On Sept. 14 Shanzi Gaoke opened at and closed on the 10% daily upper limit,
ending at CNY2.85 (+10.04%); turnover CNY773 mln, turnover rate 2.85%. A draft
restructuring plan disclosed at a Sept. 11 creditors’ meeting shows Zhejiang
Taiyi Shenglian (an investment vehicle set up in April 2026) would propose
investing CNY3.0 bln to acquire about 70.62% of Hezhong New Energy, the parent
of Nezha Auto. Zhejiang Shanzi Holding, a partner in Taiyi Shenglian, is
ultimately controlled by Shanzi Gaoke chairman Ye Ji. Taiyi Shenglian is not a
Shanzi Gaoke subsidiary and the listed company itself is not participating in
the investment.
