Zotye Automobile retains auditor, overhauls governance ahead of shareholder vote

Zotye Automobile announced the re-engagement of Zhongxingcai Guanghua Certified Public Accountants (Special General Partnership) as its auditor for the 2025 financial year. This decision by the ninth board of directors is pending shareholder approval. Zhongxingcai Guanghua, established in 1999, holds securities and futures audit qualifications and is ranked 24th among the top 100 accounting firms in China for 2023. The firm reported an audited revenue of CNY 991.15 million in 2024, with audit services contributing CNY 878.75 million.

The re-engagement coincides with a comprehensive revision of Zotye Automobile's Articles of Association, Shareholder Meeting Rules, and Board of Directors Meeting Rules. These revisions aim to streamline governance by replacing the supervisory board with an audit committee and updating clauses related to legal representation, shareholder rights, and financial management to align with current laws and regulations. The company anticipates these changes will improve operational efficiency and ensure scientific decision-making processes.

These proposals will be presented for approval at the Second Extraordinary General Meeting of Shareholders in 2025, scheduled for November 27, 2025. Amendments to the Articles of Association require a two-thirds majority, while the auditor re-engagement requires a simple majority. Shareholders will be able to cast votes in person and via online platforms provided by the Shenzhen Stock Exchange.