Nezha Auto holds a supplier conference

On March 19, Nezha Auto held a supplier conference at its headquarters to discuss debt reduction plans and revealed the latest progress of its E-round financing. It is reported that Nezha Auto is currently conducting an E-round financing with an estimated financing amount of RMB 3 billion. It was originally planned to be completed by the end of March this year, but due to high debt risks, it has now been postponed to April. Nezha Auto proposed to convert 70% of the supplier's claims into equity of its parent company Hozon Auto, and the remaining 30% will be repaid in installments in cash. In addition, according to the E-round financing plan, Nezha Auto's pre-investment valuation has dropped to RMB 6 billion, far lower than the 25 billion valuation after the D-round financing.