Minieye says 50% Tongtu stake acquisition will support autonomous driving commercialization
ZTO•Minieye said its proposed 50% acquisition of Tongtu Technology would accelerate L4 autonomous-driving commercialization in logistics. Minieye would appoint two of Tongtu’s three directors, including its chairman, and issue consideration shares to a ZTO subsidiary subject to a six-month lockup.
1. Acquisition and control
Minieye said its proposed acquisition of a 50% stake in Tongtu Technology would accelerate the commercialization of L4 autonomous driving in logistics. It would appoint two of Tongtu’s three directors, including the chairman, securing effective management control.
2. Logistics strategy
Minieye said Tongtu’s logistics operations and vehicle platforms would support expansion into unmanned transportation capacity services, rather than vehicle sales alone. The buyer said Tongtu’s historical book value and financial performance do not adequately reflect its commercial value. Consideration shares would be issued to a ZTO subsidiary and subject to a six-month lockup.
