Zotye Automobile controlling shareholder faces major share reduction

Zotye Automobile's controlling shareholder Jiangsu Deep Commercial and its partners currently hold 22.96% of the company's shares, but face judicial auctions covering 595 million shares representing 11.80% of total share capital.

Only 6.7 million shares have sold so far for 12.7 million yuan, while over 200 million shares failed to find buyers in recent auctions. All shares held by the controlling shareholder group are currently frozen.