Core Viewpoint - The company, Zotye Automobile, is facing significant financial challenges due to overdue debts totaling approximately 1.8 billion yuan, which represents 14.58% of its latest audited net assets [1][2][4] Debt Situation - As of the announcement date, Zotye Automobile and its subsidiaries have a total overdue debt principal of 340 million yuan, with various creditors including China Construction Bank and Zhejiang Commercial Bank [4][7] - The company has acknowledged the existence of unreported overdue debts, which has led to adjustments in its financial statements, including an overstatement of debt restructuring gains by 254 million yuan in 2021 [2][9] Financial Performance - Zotye Automobile's sales data has been absent in recent reports, with only 1,112 vehicles sold in 2023, including just 42 electric vehicles [12] - The company forecasts a revenue of 450 million to 670 million yuan for 2024, with expected net losses ranging from 826 million to 1.238 billion yuan [12][13] Corporate Governance and Control - Following the departure of Huang Jihong, the company's actual controller, Zotye Automobile has entered a "no owner" status, complicating its governance structure [10] - The shares held by the controlling shareholder and its affiliates have recently been frozen due to legal issues related to a loan agreement, impacting 22.96% of the company's total shares [13][14]