On December 18, Hozon New Energy Automobile Co., Ltd., the parent company of Neta Auto, released an announcement detailing the outcome of its public search for a management trustee. According to the announcement, two candidate institutions submitted their bids for the role. An evaluation panel carried out on-site assessments of these two institutions, judging them on three key factors: professional qualifications and experience, the feasibility of the proposed management plan, and the soundness of financial arrangements. After careful consideration, one institution was chosen to serve as the management trustee.

Moving forward, the administrator will enter into a 'Management Trust Agreement' with the selected trustee in compliance with legal requirements. This agreement will outline the trustee's supervisory and supportive roles, with both parties working in tandem to oversee the entrusted operations. Their collective efforts aim to ensure the seamless execution of the bankruptcy reorganization process, marking a significant step forward in Neta Auto's journey towards revitalization.