AutoBeta(AutoBeta.net)03/09 Report--

On the evening of March 8, Zhongtai Automobile issued a number of personnel change announcements in succession, and the senior management of Zhongtai Automobile ushered in huge personnel shock.

Zhongtai Automobile said in the announcement that Mr. Jin Zheyong applied to resign from the positions of director, chairman, member of strategy committee, member of compensation and assessment committee and president of the seventh board of directors of the company for personal reasons. After resignation, Mr. Jin Zheyong still holds office in the subsidiary companies of the company. Ying Jianren applied for resignation as a director of the seventh session of the Board of Directors, a member of the Strategy Committee and a member of the Nomination Committee of the Company for personal reasons.

In addition, Vice President Ma Deren also resigned as Vice President of the Company for personal reasons, and no longer holds any other position in the Company after resigning as Vice President of the Company. At the same time, the announcement of the interim meeting of the board of directors of Zhongtai Automobile shows that the board of directors has agreed to appoint Lian Gang as the president of the company, and nominated Hu Zengfeng and Hu Shuiyu as candidates for non-independent directors.

It is worth mentioning that although Zotye senior management has made substantial adjustments, it seems to have no impact on the capital market. On March 9, *ST Zhongtai opened high and went high, and quickly rose within 5 minutes until the close. Zhongtai Automobile reported an increase of 5.08% to close at 3.31 yuan/share. It is worth mentioning that from January 12 to March 9 this year, *ST Zhongtai gained 26 trading boards in 34 trading days, and the market value has risen from 2.3 billion yuan to 6.7 billion yuan, with an increase of more than 190%.

And this formed a huge gap is, In this time, Including Chang 'an automobile, BYD, Great Wall automobile, Geely automobile and other auto stocks have fallen sharply, And Zhongtai automobile continued to close the board market performance really unexpected. In this regard, Zhongtai Automobile also issued "stock trading risk warning announcement" for many times, saying that the company does not violate the fair disclosure of information, nor does it have undisclosed material information.

Zotye's parent company and several subsidiaries have been ruled bankrupt and liquidated, but *ST Zotye's share price has also soared. Some industry insiders analysis, perhaps with Zotye car restructuring progress has a great relationship.

It is understood that on September 16,2020, Zhongtai Automobile was submitted to the People's Court of Yongkang City for pre-reorganization of the company by Zhejiang Yongkang Rural Commercial Bank Co., Ltd. on the grounds that it could not pay off due debts and obviously lacked solvency, but still had reorganization value.

In January this year, Zotye Automobile issued a progress announcement on public recruitment of investors. In its announcement, it said that on December 25 and 28,2020, two prospective investors had paid corresponding confidentiality deposits and intention deposits respectively, and began to carry out specific due diligence after paying the deposits. At the same time, Zotye said other potential investors and pre-restructuring managers are in contact. However, for investors related information, Zotye automobile has not been disclosed.

The departure of many senior executives of Zotye Automobile may have indicated that Zotye Automobile is about to usher in a "white knight", but it is still unknown who will accept Zotye. Before this, the investment attraction column of the website of Linyi City Bureau of Commerce once released the news that the cooperation project between Baoneng Automobile and Linyi Zhongtai under Baoneng Group has entered the substantive negotiation stage. At present, 9 projects in 5 major sectors have been promoted and implemented, including the cooperation project between Baoneng Automobile and Linyi Zhongtai, and the "linkage cloud" plate sharing automobile, etc. However, the message was quickly deleted, and the official response was "The project is still under discussion and has not been confirmed yet."

What can be confirmed is that Baoneng and Zhongtai have indeed discussed relevant projects, but as for whether it is Baoneng automobile, further official confirmation is yet to be made.

Zhongtai Automobile said that in 2020, due to the lack of working capital of the company, the whole vehicle production is almost at a standstill, and the operating income mainly comes from the sales of auto parts. Zhongtai Automobile estimates that the net profit loss in 2020 will be about RMB 6 billion-9 billion yuan.

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