N Chad Automotive's Assets "Sweet" Again? 44 Investors Have Signed Up!

N Chad Automotive has become "sweet" again.

According to Securities Daily, as of now, Hezhun New Energy Automobile Co., Ltd. has recruited investors for its restructuring plan, with 44 potential investors having signed up.

TODAY IS THE DEADLINE TO SUBMIT REGISTRATION MATERIALS

Alibaba's auction platform shows that on June 12th, the Jiaxing Intermediate People's Court accepted Hezhun New Energy Automobile Co., Ltd.'s bankruptcy restructuring case and appointed three law firms as joint administrators.

To speed up the progress of Hezhun New Energy's bankruptcy restructuring, the administrator is recruiting investors for this case to effectively utilize assets, maximize debtors' asset values, and protect all parties' legal rights through market-oriented and rule-based methods.

According to Hezhun New Energy's asset status report and preliminary investigation results, as of May 1st, 2025, Hezhun New Energy's assets mainly consist of fixed assets, machinery and equipment, intellectual property rights, and accounts receivable.

Specifically, fixed assets include a block of industrial land in Jiaxing City, Zhejiang Province, with an area of 350 mu. Machinery and equipment cover production lines, molds, tools, transportation vehicles, and experimental equipment inside the factory. Intellectual property rights include self-developed software products and registered trademarks such as "N Chad Automotive."

This recruitment campaign for investors aims to attract qualified investors with a strong financial foundation, no outstanding debts over a certain amount, and legal and legitimate investment sources.

44 potential investors have signed up

Since the second half of 2024, Hezhun New Energy has faced financial difficulties. Subsequently, stoppages, unpaid wages, layoffs, and frozen equity were gradually exposed.

Financial data shows that from 2020 to 2023, Hezhun New Energy's operating income was RMB 12.97 billion, 50.89 billion, 130.5 billion, and 135.55 billion, respectively, mainly driven by automotive and parts sales revenue. During the reporting period, the company's net profit was -13.21 billion, -48.4 billion, -66.7 billion, and -68.67 billion, respectively.

In May this year, Securities Daily reporters visited N Chad Automotive's production base in Jiaxing City. At the time, several creditors were gathered at the company's gate demanding their rights. Materials rented to N Chad Automotive had already been removed. Multiple creditors interviewed by the reporter also revealed that if no external help was found, the company might be dissolved and the timeframe would not be long (see "N Chad Automotive in the midst of a storm": Creditors transform into "watchmen" and multiple listed companies have filed lawsuits).

Creditors' concerns eventually became reality. On June 18th, the Jiaxing Intermediate People's Court accepted N Chad Automotive's bankruptcy restructuring case and entrusted it to the Jiaxing City People's Court for trial.

According to the recruitment announcement, this recruitment campaign requires investors to meet certain conditions, including their main qualifications, industry background, and financial foundation. For example, the financial foundation requirement asks investors to have sufficient funds without outstanding debts over a certain amount, with investment sources being legal and legitimate.

Alibaba's auction platform shows that as of the reporter's filing date, 44 potential investors have signed up, with 7,528 views.