Failed self-rescue? Nezha Automotive: "Non-existent" remove the founder, shareholders work together to save the company.

On May 30th, in response to recent reports from multiple media outlets about the removal of the headquarters LOGO in Shanghai, the failure of the "debt-to-equity swap" plan, and the motion by state-owned shareholders to remove the founder, chairman, and CEO of NIO, William Li, the Nezha Automobile company denied the news when asked for confirmation. Regarding the "failure of the debt-to-equity swap plan," reports stated that NIO owed suppliers a total of about 6 billion yuan, and on March 25th, NIO had reached agreements with over a hundred suppliers for a debt-to-equity swap plan totaling over 2 billion yuan. The investors had originally agreed to resolve half of the debt, which was 3 billion yuan, in order to provide new funds. However, a spokesperson for the company stated: "The debt-to-equity swap plan does not have KPIs. It is a solution for the company's self-rescue, and does not involve anything else." As for the state-owned investors of NIO's parent company, Youzu New Energy Automobile, who were reportedly considering a motion to convene a board meeting to remove William Li, the spokesperson responded: "This is untrue. The state-owned shareholders are working with us to save the company." Regarding financing, the spokesperson added, "In fact, the financing has never stopped, it just hasn't made further progress."