Core Viewpoint - The restructuring expectations for Zotye Auto are rising, driven by the recent appointments of key executives from Chery, leading to a stock price increase despite underlying financial difficulties and risks of delisting [1][5]. Group 1: Executive Changes - On November 29, Han Biwen from Chery was appointed as the new president of Zotye Auto, with the board unanimously approving the decision [2]. - The board of directors now has significant representation from Chery executives, with three out of six non-independent directors having backgrounds in Chery [2]. - There is speculation about potential collaboration between Chery and Zotye, but no confirmation has been provided regarding any plans for Chery to acquire Zotye [2]. Group 2: Shareholding Structure - Zotye Auto is currently without a controlling shareholder or actual controller due to recent changes in share ownership, with the largest shareholder now being Jilin Jiutai Rural Commercial Bank [3][4]. - The bank, having acquired shares through judicial auction, is unlikely to seek actual control due to regulatory constraints and its core business focus [4]. - This situation may create opportunities for strategic investors to enter Zotye Auto [4]. Group 3: Financial Performance - Zotye Auto's financial situation is precarious, with a reported revenue of only 419 million yuan and a net loss of 223 million yuan for the first three quarters [4]. - As of September 30, total assets were 3.37 billion yuan, with owner equity drastically reduced to 12.58 million yuan, indicating a near insolvency situation [4]. - The company has not resumed production due to a lack of operational funds, and failure to restart by 2025 could lead to negative net assets and potential delisting risks [4]. Group 4: Stock Price Dynamics - Since August, Zotye Auto's stock price has risen from around 2 yuan to a peak of 4.36 yuan, with a cumulative increase of 87% by December 4 [5]. - The stock price surge is largely attributed to speculation around restructuring rather than solid operational performance, raising concerns about a potential significant correction if expectations are not met [5].