Asia Tech Wire (Sep 6) -- Chinese electric car maker Hozon New Energy Automobile Co., Ltd, commonly known as Neta Auto, said on Friday that the change of its CFO is a normal personnel adjustment.

One day earlier, news broke that Neta Auto's chief financial officer, Chen Rui, had recently left the company and that Deng David Pan, a former managing director at Goldman Sachs (Asia) L.L.C., had taken over responsibility for the company's finances.

Neta Auto insiders replied on Friday that "this personnel adjustment is a normal change."

And a source close to Neta Auto said the personnel change is due to further advance Neta Auto's IPO process.

Neta Auto filed its IPO application with the Hong Kong Stock Exchange at the end of June, with CICC, Morgan Stanley, CITIC Securities, ABC International and CMB International as joint sponsors.