ZAP (ZAAP.OB) said Thursday that the Commerce Department of Zhejiang Province in China has approved the company's proposed acquisition of a 51% equity interest in Zhejiang Jonway Automobile Co. Limited.
ZAP said it and Jonway now plan to move forward to satisfy the remaining conditions to closing the deal, including but not limited to those related to financing, foreign exchange authority approval in China and share registration.
According to the terms of the definitive agreements, ZAP has the right to acquire the remaining 49% of Zhejiang Jonway Automobile at the same valuation by March 30, 2011 or at a then current valuation after that date.
ZAP plans to capitalize on the growing automotive and electric vehicle market in China through the proposed acquisition of a majority stake in Zhejiang Jonway Automobile.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.