The interim administrator overseeing the bankruptcy restructuring process for Human Horizons—the parent entity of HiPhi Auto—has formally distributed the 'Draft Restructuring Plan' to all creditors. This comprehensive document details the strategies for debt settlement, production resumption, and after-sales service provisions. The draft reveals that, at present, there are two potential investors: one is in the midst of negotiating an investment agreement, while the other is engaged in discussions regarding investment plans.

In terms of debt repayment, the plan specifies that employee claims, tax obligations, social security claims, and debts related to common benefits will be settled in full through cash payments, amounting to roughly 630 million yuan. For ordinary claims, creditors with amounts of 30,000 yuan or less per person will receive full cash settlement. For claims exceeding this threshold, creditors have the option of receiving a proportional cash settlement or converting their claims into equity. However, subordinated claims will not be eligible for settlement under this plan. Notably, according to the plan, over 80% of the total claims will be converted into equity stakes in the newly formed entity, New Human Horizons.

The unveiling of this draft restructuring plan marks a significant milestone, indicating that HiPhi Auto could potentially emerge as the inaugural automotive company to be granted a restructuring and restart opportunity in 2026.