Zotye Auto receives warning letter from regulator

Zotye Automobile announced today that it received a warning letter from the Zhejiang Securities Regulatory Bureau on May 15, 2025, following the regulator's decision on May 14. The warning stems from the company's restatement of financial data in its periodic reports for the first half of 2021 through 2024, as disclosed on January 15, 2025, which revealed prior accounting errors. The regulator deemed this a violation of information disclosure rules, citing specific articles of the "Measures for the Administration of Information Disclosure of Listed Companies." Key personnel, including Chairman Hu Zeyu, CFO Zhu Gu, former Chairman Huang Jihong, former President Lian Gang, former Vice President Cao Min, former CFO Yu Lili, and former Board Secretary Yang Haifeng, were also cited for failing to fulfill their responsibilities. The regulator has mandated that Zotye Automobile and the named individuals submit written reports within ten working days. The company stated that it will use this as an opportunity to enhance its compliance and improve the quality of its information disclosures. Zotye maintains that the warning letter will not impact company operations.