According to the National Enterprise Bankruptcy Reorganization Case Information Network, on August 28, Human Horizons Investment Co., Ltd., the parent company of HiPhi Automobile, added a new bankruptcy review case. The applicant was the company and the handling court was the Laixi People’s Court. The judgment document shows that Human Horizons Investment Co., Ltd., on the grounds that its assets cannot liquidate all due debts but has reorganization value and possibility of reorganization, applied to this court for the reorganization of the company and simultaneously applied for pre-reorganization. After the case was filed on August 28, this court formed a collegial panel in accordance with the law for review. The court believes that the new energy vehicle industry where Human Horizons Investment Co., Ltd. is located has broad prospects. 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 rescue enterprises in distress, and better protecting the legitimate rights and interests of creditors. Moreover, the debtor has pre-reorganization value and meets the conditions for pre-reorganization. Therefore, the application for pre-reorganization of Human Horizons Investment Co., Ltd. was accepted. The pre-reorganization period is three months. If there are legitimate reasons, upon the application of the pre-reorganization administrator, it can be extended for another three months. On August 29, the National Enterprise Bankruptcy Reorganization Case Information Network released the announcement of the consolidated pre-reorganization hearing of Human Horizons Investment Co., Ltd. The announcement shows that the Laixi People’s Court has decided to accept the pre-reorganization application of Human Horizons Investment Co., Ltd. During the case handling process, Human Horizons Investment Co., Ltd. submitted an application for consolidated pre-reorganization to this court. On the grounds that the legal personalities of the three affiliated companies, namely Human Horizons Investment Co., Ltd., Human Horizons (Shandong) Technology Co., Ltd., and HiPhi (Qingdao) Automobile Sales and Service Co., Ltd. (hereinafter referred to as the three affiliated companies), are highly mixed, the operation and management are highly integrated, the cost of distinguishing the properties of each affiliated enterprise member is too high, and separate bankruptcies will seriously damage the fair liquidation interests of creditors, it applied to this court for the substantive consolidation and pre-reorganization of the three affiliated companies and submitted preliminary evidence materials. Information from Tianyancha shows that the legal representatives of the above three affiliated companies are all Ding Lei. Among them, Human Horizons Investment Co., Ltd. was established in January 2022, with a registered capital of 500 million US dollars and a paid-in capital of 420.4011 million US dollars. The legal representative is Ding Lei. The equity structure shows that the company is wholly owned by Human Horizons Limited; Human Horizons (Shandong) Technology Co., Ltd. was established in December 2021, with a registered capital of 180 million yuan and a paid-in capital of 397.434 million yuan. The legal representative is Ding Lei, and the company is wholly owned by Human Horizons Investment Co., Ltd.; HiPhi (Qingdao) Automobile Sales and Service Co., Ltd. was included in the list of abnormal business operations because it could not be contacted through the registered domicile or business premises. The company was established in April 2021, with a registered capital of 200 million yuan. The legal representative is Ding Lei, and the company is wholly owned by Human Horizons Investment Co., Ltd. It should be noted that at the beginning of this month, the National Enterprise Bankruptcy Reorganization Case Information Network showed that Human Horizons (Jiangsu) Technology Co., Ltd. applied to the Yancheng Economic and Technological Development Zone People’s Court for reorganization on July 1 on the grounds that its assets could not liquidate all due debts but had reorganization value and possibility of reorganization, and simultaneously applied for pre-reorganization. The Yancheng Economic and Technological Development Zone People’s Court made a decision on August 8 to accept the pre-reorganization application of Human Horizons (Jiangsu) Technology Co., Ltd. Human Horizons (Jiangsu) Technology Co., Ltd. was established in September 2017, with a registered capital of 100 million yuan. The legal representative, chairman, and general manager are all Ding Lei. The equity structure shows that the company is jointly held by Human Horizons Holdings (Shanghai) Co., Ltd. and Jiangsu Yueda Automobile Group Co., Ltd., with the former holding 80% and the latter 20%. Data shows that Human Horizons is the parent company of HiPhi Automobile. The former was founded by Ding Lei in 2017, with the strategic layout of “three intelligences” of smart vehicles, intelligent and smooth transportation, and smart cities. It is an innovative mobility technology company focused on the future intelligent transportation industry; the latter focuses on the luxury smart pure electric brand, was founded in July 2019, and the founder is Ding Lei. At the beginning of this month, after Human Horizons (Jiangsu) Technology Co., Ltd. applied for reorganization, the market immediately spread the interpretation of “HiPhi Automobile declared bankruptcy”. At that time, HiPhi Automobile officially responded to the judgment, stating that HiPhi Automobile is currently formally entering judicial pre-reorganization. At the same time, HiPhi Automobile emphasized: “Judicial pre-reorganization” is not “bankruptcy reorganization”, let alone “bankruptcy liquidation”. HiPhi Automobile said: “Judicial pre-reorganization is an important turning point to gradually solve the current predicament of HiPhi Automobile. It is also a crucial step for the government, the court, shareholders, and potential investors to recognize the value of HiPhi Automobile and promote Human Horizons to solve the problems of creditors under the intervention of judicial effect and form a reorganization and regeneration plan that is in the common interests of all parties as soon as possible. After reaching an agreement in the judicial pre-reorganization, HiPhi Automobile will undergo judicial reorganization and will subsequently enter the right track formally.” However, HiPhi Automobile is now in a chaotic situation. Since the Spring Festival of the Year of the Dragon, HiPhi Automobile has fallen into a situation of suspension of work and production, and then began the road of self-rescue. Unfortunately, a series of measures have not achieved results. Like other new force brands that have undergone bankruptcy reorganization in the past, what HiPhi Automobile lacks the most is also funds, and it urgently needs the “rescue” of external funds. At present, HiPhi Automobile has no clear path of self-rescue. Whether it can rise from the ashes and get back on track in the future still has many uncertainties. It should be faced squarely that even if HiPhi Automobile gets the life-saving money, it may only alleviate the urgent need. For HiPhi Automobile, the competition in the current new energy vehicle market is becoming increasingly fierce, and how to compete with other automakers is also a huge problem in front of it.
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