After the trading session on October 21, 2024, Geely Auto, through its indirectly wholly-owned subsidiary Zhejiang Passenger Vehicle, signed an equity transfer agreement with Geely Holding to acquire all the equity of Ningbo Passenger Vehicle for a cash consideration of RMB 123.689 million. After the acquisition is completed, Ningbo Passenger Vehicle will become an indirectly wholly-owned subsidiary of Geely Auto, and its financial performance will be consolidated into Geely Auto Group's comprehensive financial statements. In addition, Geely Auto entered into a comprehensive service framework agreement with Volvo Investment, RL Auto, and Far Distance Technology, valid until December 31, 2026, to provide comprehensive services with specified annual maximum total amounts. As the applicable percentage involved in the transaction exceeds 0.1% but is less than...Show More

After the trading session on October 21, 2024, Geely Auto, through its indirectly wholly-owned subsidiary Zhejiang Passenger Vehicle, signed an equity transfer agreement with Geely Holding to acquire all the equity of Ningbo Passenger Vehicle for a cash consideration of RMB 123.689 million. After the acquisition is completed, Ningbo Passenger Vehicle will become an indirectly wholly-owned subsidiary of Geely Auto, and its financial performance will be consolidated into Geely Auto Group's comprehensive financial statements. In addition, Geely Auto entered into a comprehensive service framework agreement with Volvo Investment, RL Auto, and Far Distance Technology, valid until December 31, 2026, to provide comprehensive services with specified annual maximum total amounts. As the applicable percentage involved in the transaction exceeds 0.1% but is less than 5%, in accordance with Chapter 14A of the Listing Rules, both the acquisition and the comprehensive service framework agreement are exempt from the requirement for independent shareholder approval but must comply with disclosure, annual review, and announcement requirements. The acquisition of Ningbo Passenger Vehicle and the establishment of the comprehensive service framework agreement aim to enhance the comprehensive strength of Geely Auto's brand, reduce ongoing related transactions with Geely Holding Group, and strengthen the Group's competitiveness in core areas.