Nezha Auto Responds to Salary Delay Rumors: Frontline Employees Paid on Time, Executive Compensation Structure Adjusted

Nezha Auto Responds to Salary Delay Rumors: Frontline Employees Paid on Time, Executive Compensation Structure AdjustedOn October 16, in response to rumors of salary delays, Nezha Auto told Global Times Tech that salaries for frontline employees and factory workers are being paid on time. The company is currently adjusting the compensation structure for middle management and executives, resulting in slightly delayed payments for a few individuals

Nezha Auto Responds to Salary Delay Rumors: Frontline Employees Paid on Time, Executive Compensation Structure Adjusted

On October 16, in response to rumors of salary delays, Nezha Auto told Global Times Tech that salaries for frontline employees and factory workers are being paid on time. The company is currently adjusting the compensation structure for middle management and executives, resulting in slightly delayed payments for a few individuals. Previously, a user on Maimai, a professional networking platform, who claimed to be a Nezha Auto employee, stated that the company was unable to pay salaries and owed suppliers a significant amount of money, urging people to exercise caution before purchasing their vehicles.

Nezha Auto submitted its application for a listing on the Hong Kong Stock Exchange on June 26. The prospectus revealed that the company's revenue was 5.087 billion yuan, 13.05 billion yuan, and 13.555 billion yuan in 2021, 2022, and 2023, respectively. Net losses amounted to 4.84 billion yuan, 6.666 billion yuan, and 6.867 billion yuan in the same period.

Fang Yunzhou, the founder of Nezha Auto, previously told media outlets that the company is continuously moving up the value chain to avoid price wars with the launch of more smart vehicles. He hopes to implement localized strategies in global markets, using a single vehicle to expand overseas markets and drive the entire chain, continuously optimizing technologies, products, and services, strengthening its overseas presence, and accelerating market expansion. He also added that the company plans to expand its sales network beyond mainland China after the IPO.

While Nezha Auto did not disclose the specific size of the IPO, Bloomberg reported that the company is seeking to raise around USD 1 billion, potentially making it one of the top five listings in Hong Kong this year.

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