Zotye Automobile (000980.SZ) announced on September 18th that the company held the 8th Board of Directors' 2024 Second Extraordinary Meeting on September 18th, 2024, and approved the proposal on the cancellation of the branch of its wholly-owned subsidiary, Hunan Jiangnan Automobile Manufacturing Co., Ltd. The Board of Directors agreed to cancel the Jinhua branch of Jiangnan Manufacturing and authorized the company's management and designated personnel to handle the specific matters of canceling the branch.
Due to the lack of actual operation of the Jinhua branch of Jiangnan Manufacturing in recent years, the cancellation of this branch is for further integration and optimization of existing resources, to improve operations efficiency and reduce management costs. After the completion of this cancellation, the scope of the company's consolidated financial statements will correspondingly change, but it will not have a significant impact on the overall business development and profitability of the company.
