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On April 10, the Pudong New Area People's Court in Shanghai approved the bankruptcy review application of ZongMu Technology (Shanghai) Co., Ltd., signaling the official commencement of the judicial reorganization process for this once-prominent player in the autonomous driving industry. Just before this year's Spring Festival, ZongMu Technology's employees received notice that their office building would be shut down, powered off, and sealed off from 18:00 that day, leading to the immediate departure of over 700 staff members. Founded in 2013, ZongMu Technology, a provider of Advanced Driver Assistance Systems (ADAS) solutions, was once valued at over 9 billion yuan but encountered financial troubles due to issues such as a broken capital chain.
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