Zotye Auto received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose nearly 70 million yuan in overdue debt in a timely manner.

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(Source: Caixin)

The company also emphasizes that receiving this warning letter will not affect its normal production and operational management activities. The company will strictly adhere to relevant regulatory requirements and applicable laws and regulations, fulfill information disclosure obligations in a timely manner, and strive to improve operational management and standardized governance.

On March 27, Zhongtai Automobile (000980.SZ) received a warning letter issued by the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission, document no. [2026] 59, titled “Decision on Issuing Warning Letters to Zhongtai Automobile Co., Ltd. and Related Personnel.”

According to the content of the warning letter, the specific reasons for the regulatory measures taken against Zhongtai Automobile and related personnel are: according to the company’s restructuring plan, the company is to repay 10%, 20%, 30%, and 40% of the principal of the restructuring debt on December 21 of 2023, 2024, 2025, and 2026, respectively. Among them, on December 21, 2025, Zhongtai Automobile and its subsidiaries had a total of 69.4611 million yuan in newly due unpaid debt principal, but the company did not disclose the aforementioned matters until January 27, 2026.

The Zhejiang Securities Regulatory Bureau pointed out that Zhongtai Automobile’s aforementioned actions violated Article 3, Paragraph 1, and Article 23, Paragraph 2, Item 1 of the “Regulations on the Management of Information Disclosure by Listed Companies.” At the same time, the then Chairman Li Lizhong, General Manager Han Biwen, and then Secretary of the Board Wang Yian violated Article 4 and Article 52, Paragraph 2 of the “Regulations on the Management of Information Disclosure by Listed Companies,” and bear primary responsibility for the above violations.

Based on the aforementioned violations, the Zhejiang Securities Regulatory Bureau decided to take administrative regulatory measures by issuing warning letters to Zhongtai Automobile, Li Lizhong, Han Biwen, and Wang Yian, and record them in the integrity archives of the securities and futures market. In addition, the company and related personnel are required to learn from this lesson, strengthen the study of relevant laws and regulations, enhance awareness of standardized operations, diligently fulfill their responsibilities, ensure that information disclosures are true, accurate, complete, timely, and fair, and submit a written report to the Zhejiang Securities Regulatory Bureau within ten working days from the date of receipt of the decision document.

Zhongtai Automobile stated in the announcement that the company and related personnel attach great importance to the issues pointed out in the warning letter and will seriously summarize and learn from the lessons to further strengthen the study of relevant laws and regulations, improve awareness of standardized operations, enhance corporate governance, and strengthen information disclosure management to prevent similar incidents from occurring again.

The company also emphasizes that receiving this warning letter will not affect its normal production and operational management activities. The company will strictly adhere to relevant regulatory requirements and applicable laws and regulations, fulfill information disclosure obligations in a timely manner, and strive to improve operational management and standardized governance.

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