Geli Titanium responds to the freeze of its 1.806 billion yuan equity: due to the violation of the former controlling shareholder, legal proceedings for accountability will be initiated as soon as possible.

Gree Titan New Energy Co., Ltd. issued a statement through its WeChat official account, stating that the 100% equity of Zhuhai Guangtong Automobile Co., Ltd. held by the company has been frozen by the court recently. The case of judicial freeze originated from the former actual controller and legal representative of the company's predecessor, Zhuhai Yinlong New Energy Co., Ltd., Wei Yincang. Without the approval of the Yinlong New Energy board of directors and according to the company's articles of association, Wei Yincang unlawfully used the company seal in December 2015 on the supplemental agreement for capital increase with Sunlight Life Insurance Co., Ltd., causing unauthorized guarantee.