BAIC Motor (01958) issued an announcement. The company noticed that BAIC Blue Valley New Energy Technology Co., Ltd. (BAIC Blue Valley) issued an announcement on the Shanghai Stock Exchange on March 13, 2024, referring to potential entrustment arrangements between the company and BAIC Motor Group Co., Ltd. (BAIC Group). Currently, the company is in negotiations with BAIC Group (as the company's sole controlling shareholder). The BAIC Group plans to entrust the company with all voting rights, nomination, and proposal rights corresponding to all shares of BAIC Blue Valley directly held (accounting for about 22.90% of the total A-shares issued by BAIC Blue Valley) other than property rights such as income rights and disposal rights. Both parties will not charge any fees for the entrustment. If commissioned, the company will be able to exercise the total voting rights of about 38.70% of the total A-shares already issued by BAIC Blue Valley.
As of the date of this announcement, the BAIC Group and the Company have not concluded a final or binding agreement on entrustment matters.