HONG KONG, March 26, 2024 /PRNewswire/ -- CIMC Vehicles (Group) Co., Ltd. ("CIMC Vehicles" or the "Company", Stock code: 1839.HK/301039.SZ) is pleased to announce the conditional cash offer by CIMC Vehicles to buy-back all of its H Shares (other than those held by CIMC Group and its concert parties) at HK$7.5 per H Share and the proposed voluntary withdrawal of listing of the H Shares from the Hong Kong Stock Exchange. The Company will not make a buy-back offer for its A Shares as it is the Company's intention to maintain the listing of the A Shares on the Shenzhen Stock Exchange.

The H Share Buy-back Offer is now open for acceptances. The latest time for acceptance of the H Share Buy-back Offer on the First Closing Date is 4:00pm on Thursday, 2 May 2024. Shareholders can complete and return the Form of Acceptance before the foregoing latest time for acceptance of the H Share Buy-back Offer on the First Closing Date.

The EGM, H Shareholders Class Meeting and A Shareholders Class Meeting of the Company will be held at 2:50 p.m. on Thursday, 18 April 2024 for approving the H Share Buy-back Offer and the Voluntary Withdrawal of Listing. The latest time for lodging forms of proxy in respects of the EGM and the H Shareholders Class Meeting is 2:50 p.m. on Wednesday, 17 April 2024. Regardless of whether or not shareholders are able to attend the EGM and/or the H Shareholders Class Meeting in person, shareholders can complete and return the form(s) of proxy in accordance with the instructions printed thereon.

As of the date of issuance of this press release, the Company has already received irrevocable undertakings respectively executed by five independent H Shareholders with significant shareholdings (collectively "Independent IU Shareholders"), pursuant to which each of the Independent IU Shareholders undertakes to accept the H Share Buy-back Offer and to vote in favour of the resolutions in respect of the H Share Buy-back Offer and the Voluntary Withdrawal of Listing at the H Shareholders Class Meeting, the A Shareholders Class Meeting (if applicable) and the EGM. As at 25 March 2024, the five Independent IU Shareholders hold an aggregate of 80,143,000 H Shares, representing approximately 55.16% of all the H Shares held by the Independent H Shareholders and approximately 14.21% of all the H Shares in issue.

The Board of the Company believes that the low trading volume and limited liquidity of the H Shares create difficulty for the Company to effectively conduct fund raising exercises on the Hong Kong Stock Exchange; the H Share Buy-back Offer, if materialised, will result in a possible one-off investment gain for the accepting H Shareholders; and the Voluntary Withdrawal of Listing, if materialised, will allow the Company to save costs and expenses associated with regulatory compliance of the listing of its H Shares.

About CIMC Vehicles (Group) Co., Ltd

CIMC Vehicles (Group) Co., Ltd. ("CIMC Vehicles", Stock code: 301039.SZ/01839.HK) is the world's leading "A+H" sophisticated manufacturer of semi-trailers and specialty vehicles. It is a pioneer in the high-quality development of road transport equipment in China, and an explorer and innovator in new energy specialty vehicles in China. According to the 2023 Global OEM Ranking List published by Global Trailer, CIMC Vehicles ranked first among semi-trailer manufacturers in the world, for the eleventh year in a row.

Each business or group of the Company continues to upgrade and iterate.The Company now operates "Star-Chained Light Tower Pioneer Group", "North American Business", "European Business", "Champion Tanker Business Group" and "Dump Truck and Heavy Cargo Truck Business", covering four major markets in the world, more than 40 countries and regions, and had 21 "Light Tower" Plants at home and abroad.