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On August 8, the people's Court of Yancheng Economic and technological Development Zone made a decision and decided to accept the application for pre-restructuring of Chinese American Express (Jiangsu) Technology Co., Ltd. (hereinafter referred to as "Chinese Express").

According to the court decision, as of April 30, 2024, it is known that the outstanding debts of Chinese Express have exceeded the total assets of the company, and the assets are insufficient to pay off all the debts, and there are already reasons for bankruptcy. The court held that the business of Chinese American Express involves the research and production of new energy vehicles, self-driving, cloud computing, and so on, and the new energy vehicle industry in which it is located has broad prospects, and pre-restructuring will help improve the efficiency of enterprise reorganization and reduce the cost of enterprise reorganization. It can give full play to the function of the reorganization system to save troubled enterprises, better protect the legitimate rights and interests of creditors, and the debtor has pre-reorganization value, which meets the pre-reorganization conditions.

The pre-reorganization period shall be six months from the date on which the written decision is made, and if there are legitimate reasons, it may be extended for three months upon the application of the pre-reorganization manager. In other words, the longest pre-restructuring period is nine months.

The former, founded by Ding Lei in 2017, is an innovative travel technology company focused on the future intelligent transportation industry, with smart cars, smart transportation and smart city "Sanzhi" as its strategic layout. The latter focuses on the luxury intelligent pure electricity brand, founded in July 2019 and founded by Ding Lei.

After the court spread the application for pre-restructuring of Chinese Express on the Internet, the interpretation of "Gaohe Automobile declared bankruptcy" appeared on the Internet, to which Gaohe Automobile officials responded to the verdict.

Gaohe official said that there are serious problems with the expression of some self-media and media reports on the Internet. At present, Gaohe Automobile is officially entering the judicial pre-reorganization. At the same time, Gaohe stressed that "judicial pre-reorganization" is not "bankruptcy reorganization", let alone "bankruptcy liquidation".

Gaohe explained: "Judicial pre-restructuring is an important turning point for gradually solving the current plight of Haohe, and it is also a key step for the government, courts, shareholders, and intended investors to recognize the value of Haohe." and under the intervention of judicial effect, it is a key step to promote the Chinese American Express to solve the creditor problem and form a restructuring and regeneration plan in line with the common interests of all parties as soon as possible. After the judicial pre-restructuring reached an agreement, Gaohe Automobile will carry out judicial restructuring, and then it will formally get back on track. "

In addition, in response to the question of "whether high-tech cars should wait until the end of the restructuring process before starting", Gaohe also said in a statement: "after the start of the restructuring process, the first thing to achieve is the normalization of after-sales service for users. the second is the parallel promotion of" restructuring non-stop production ".

According to the official website, Gaohe currently has three models on sale, including HIPHI X, HiPhi Z and HiPhi Y. Retail data show that Gaohe sold 4829 vehicles in 2023 and 272 in January-February this year. Gaohe has been out of production for many months since then. Since the shutdown of high-tech cars, there have been a lot of rumors about the "takeover" of high-tech cars in the market, including Changan Automobile, Avita Technology, China FAW and so on, but in the end, the rumors were either refuted or not confirmed.

For the current high-tech cars, it urgently needs the "rescue" of external funds. On May 16th, Gaohe parent company, Chinese Express, formally signed a comprehensive strategic cooperation agreement with iAuto Group. IAuto plans to invest more than US $1 billion to support the resumption of business operations and vehicle production. The agreement will complete the transaction before the financial report is released in the first half of 2024. The next day, Chinese Express, the parent company of Gaohe Motor, issued a notice on the working group during the company's restructuring and decided to set up a restructuring working group and a joint operation working group. However, so far, Gaohe does not have a clear self-rescue path.

Today, Gaohe has become a chicken feather, and there are still many uncertain factors as to whether it can be reborn in the fire and get back on track.

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