Photo/Kong Zesi (NBD)

On February 27, 2023, according to a report by China Securities Journal, Ding Lei, founder of HiPhi Motors, visited the headquarters of Changan Automobile with his team, and was met by Zhu Huarong, the chairman of Changan Automobile.

Industry insiders said that HiPhi Motors is at a critical "window period", and Ding Lei's visit to Changan Automobile (000625.SZ) at this time is most likely to seek funding. However, Changan Automobile responded that it had not heard of anything other than HiPhi Motors founder Ding Lei's visit to Changan.

On February 28, it was rumored that Changan Automobile was negotiating to acquire a 51% stake in HiPhi Motors, and it was claimed that the deal had been reached. Changan's investment would bring in Qingdao and Saudi funds, which would revitalize HiPhi Motors. Today, Changan Automobile Chairman Zhu Huarong responded exclusively to a question from a reporter from Yicai, saying: "We are talking, but we are still far from ‘reaching an agreement'."

In addition, on February 27, Red Star News learned from HiPhi employees that some employees' social security payments for February had been credited, and the base was the same as before, but the housing fund and medical insurance had not yet been received.