On May 28, Tech Planet reported that the state-owned investor shareholder of Hozon New Energy Auto, the parent company of Neta Auto, is preparing a motion to convene a board meeting with the aim of removing Fang Yunzhou. Fang Yunzhou, the founder of Neta Auto, currently holds the positions of chairman and CEO of the company.

Last December 6, Neta Auto announced that Zhang Yong would step down as CEO and transition to the role of company advisor, with Fang Yunzhou assuming the CEO position concurrently. At that time, Fang Yunzhou issued a letter to all employees, outlining six major reform measures aimed at achieving an IPO and splitting sales evenly between China and overseas markets within the next 2-3 years, with a positive gross margin by 2025 and overall profitability by 2026.

However, the start of this year has seen little improvement in Neta Auto's situation: retail sales plummeted by 97.76% in January, with only 110 vehicles sold. In April, it was revealed that former CEO Zhang Yong had left for the UK, and dealer representatives gathered at the Tongxiang factory to demand payment from Neta, claiming that the company had not delivered vehicles for six months and had failed to refund car payments.

On May 13, new equity freeze information was added to Hozon New Energy Auto, with Fang Yunzhou as the subject of enforcement, a frozen equity amount of 20 million yuan, and the executing court being the Tongxiang People's Court of Jiaxing City, Zhejiang Province. Additionally, Qichacha data indicates that former CEO Zhang Yong recently faced a new equity freeze of 40.5 million yuan, also enforced by the Tongxiang People's Court of Jiaxing City, Zhejiang Province.

Furthermore, Tech Planet's report also highlighted that another state-owned shareholder of Neta Auto intends to push for the bankruptcy reorganization of Hozon Auto. These details have been confirmed by senior executives of Neta Auto.

Where do you see the already precarious Neta Auto heading from here?