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ding lei appeared after hiphi auto disclosed new progress in its pre-reorganization.

on september 13, ding lei, the founder of hiphi, appeared in the live broadcast room of hiphi to refute the rumors of running away, saying that he had not run away and was still in the company. in the live broadcast, ding lei thanked the car owners for their tolerance. he said that hiphi car owners are the most valuable assets of the company. as long as the car owners stay, hiphi will not die. currently, hiphi is in the stage of rebirth from the ashes, and its team is also undergoing a complete transformation.

yang yueqing, the engineering project director of hiphi, responded to the public's concerns about the company's progress, user status, and company value during the live broadcast. yang yueqing revealed that many people stayed at hiphi because of their feelings, and there are still many employees who only earn 2,690 yuan a month.

on september 11, hiphi's parent company human horizons announced that human horizons (jiangsu) technology co., ltd. (hereinafter referred to as "human horizons jiangsu") and human horizons holdings (shanghai) co., ltd. (hereinafter referred to as "human horizons shanghai") intend to publicly recruit strategic investors from the public under the guidance and assistance of the interim administrator.

the announcement stated that the purpose of recruiting strategic investors this time is to leverage the strategic investors' advantages in industry, finance, etc. to support and promote the sustainable development of human horizons jiangsu and shanghai companies, formulate a (pre-)reorganization plan, coordinate the promotion of pre-reorganization or reorganization, resolve the debt crisis, enhance the value of core assets, and protect the legitimate rights and interests of all stakeholders in accordance with the law.

according to the announcement, from the date of the announcement, any institution that has strategic investment intentions in human horizons jiangsu and shanghai companies and meets the above conditions may register. the registration deadline is 18:00 on october 10, 2024.

regarding the funding requirements for potential investors, the announcement mentioned that an investment deposit of 10 million yuan should be paid when submitting an investment plan, and the due diligence deposit paid in advance will automatically become part of the investment deposit; potential investors who have paid the due diligence deposit should pay an additional investment deposit of 5 million yuan when submitting their investment plan.

after the strategic investor is finally determined, the interim manager will sign the corresponding "investment agreement" with the strategic investor based on the investment plan previously provided by the strategic investor. the selected strategic investor is required to pay a performance bond of rmb 50 million. the investment bond paid in the early stage will automatically become part of the performance bond after the signing of the "investment agreement".

this also means that the success of hiphi auto's pre-reorganization and self-rescue may yield preliminary results in october.

hiphi auto has been struggling for more than half a year since it stopped work and production in february. during this period, it has shown signs of life several times and was reported to have contacted many investors, but all to no avail.

hiphi has been saving itself for more than half a year

on february 18 this year, hiphi announced the suspension of work and production. on the evening of february 22, founder ding lei appeared at hiphi's shanghai headquarters and had a ten-minute conversation with some employees and car owners. at that time, he judged that the company still had three months of rescue period.

since then, hiphi has begun to struggle for survival.

ding lei was reported to have met with many automakers including changan automobile. there were rumors that changan automobile was interested in acquiring hiphi, but the news was eventually denied by changan. after that, yang rong signed a comprehensive strategic cooperation agreement through iauto. according to the agreement, iauto plans to invest $1 billion in human horizons. at present, there is no new news about the cooperation between the two parties.

the people's court of yancheng economic and technological development zone (hereinafter referred to as "yancheng economic and technological development zone court") has promoted the progress of the pre-reorganization of human horizons.

on august 8, the yancheng economic development zone court decided to accept the pre-reorganization application of human horizons jiangsu company and appointed jun he law firm's shanghai branch as the interim administrator of human horizons jiangsu company.

on september 3, the yancheng economic development zone court decided to conduct a pre-merger reorganization of human horizons jiangsu company and human horizons shanghai company, and appointed jun he law firm's shanghai branch as the interim administrator of the two companies during the pre-merger reorganization period.

it is worth pointing out that the yancheng economic and technological development zone court emphasized that human horizons' business involves the research and development and production of new energy vehicles, autonomous driving, cloud computing, etc., and the new energy vehicle industry in which it is located has broad prospects.

the yancheng economic and technological development zone court believes that pre-reorganization is conducive to improving the efficiency of enterprise reorganization, reducing the cost of enterprise reorganization, giving full play to the function of the reorganization system to save troubled enterprises, and better protecting the legitimate rights and interests of creditors. the debtor has pre-reorganization value and meets the pre-reorganization conditions.

many people interpreted hiphi auto's "pre-bankruptcy reorganization" as hiphi's application for bankruptcy. in response, hiphi auto issued a statement on august 9, clarifying that "judicial pre-reorganization" is not "bankruptcy reorganization" or "bankruptcy liquidation."

what other assets does hiphi have?

public information shows that hiphi is a high-end pure electric vehicle brand under human horizons, and the hiphi brand was officially released to the public in 2019. its founder ding lei was formerly the vice president of saic group and the co-founder of letv.

hiphi auto has not released sales data regularly since it started delivering in 2021. the official website shows that as of march 11, 2022, hiphi has delivered a total of 5,142 vehicles; in november 2023, hiphi announced that it sold 1,606 units of the new model hiphi y in october.

although the sales volume is not high, hiphi is the first chinese independent brand to establish a luxury car image. the price of its mass-produced cars can reach up to

800,000 yuan.

the business of human horizons jiangsu and shanghai companies involves the research and development and production of new energy vehicles, autonomous driving, cloud computing, etc. the new energy vehicle industry in which they are located has broad prospects, and their "hiphi" brand has a certain degree of popularity in the market. however, due to multiple factors such as capital chain problems and fierce market competition, the company has suspended operations and production, which may have reduced its core value.

human horizons jiangsu company mainly undertakes the manufacturing function. its shareholders are human horizons holdings (shanghai) co., ltd. (holding 80%) and jiangsu yueda automobile group co., ltd. (holding 20%).

human horizons jiangsu company has built a "hiphi city boutique factory" in yancheng, china, which integrates intelligence, digitalization, interconnection and environmental protection. the factory is based on the renovation and upgrading of yueda kia's old factory. the factory covers multiple building units, including assembly workshops, welding workshops, etc., and is a leading new energy vehicle manufacturing base in china.

human horizons shanghai company is responsible for r&d, sales, etc., and its wholly-owned shareholder is human horizons investment co., ltd.

however, at present, the relevant audit and evaluation work of human horizons jiangsu and shanghai companies is still in progress, and the specific assets and liabilities have not yet been disclosed.

it is worth mentioning that human horizons has a close relationship with jiangsu yueda group. industry insiders once speculated that jiangsu yueda group might acquire the poorly performing human horizons.

on the one hand, hiphi vehicles are manufactured by jiangsu yueda kia automobile co., ltd., a subsidiary of jiangsu yueda group. on the other hand, human horizons holdings (shanghai) co., ltd. holds a 15% stake in jiangsu yueda automobile group co., ltd.; at the same time, jiangsu yueda automobile group co., ltd. holds a 20% stake in human horizons (jiangsu) technology co., ltd.

with the support of jiangsu yueda group, hiphi has resumed after-sales service in august. this is undoubtedly good news for hiphi, which is on the verge of bankruptcy and can help restore its reputation.