On August 29th, it was reported via Tianyancha that Human Horizons Investment Co., Ltd., the parent company of HiPhi, has recently been involved in a bankruptcy review case. The applicant for the case is the company itself, and the court handling the case is the Laixi People's Court.
Human Horizons Investment Co., Ltd. was established in January 2022, with Ding Lei as its legal representative. The company has a registered capital of $500 million and is wholly owned by Human Horizons Limited.
In addition to Human Horizons Investment Co., Ltd., in July of this year, Human Horizons (Jiangsu) Technology Co., Ltd. (hereinafter referred to as "Human Horizons") applied for reorganization, claiming that its assets were insufficient to repay all due debts but that the company had reorganization value and potential. They also applied for a pre-reorganization.
According to public information, the so-called "pre-reorganization" refers to a process where, before the reorganization procedure is officially launched, major creditors, investors, debtors, and reorganization investors reach a consensus on key terms of the reorganization through negotiations led by the People's Court. A pre-reorganization plan is then drafted in accordance with the main contents specified in Article 81 of the Enterprise Bankruptcy Law, with the agreement of a certain proportion of interested parties.
Subsequently, on August 8th, the court filed and accepted Human Horizons' pre-reorganization application and appointed JunHe LLP's Shanghai branch as the interim manager of Human Horizons (Jiangsu) Technology Co., Ltd.
On August 9th, Human Horizons entered the pre-reorganization phase. On the same day, an official announcement titled "To HiPhi Owners and Friends" was released, declaring that the company had officially entered the judicial pre-reorganization phase and was seeking an effective plan for "rebirth" through self-rescue.
On August 22nd, it was reported that the "Human Horizons Interim Manager" disclosed the latest progress in the pre-reorganization. As of August 20th, two prospective investors had submitted materials, and more than ten institutions had made inquiries via phone.
