Zhou Hongyi Says He Won’t Invest in New Energy Vehicles Again at 5th BeiDou International Summit

From September 15 to 16, the 5th International Summit on Large-Scale Applications of BeiDou was held in Zhuzhou, Hunan. In an interview, Zhou Hongyi, founder and chairman of 360 Group, stated that he would no longer invest in new energy vehicles, saying, "We've already taken a loss once and won't enter the field again," adding that AI now presents greater opportunities and advising "all entrepreneurs to master Agent." In 2021, 360 announced plans to invest a total of RMB 2.9 billion in Neta Auto. Upon full implementation, this investment would give 360 a 16.5940% stake, making it the largest shareholder outside the management team, with an initial investment of RMB 1.9 billion. In 2022, 360 announced the transfer at zero cost of a 3.532% equity stake corresponding to RMB 1 billion in unfulfilled capital contributions, relinquishing its remaining capital increase obligations. After the transfer, 360 retained an 11.4266% stake and ceased further investment. At the time, regarding the decision to forgo additional funding, Zhou Hongyi explained that Neta Auto remained a startup and needed its founding team—not pure capital—to lead its development. However, the founders’ equity stake had become too small, and 360’s role was meant to be supportive and auxiliary. In May 2025, Neta Auto was subjected to bankruptcy review; in June 2025, formal bankruptcy proceedings were initiated against the company. In March 2026, Fang Yunzhou, founder of Neta Auto, and former CEO Zhang Yong were listed as discredited被执行人 ("deadbeat debtors").