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Recently, the new energy industry was rocked by the stunning news that Nezha Auto, a frontrunner among the second-tier group of new carmakers, is now facing bankruptcy review. According to reports, Nezha Auto's subsidiary, Hezhong New Energy Automobile Co., Ltd., has been petitioned for bankruptcy review by Shanghai Yuxing Advertising Co., Ltd. at the Intermediate People's Court of Jiaxing City, Zhejiang Province, due to its overwhelming debt load.
Prior to this development, Nezha Auto had encountered a myriad of challenges, including factory closures, unpaid employee wages, supplier debt collection issues, financing difficulties, and a dim outlook for its initial public offering (IPO). Both its sales and financial health have deteriorated significantly, with liabilities nearing 10 billion yuan and operating cash flow remaining consistently negative.
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