Zotye Automobile Co., Ltd announced a private placement of not more than 1,520,753,466 A common shares for gross proceeds of not more than CNY 6,000,000,000 on June 10, 2022. The transaction will involve participation from not more than 35 investors. The issue price of the shares is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares issued in the transaction will have a hold period of six months from the date of issuance. The transaction was approved in the 3rd meeting of the company's 8th directorate, and 8th supervisory board, and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.