Neta Auto's Nanning Plant Equipment Re-auction Fails to Attract Bidders Despite Reduced Starting Price of RMB 48.24 Million

According to information on Alibaba’s Judicial Auction platform, a batch of machinery and equipment located at No. 88 Changlong Road, Lingli Town, Qingxiu District, Nanning City, is currently undergoing its second judicial auction. The site is the Nanning production base of Neta Auto. The equipment belongs to Guangxi Ningda Automotive Technology Co., Ltd. and Nanning Ningda Automotive Technology Co., Ltd., both subsidiaries of Hozon New Energy Automobile Co., Ltd. The auction includes 467 individual items across 438 categories, covering entire vehicle manufacturing lines such as stamping and final assembly. The initial auction started with a reserve price of RMB 60.3079 million but failed due to no bidders. The second auction’s starting price has been reduced to RMB 48.2463 million—approximately 20% lower than the first—and is scheduled to begin on August 12. As of the time of reporting, no bids have been registered. The enforcement case number is (2026) Gui 0103 Zhi 178, with Nanning Zhihong Technology Co., Ltd. listed as the applicant for enforcement. The appraisal value and starting price in the first auction were identical. Public records show that in November 2019, the Nanning municipal government signed a strategic cooperation agreement with Hozon New Energy, planning a RMB 3.5 billion investment to build a project capable of producing 100,000 all-electric passenger vehicles annually, with an estimated annual output value of approximately RMB 12 billion upon full operation. The Nanning side invested a total of RMB 2.4 billion in equity and provided RMB 550 million in special subsidies. The Nanning facility was completed and began operations by the end of 2021, forming a key part of Neta Auto’s three-site layout alongside Tongxiang and Yichun. However, Neta Auto incurred cumulative losses of RMB 18.3 billion between 2021 and 2023, averaging a loss of over RMB 80,000 per vehicle sold. In October 2024, Neta Auto halted all production entirely. In June 2025, its parent company, Hozon New Energy, was placed into bankruptcy reorganization proceedings by the Intermediate People's Court of Jiaxing City, with confirmed debts amounting to RMB 9.386 billion.