HoloMatic Technology's search for a restructuring plan for GAC was blocked and it has disbanded several business units

The restructuring plan between smart driving solution provider Hodo Technology and GAC Group has encountered changes. Hodo held shareholder meetings in Beijing and Guangzhou last week on the restructuring of GAC, but the restructuring plan did not receive support from all shareholders. Hodo CEO Ni Kai issued an internal letter stating that the company's restructuring plan was blocked and the company would not be able to pay July wages, overdue wages and provident funds. Affected by this, Hodo is disbanding most of its core departments such as data and R&D, and suspending R&D activities.