Baoneng Group's Involvement in Zotye Automobile and Its Updates
TapTechNews July 14th news, according to the media First Finance and Economics report, many senior executives of Baoneng Group and its affiliated enterprise Shenzhen Jinshuo Trading Co., Ltd. have already joined in Zotye Automobile, occupying key positions such as vice president of marketing, vice president of production and manufacturing, and chief financial officer.
TapTechNews learned from the report that since March this year, the news that Baoneng will acquire Zotye Automobile has begun to spread in the market. However, Zotye Automobile replied on the investor platform that the company currently has no major asset reorganization plan. But at the same time, Baoneng Automobile began to recruit employees and management for Zotye Automobile through Jinshuo Trading.
By May this year, there have been changes in the senior management of Zotye Automobile. Yin Xuefeng and Wang Lei were appointed as vice presidents of Zotye Automobile, and Zhu Gu was appointed as the chief financial officer of Zotye Automobile. Both Wang Lei and Zhu Gu are from the Baoneng system, which means that Baoneng Group has begun to participate in the operation of Zotye Automobile.
Many people close to Baoneng Group said that Hu Zeyu, the chairman of Zotye Automobile, went to Shenzhen several times and attended the meeting chaired by Yao Zhenhua, the chairman of Baoneng Group, together with the management of Jinshuo Trading. A person who requested anonymity said that the main content of the meeting is drawing a pie and maintaining stability.
Public information shows that in May 2023, Huang Jihong, the former chairman of Zotye Automobile and the president of Shenzhen Merchant Holding Group, was issued a warning letter by the Hebei Securities Regulatory Bureau for not fulfilling the matter of the share repurchase plan with庞大 Group as promised, and then got into judicial disputes and resigned as the chairman of Zotye Automobile. In September 2023, Zotye Automobile changed to a state without an actual controller.
On the 11th of this month, Zotye Automobile announced the first-half performance forecast. The report said that the operating income of Zotye Automobile in the first half of this year is between 220 million and 270 million, and the net loss attributable to shareholders of the listed company is between 290 million and 390 million.
