Qingling Motors Co. Ltd – Extraordinary General Meeting Results: Key Resolutions Passed on Multiple Connected Transactions

Summary of Key Developments

• The Company held its Extraordinary General Meeting (EGM) on 15 May 2026, where all proposed ordinary resolutions were duly passed by Independent Shareholders, paving the way for several significant connected transactions and agreements to proceed.
• Seven major connected transactions and their annual caps (covering the three years ending 31 December 2028) were approved, including supply agreements with major group associates and third parties such as Isuzu and Bosch.
• Some resolutions required major shareholders (Qingling Group and Isuzu and their respective associates) to abstain from voting due to material interests, ensuring compliance with Hong Kong Listing Rules and demonstrating strong corporate governance.
• Almost unanimous approval was recorded for all resolutions, indicating solid support from independent shareholders.

Details of Approved Transactions

1. New Chassis Supply Agreement – Approval of the agreement and its annual caps for 2026-2028.
2. New Parts Supply Agreements – Approval of a comprehensive set of parts supply agreements with various group companies, including:
   • New Qingling Group Agreement
   • New CQACL Agreement
   • New CQCC Agreement
   • New CQFC Agreement
   • New CQAC Agreement
   • New CQSC Agreement (formerly New CQNHK Agreement, reflecting a company name change)
   • New CQPC Agreement
3. New Qingling Zhuanyong Moulds Supply Agreement – Approval for moulds supply and related transactions.
4. New Hydrogen-powered Modules Supply Agreement – Approval for supply of hydrogen-powered modules, indicating a strategic move towards green technology.
5. New Bosch Sales Agreement – Approval for sales arrangements with Bosch, a leading global automotive supplier.
6. New Supply Agreement – Approval for additional supply arrangements with connected parties.
7. New Autoparts and Materials Agreement – Approval for the supply of autoparts and materials, covering key procurement needs.

Shareholder and Voting Structure

• Total issued shares as of the EGM: 2,482,268,268 (comprising 1,238,651,865 H Shares and 1,243,616,403 Domestic Shares). No treasury shares outstanding.
• Qingling Group and associates (50.10% interest) and Isuzu and associates (20.00% interest) abstained from voting on specific resolutions where they had material interests.
• Independent shareholders overwhelmingly approved all resolutions, with most resolutions receiving over 99.999% votes in favour.

Potential Share Price Impact and Shareholder Considerations

• Materiality: Approval of these continuing connected transactions provides business continuity and certainty for Qingling Motors’ operations and supply chain. The agreements with group companies and global partners like Bosch and Isuzu underpin future revenue streams and operational stability.
• Strategic Shift: The approval of the New Hydrogen-powered Modules Supply Agreement signals a significant step into hydrogen and green technologies, which could attract market interest and potentially re-rate the stock as the company aligns with global automotive trends.
• Governance and Transparency: Full compliance with Listing Rules regarding connected transactions and voting abstentions by interested parties enhances investor confidence in the company’s governance practices.
• Voting Results: The almost unanimous support from independent shareholders may indicate strong confidence in management and the strategic direction.
• Leadership: Most directors attended the EGM, showing board engagement, though two directors were absent due to other business commitments.

Conclusion

All resolutions at the EGM were passed as ordinary resolutions, enabling Qingling Motors to proceed with multiple critical agreements and transactions through 2028. The focus on hydrogen modules and continued partnerships with established automotive entities like Bosch and Isuzu could potentially have a positive effect on the company’s growth prospects and share price as it strengthens its market position and embraces new technologies.

Disclaimer: This article is a summary and interpretation of the official company announcement. It is for informational purposes only and does not constitute investment advice. Investors are advised to review the full announcement and seek professional guidance before making investment decisions.

慶鈴汽車臨時股東大會全數通過多項關連交易，重大合作及未來三年業績指標確立

重點摘要

• 公司於2026年5月15日召開臨時股東大會（EGM），所有提呈之普通決議案均獲獨立股東以壓倒性票數通過，多項重大關連交易及年度額度落實。
• 會上批准七項主要持續關連交易協議，涵蓋2026至2028三個財政年度，包括與集團關聯方及博世等第三方的供應及銷售協議。
• 因合規需要，慶鈴集團及五十鈴（Isuzu）及其關聯方就涉及其重大利益的相關決議案自動放棄投票權，展現良好企業管治。
• 所有議案均獲壓倒性支持，對管理層策略方向表現出高度信心。

通過協議詳情

1. 新底盤供應協議 – 批准協議及2026-2028年年度上限。
2. 新零件供應協議組合 – 批准包括以下多項協議：
   • 新慶鈴集團協議
   • 新重慶慶安協議
   • 新重慶慶成協議
   • 新重慶慶福協議
   • 新重慶慶安車協議
   • 新重慶慶鈴座椅協議（原新CQNHK協議）
   • 新重慶慶平協議
3. 新慶鈴專用模具供應協議 – 涉及模具供應及相關交易。
4. 新氫能模組供應協議 – 涉及氫能新技術產品供應，反映公司向綠色科技轉型。
5. 新博世銷售協議 – 與全球汽車零部件領導者博世的銷售安排。
6. 新供應協議 – 其他關連方之供應安排。
7. 新零部件及物料協議 – 涉及主要零部件及物料採購，保障供應鏈。

股東及投票情況

• 截至會議日，總發行股份：2,482,268,268股（H股1,238,651,865股，內資股1,243,616,403股），無庫藏股。
• 慶鈴集團及關聯方（持股50.10%）及五十鈴及其關聯方（持股20.00%）於涉及重大利益之議案自動棄權。
• 獨立股東一致通過所有議案，贊成率超過99.999%。

潛在股價影響及股東需知要點

• 業務持續性： 各項持續關連交易的批准確保公司營運及供應鏈穩定，與博世、五十鈴等國際合作夥伴的協議有助未來收入及業務發展。
• 策略轉型： 通過氫能模組供應協議，標誌公司積極進軍新能源汽車領域，或受資本市場關注，提升估值。
• 管治水平： 嚴格遵守上市規則，利益相關方自動棄權，增強投資者信心。
• 投票結果： 獨立股東高度認同管理層策略方向。
• 董事會參與： 大多數董事親身出席，展現高度參與度，僅有兩位因公未能出席。

總結

所有議案均獲正式通過，公司可在2028年前推動多項重大交易，特別是在氫能等新技術領域的佈局。與博世、五十鈴等國際品牌的合作，有助鞏固業務基礎及提升市場競爭力，若未來落實執行，或對公司股價產生正面影響。

免責聲明：本報導為根據公司公告整理及解讀，僅供參考，不構成投資建議，請投資者細閱原文並諮詢專業意見。

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