2026.04.07
On April 2, 2026, the restructuring plan for the substantive consolidation and restructuring case of 52 companies, including Human Horizons (Jiangsu) Technology Co., Ltd. (Human Horizons), was approved by the People's Court of Yancheng Economic and Technological Development Zone in Jiangsu Province (hereinafter referred to as Yancheng Economic Development Zone Court). JunHe's Shanghai office served as the interim administrator for the pre-restructuring case and the administrator for the consolidated restructuring case of Human Horizons, spanning over 600 days. JunHe successfully assisted Human Horizons in achieving significant milestones in resolving the creditor claims and ensured after-sales service, revitalized assets, recruited investors and safeguarded the creditor rights.
Human Horizons is a group company engaged in the research, production, and sales of new energy vehicles. Its luxury intelligent pure electric brand, HiPhi, is well-known in the market. Since 2021, it has launched and mass-produced three models: HiPhi X, HiPhi Z, and HiPhi Y, with two new models currently under development. Since 2023 and due to challenges such as the economic downturn, fierce competition in the new energy vehicle industry, and obstacles in financing, Human Horizons gradually fell into an operational crisis, leading to a suspension of operations on February 18, 2024.
Human Horizons' operations are concentrated in Shanghai, Yancheng, Jiangsu, and Laixi, Qingdao, with sales and after-sales networks established in many different cities across the country. The interdependent nature of its operations made it impossible to separate them. To revitalize assets and save the company as a whole, the Yancheng Economic Development Zone Court accepted the pre-restructuring application of Human Horizons on August 8, 2024. After three rounds of pre-restructuring consolidation and jurisdictional transfers by the courts, the Yancheng Economic Development Zone Court accepted Human Horizons' substantive consolidation and restructuring case on April 11, 2025.
During the pre-restructuring and consolidation restructuring period, JunHe acted as the interim administrator and the administrator under the guidance and supervision of the Yancheng government and court. With support from the Laixi government and the court, JunHe worked to gather funds, revitalize assets, and introduce beneficial debt investments to continue the company operations and ensure basic after-sales services for HiPhi vehicles, thereby maximizing the company's restructuring value. With nearly 4,000 employees and employee creditors, over 2,500 social creditors, and more than 16,000 car owners, JunHe organized a team of over 40 lawyers to advance key tasks such as the creditor claim registration and review and the asset sorting and maintenance. JunHe was involved in the financial auditing and asset evaluation, investor recruitment, and the negotiations with prospective investors, and strived to maintain social stability and assist Human Horizons in its rebirth.
In this case, prospective investors adjusted their investment plans due to changes in the HiPhi factories in two locations and the current market for new energy vehicles. Considering the statutory time requirements of the restructuring process and the brand influence of HiPhi, JunHe, as the administrator, formulated a general draft restructuring plan after listening to the opinions and suggestions of the major creditor groups, contributors, employees, and other parties, and submitted it on schedule for creditor meeting voting. Ultimately, all the creditor groups and contributor groups voted overwhelmingly to approve the draft restructuring plan. After the 15-day objection period expired, the Yancheng Economic Development Zone Court approved the restructuring plan of Human Horizons on April 2, 2026 and terminated the restructuring process. Human Horizons finally saw the dawn of a new beginning through this restructuring.
As the interim administrator for the pre-restructuring and the administrator for the consolidated restructuring, JunHe's efficient and effective professional, team-oriented, and standardized operations in this case have received high recognition and praise from the government, court, creditors and other stakeholders.
JunHe, as the administrator, will supervise the comprehensive implementation of the restructuring plan according to the law, to ensure that creditor rights are maintained as stipulated in the restructuring plan, and to facilitate HiPhi's early return to the domestic and international markets.
This project was led by partner LIU, Zhengdong. Partners CUI, Wenhui and consultant WU, Ling were responsible for different aspects of the project, with consultant WU, Ling as the main organizer. Partners HUA, Xiaojun (Warren) and LIU, Xuezheng provided significant support for this project. Partners ZHOU, Feng (Frank), HE, Tingcai (Lawrence HO), CHEN, Xin (Michael), SHEN, Cheng, TAO, Yuan, DONG, Ming, LIU, Xin (Lea) and MA, Yaolei (Yilia), and consultants LIU, Xin, LIU, Xiaosen also contributed greatly.
