Recently, the court has officially accepted the bankruptcy liquidation petition filed against Zhongzhi Xing Technology Co., Ltd. The court's ruling revealed that the company was unable to settle labor arbitration fees amounting to RMB 15,000. This financial shortfall subsequently triggered a bankruptcy liquidation petition and initiated the "enforcement-to-bankruptcy" legal process. Zhongzhi Xing, a startup specializing in L4-level autonomous driving technologies, was founded by Wang Jin, who previously served as the senior vice president of Baidu and was also the founder of WeRide.
Industry experts suggest that Zhongzhi Xing's current financial distress stems from its strategic technological choices and the broader industry trend of declining investment in autonomous driving ventures. The commercialization of vehicle-infrastructure coordination technologies remains a challenging endeavor in the short term, and with investors not witnessing immediate returns, Wang Jin has reportedly distanced himself from the company's operations.