Zotye Automobile approves 2024 reports, elects new board

Zotye Automobile (SZSE:000980) announced the resolutions passed at its 2024 Annual General Meeting (AGM) of Shareholders, signaling progress in its restructuring and future operational plans. The meeting, held on June 13, 2025, saw the approval of crucial reports including the 2024 Board of Directors Work Report, the 2024 Supervisory Board Work Report, and the 2024 Financial Statements. Shareholders also approved the 2024 profit distribution plan and measures for asset impairment. Key resolutions included approving the company’s plan to address uncovered losses, and modifications to the company charter. Furthermore, they gave the green light for Zotye to raise SZSE:CNY 2,000,000,000 via financial instruments. The meeting was deemed legitimate and effective by legal counsel, Zhejiang Zeda Law Firm, which stated that all procedures and resolutions complied with Chinese laws and regulations.