AutoBeta(AutoBeta.net)06/10 Report--

On June 10, China Car Rental announced that Liu Zhengyao had resigned as Chairman of the Board of Directors and Non-executive Director of the Company in order to devote more time to his duties and other businesses of China Youche Co., Ltd., effective from June 9,2020. Luk Ching Yiu will cease to be a member of the Nomination Committee of the Company upon his resignation.

According to the terms of the financing agreement signed between the Group and the lender, if Liu Zhengyao ceases to be a director of the Company, the lender may declare the outstanding debts immediately due and payable, the announcement said. According to the terms of the financing agreement signed between the Group and the lender, if Liu Zhengyao ceases to be a director of the Company, the lender may declare the outstanding debts immediately due and payable, the announcement said.

Affected by Ruixing coffee fraud incident, Liu Zhengyao's companies are also greatly affected. On June 1, China Car Rental announced that Beijing Automobile Group Co., Ltd. will acquire no more than 21.26% of the shares of China Car Rental. According to the strategic cooperation agreement, BAIC Group will acquire no more than 450 million shares from Shenzhou Youche, equivalent to approximately 21.26% of the total issued share capital of the Company as at the date of this announcement. Details and terms of cooperation between Shenzhou Youche and BAIC Group are still under negotiation. If the agreement comes into effect, BAIC may become the largest shareholder of China Car Rental.

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