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Zotye Auto’s Wholly-Owned Subsidiary Shuts Down Daye Branch, Secures RMB 100 Million in Compensation
16 hour ago /
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Author：小编
On April 14, Zotye Auto disclosed that it had recently entered into an agreement with Daye Jingchuang Asset Management Co., Ltd. Under this agreement, the Daye Branch of its wholly-owned subsidiary, Zhejiang Zotye Automobile Manufacturing Co., Ltd., will be dissolved. In return, Daye Jingchuang will provide RMB 100 million in compensation to support Zotye Auto’s new product development and production line enhancements. Notably, the Daye Branch has been inactive in recent years, with its assets already fully written off. Consequently, its closure is not expected to materially affect Zotye Auto’s overall operations. Additionally, on the same day, the company announced the appointment of Li Yan as its new Vice President.
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