Zotye Automobile shareholder plans to reduce stake

Zotye Automobile (SZSE:000980) announced that shareholder Zhejiang Chouzhou Commercial Bank, currently holding 9.35% of the company's shares, plans to reduce its stake. The reduction will involve up to 151,276,432 shares, not exceeding 3% of the total share capital. The sale will be executed through either centralized competitive bidding or block trading within three months, starting 15 trading days after the announcement date. The bank's decision stems from the need to dispose of assets acquired through debt settlement, as directed by legal and regulatory requirements. The specific method and timing will depend on market conditions and relevant regulations. The bank has committed to adhering to regulations regarding share sales and will fulfill its disclosure obligations.