Zotye Automobile to sell shares for operational liquidity

Zotye Automobile Co., Ltd. announced plans to publicly dispose of remaining shares from its bankrupt enterprise's asset disposal special account. As of the announcement date, this account holds 334,723,549 shares, representing 6.64% of the company's total share capital. These shares are currently frozen by the Yongkang City People's Court, and the company is working to lift the judicial freeze.

Once the freeze is lifted, Zotye Automobile intends to dispose of up to 151,276,432 shares, or 3% of its total share capital, within three months. This disposal will occur through both centralized bidding and block trades. The proceeds from this share disposal will be used to supplement the company's operational working capital, supporting the resumption of work and production for its complete vehicle segment.

The company will determine the disposal price based on secondary market conditions and transaction methods, in accordance with relevant laws and regulations. Zotye Automobile confirmed that this disposal will not alter the company's control or significantly impact its governance or shareholding structure.