Zotye automobile's largest shareholder to lose controlling stake

Zotye Automobile announced that its controlling shareholder, Jiangsu Shensang, will no longer hold company shares. This follows the transfer of 191,231,049 shares, representing 3.79% of the total share capital, to Jilin Jiutai Rural Commercial Bank Changchun Branch after a judicial auction. Although not yet fully processed, this transfer will result in Jiangsu Shensang ceasing to be a shareholder.

As a consequence of this transfer, Zotye Automobile's controlling shareholder will change. Currently, no single shareholder holds more than 30% of the shares, and the company's board of directors has not yet been re-elected. This has led to Jiangsu Shensang temporarily becoming a non-controlling shareholder.

All of Jiangsu Shensang's and its concerted parties' shares are currently frozen, as detailed in an earlier announcement. The company stated that there are no other major undisclosed matters or related plans, negotiations, or agreements that could significantly impact the company's stock or derivative product prices.