QINGLING MOTORS (01122.HK): Repurchase Deal for 30 NEVs up to RMB 12.6m

NewTimeSpace News: On 5 October 2026, Qingling Motors Co. Ltd (stock code: 01122) announced that it, Haitong Unitrust International Financial Leasing Co., Ltd. (stock code: 01905), the Dealer Ningxia Hangneng Logistics Technology Co., Ltd. and the Co-Debtor Shenzhen Dayu Logistics Technology Co., Ltd. entered into a repurchase agreement on the same date, under which the Company assumes repurchase obligations for the finance lease of 30 new energy vehicles, with the expected maximum aggregate repurchase price not exceeding RMB 12,636,030.

The announcement showed that the repurchase subjects comprise 30 new energy vehicles leased by the Dealer and/or the Co-Debtor from the Financial Leasing Company, and the corresponding leased debt rights. The Dealer and/or the Co-Debtor shall pay a performance deposit of RMB 10,000 per leased vehicle before delivery, which the Company may apply to offset any shortfall amount payable to it. The maximum aggregate repurchase price was determined with reference to a purchase price of RMB 421,200 per vehicle, the total of 30 leased vehicles, a maximum principal amount of undue rent of RMB 421,200 per vehicle and a retention purchase price of RMB 1 per vehicle. As of the date of the announcement, the carrying value of all the leased vehicles under the agreement was approximately RMB 12,636,000, and the Company will use its internal resources to pay any repurchase price.

The Company has been changing its business model for new energy vehicles from the traditional vehicle sales model to the finance lease model since the first half of 2025, and the repurchase obligations are in substance performance credit enhancement guarantees provided by the Company for its own product sales, rather than a mere provision of financing and guarantee for third parties. As all applicable percentage ratios of the agreement and the transactions contemplated thereunder are less than 5% on a standalone basis, the agreement does not constitute a notifiable transaction under Chapter 14 of the Listing Rules and is not subject to the notification, announcement, circular and shareholders' approval requirements thereunder, and the announcement is made on a voluntary basis.

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