BAIC Motor proposes mandates, auditor change after profit dip

BAIC Motor Corporation (HKEX:1958) will convene its annual general meeting (AGM) on June 24, 2025, seeking shareholder approval for several key resolutions, including mandates for issuing bond financing instruments and shares, and repurchasing shares. The board recommends no dividend distribution for 2024 after a net profit attributable to equity holders declined 68.5% year-over-year to approximately RMB955.8 million. Shareholders will also vote on the proposed appointment of Ernst & Young (E&Y) and Ernst & Young Hua Ming LLP as the company's international and domestic auditors, respectively, succeeding PricewaterhouseCoopers. The issuance mandate allows the company to issue new shares not exceeding 20% of existing domestic and H shares, while the repurchase mandate covers up to 10% of outstanding shares. The board believes the proposed resolutions are in the best interest of the company and its shareholders.