Huayu Automotive completes Qingtao New Energy stake acquisition

Huayu Automotive Systems Co., Ltd. announced on October 17, 2025, the completion of its acquisition of a 49% equity stake in Shanghai SAIC Qingtao New Energy Technology Co., Ltd. This transaction, initially disclosed on August 28, 2025, involved a proposed acquisition price of RMB 20,589.69萬元 from its controlling shareholder, SAIC Motor Corporation Limited.

Following the completion of the equity transfer, Shanghai SAIC Qingtao New Energy Technology Co., Ltd. underwent industrial and commercial registration changes, including a name change to "Qingtao Power Technology (Shanghai) Co., Ltd." (referred to as "Qingtao Power").

Post-acquisition, Huayu Automotive now holds 49% of Qingtao Power, while Qingtao (Kunshan) New Energy Development Group Co., Ltd. holds the remaining 51% equity. This announcement provides an update on the progress of the previously disclosed related-party transaction.