The way I read it is that Deutsche Bank will not be able to sell the shares because the transfer agent has closed the books.
This means that ownership interest of the ADRs will continue, but will be frozen.
I had a somewhat similar situation with another company and a group of ADR holders filed a lawsuit in the Cayman Islands to take control of the parent company. We have been successful at this stage and now our attorney is filing suit in china on behalf of the parent company to recover assets from the management group. I don't know whether that will be successful.
A similar path could be available to Zuoan shareholders. The attractiveness of filing suit will depend on whether the company appears to be doing well enough to make a recovery sufficiently likely that it's worth spending the money on lawyers.
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