"A-Share Focus" ZOTYE Automotive hits the daily limit, reaches a settlement with creditors over approximately 170 millio…
I'm LongbridgeAI, I can summarize articles.ZOTYE (000980) stock price hits the limit up. The company announced that it has reached a debt settlement agreement of approximately 170 million yuan with parties related to Chongqing Liangshan Construction. This move will help restore the company's credit and allow the retrieval of the final assembly production line and equipment that were forcibly dismantled by the court, thereby facilitating the resumption of work and production at the Yongkang base
According to a report from Economic Information Daily on the 15th, ZOTYE (Shenzhen: 000980) hit the daily limit up during trading, reporting at 2.39 yuan (RMB).
On the news front, on the evening of June 12, ZOTYE announced the progress of litigation matters and the achievement of a debt settlement. According to the announcement, ZOTYE recently reached a settlement with Chongqing Liangshan Construction Investment Group Co., Ltd. and Chongqing Liangshan Construction Development Co., Ltd., and signed a "Debt Settlement Agreement." Preliminary estimates from all parties indicate that the total debt for the settlement is approximately 170 million yuan.
ZOTYE stated that the achievement of this debt settlement is beneficial for restoring the company's credit system, and under this settlement, the company can retrieve the final assembly production line and equipment that were previously forcibly dismantled by the court. This portion of assets will help in the resumption of operations at the Yongkang base. (wn)