working capital of Hezhong New Energy to resume production, rebuild the supply chain system, and repair the after-sales network.
Before the suspension of production, Nezha Automobile had a total of 6 models on sale. After the reorganization, the mechanical equipment of Nezha L and Nezha X models will be retained as core assets, and equipment related to other models will be disposed of separately.
Reorganizing the draft plan and resurrecting Nezha will be promoted in three stages:
The first phase of production resumption will be started, with priority given to resuming the production of Nezha X, mainly for overseas markets, with a sales target of 10,000 units in the first year. Simultaneously promote the rebuilding of supply chain confidence, the restoration of official spare parts supply, and the activation of after-sales maintenance networks to solve the after-sales problems of 400,000 existing car owners.
The second phase is a period of scale expansion, with the development of exclusive adapted models for emerging markets such as Asia, Africa and Latin America, and the goal of annual production of 300,000 vehicles.
The third stage is a long-term upgrade period to create global smart electric models, strive to achieve an annual output value of 40 billion yuan, and start preparations for an IPO.
Industrial and commercial information shows that Taiyi Shenglian was established on April 21 this year with a registered capital of 3.001 billion yuan. It is a body established specifically to reorganize Zhongxin Energy.
The partners of this partnership are Zhejiang Shanzi Holdings Co., Ltd. and Zhejiang Shanzi Yuxu Technology Co., Ltd., with capital contribution ratios of 99.9667% and 0.0333% respectively. Shanzi Yuxu is the executive partner. After the equity penetration, the actual controller of Shanzi Holdings is Ye Ji, chairman of the listed company Shanzi Hi-Tech; the actual controller of Shanzi Yuxu is Yu Shuxin, the head of the board of directors of Shanzi Hi-Tech.
Judging from the naming of Taiyi Holy Lotus, it coincides with the mythical story of Taiyi Zhenren using lotus flowers to reshape Nezha’s body.
However, Nezha Automobile’s reorganization plan still needs to be approved by the creditors’ meeting and court ruling, and there is still uncertainty about whether it can be successfully implemented.
Nezha fell on the road
Hezhong Automobile is one of the first new car-making forces in China. It was founded in 2014 in Tongxiang, Zhejiang, the birthplace of the World Internet Conference.
Unlike Wei Xiaoli, who entered the Internet cross-border market at the same time, the founding team of Hezhong Automobile has a profound foundation in car manufacturing. The founder, Dr. Fang Yunzhou, is himself an expert in new energy vehicles. During the 16 years he worked at Chery Automobile, he was deeply relied on by Yin Tongyue. He has been responsible for Chery’s R&D line and is one of the heroes of Chery’s new energy products.
Later, Peng Qingfeng and Zhang Yong, alumni of Hefei University of Technology and former colleagues of Chery Automobile, joined one after another to form the “iron triangle” of Nezha Automobile.
However, Nezha Automobile, which has a strong engineering gene, is not good at finding money. In the early days, the company struggled and funds were extremely tight. It was not until 2017, when it completed 10 rounds of financing and received over 22.8 billion in funds from the primary market, that it ushered in a major turnaround.
Among the shareholders of Hezhong New Energy, there are a large number of private equity and local funds, and 360 and CATL are also important shareholders.
In November 2018, Hezhong New Energy’s first mass-produced model, Nezha N01, was launched, with a price of 59,800-69,800 yuan after subsidies. The low entry barrier attracts many young users. The following year, sales exceeded 10,000 units, successfully ranking among the top four new forces.
Riding on the popularity of Nezha N01, the low-priced model Nezha V was launched again in 2020, repeatedly setting new sales records. In 2021 and 2022, the annual sales of Nezha V will reach 49,646 and 98,847 vehicles respectively.
In 2022, Nezha Automobile will usher in its highlight moment, successfully reaching the top sales among new forces with annual sales of 152,000 vehicles.
After that, Nezha Automobile accelerated its launch of new products, and through the product matrix of X series, L, S, GT and other products, it achieved breakthroughs in the price of new energy vehicles between 100,000 and 200,000 yuan.
At this time, competition in China’s new energy vehicle market has become fierce, and Nezha Automobile is gradually losing ground. In 2023, the annual delivery volume will drop to 127,496 vehicles, making it the only brand with negative growth among the leading new forces.
No one expected that a major crisis was brewing for Nezha Automobile at that time.
In June 2024, Hezhong New Energy submitted a prospectus to the Hong Kong Stock Exchange precisely to raise funds urgently from the capital market.
According to the prospectus at the time, from 2021 to 2023, the company’s revenue was 5.089 billion yuan, 13.05 billion yuan, and 13.555 billion yuan respectively, and its operating losses were as high as 4.505 billion yuan, 5.951 billion yuan, and 6.758 billion yuan respectively.
What is more serious than the loss is the capital reserve. As of the end of April 2024, Hezhong New Energy has only 400 million yuan in cash and cash equivalents, which cannot be sustained for long.
Sure enough, in November of that year, Nezha Automobile completely stopped production.
In September 2025, Hezhong New Energy’s first creditors meeting disclosed that at that time, a total of 1,631 creditors applied for 26.58 billion yuan of creditors’ rights, while the company’s book funds were only tens of millions of yuan left.
Taiyi with “height limit”
In August 2025, Hezhong New Energy Manager publicly recruited investors for restructuring. Within the specified period, only Shanzi Hi-Tech completed the registration process.
According to media reports, Shanzi Hi-Tech (000981.SZ) launched a 4.5 billion yuan compound restructuring investment plan at that time, covering cash, mutual benefit bonds, supplier debt-for-equity swaps, and technology pricing.
However, this plan was strongly opposed by the general creditors’ rights group and failed to be voted on at the creditors’ meeting. In March 2026, because the draft failed to be submitted on time, the original reorganization procedure was terminated, and Hezhong New Energy was once transferred to bankruptcy liquidation.
It was not until Taiyi Shenglian, a related party of Shanzi Hi-Tech, entered the game that Nezha Automobile once again had a glimmer of hope.
Who is Ye Ji behind Taiyi Holy Lotus? What kind of strength does he have to reshape Nezha?
Public information shows that Ye Ji was born in 1983 and has a doctorate degree. He has successively served as the founder of YEZ Trading and the general manager of Ningbo Industry and City Ecological Construction Group (now Ningbo Xinxin Industry and City Construction Co., Ltd.).
Xinxin Industrial City Construction is a construction state-owned enterprise established in 1992. After restructuring in 2007, Ye Ji’s father Ye Licheng became the major shareholder and actual controller. Industrial and commercial information shows that Ye Ji currently directly and indirectly controls more than 90% of the company’s shares and serves as chairman.
In 2015, Ye Ji established Chiji Holdings and began to build the “Shanzi Series” capital network with this as the core.
In 2020, the “Yinyi Group” of Xiong Xuqiang, the former richest man in Ningbo, fell into crisis, and its Yinyi shares were mired in debt. Ye Ji established Zihe Jinxin through Chiji Holdings, and joined forces with Ningbo State-owned Assets, Geely, Haier Capital, etc. to become a restructuring investor in Yinyi Shares with 3.2 billion yuan, and emerged in the capital market. Through this, Ye Ji indirectly invested in Kangqiang Electronics, another listed company under Yinyi Group, and served as chairman.
After taking over Yinyi Shares, Ye Ji became the chairman and general manager, leading the divestment of the original real estate business and the transformation into auto parts and semiconductors. The company was renamed Shanzi Hi-Tech.
Dragged down by historical burdens, Shanzi Hi-Tech’s operating conditions are not optimistic. From 2021 to 2024, the company has suffered huge losses in net profit attributable to its parent company for four consecutive years, with a total loss of nearly 7.4 billion yuan. In 2025, net profit attributable to the parent company will turn from loss to profit, but after deducting non-net profit, it will still lose 1.325 billion yuan.
In the first half of this year, the company’s operating income fell by 20.87% year-on-year, and the loss after non-net profit expanded by 85.69% year-on-year to -349 million yuan.
According to industrial and commercial data, Chiji Holdings, Ye Ji’s underlying investment platform, is facing greater debt pressure. As a defendant, he was involved in 17 judicial cases involving more than 1.4 billion yuan.
Ye Ji himself was implicated in cases involving his companies. From April 2025 to September this year, he has been restricted from high consumption many times.
In “Nezha: The Devil Boy Comes to the World”, when the natural disaster comes and the thunder wants to destroy Nezha’s body, Taiyi Zhenren takes out the seven-color lotus to protect him. In the end, the three flowers on the top are cut off by the thunder, which consumes hundreds of years of cultivation and greatly reduces his Taoism.
