Xinquan Automotive founder Tang Aoqi dies at 80

Jiangsu Xinquan Automotive Trim Co., Ltd. (Xinquan Automotive) received notification from the family of Tang Aoqi, a founder and one of the de facto controllers, that he passed away on October 26, 2025. Tang, an 80-year-old national labor model and recipient of the "Glorious 50 Years in the Party" commemorative medal, was instrumental in establishing and growing Xinquan Automotive over more than four decades. The board expressed its deepest condolences and gratitude for his contributions.

Tang did not directly hold shares in the company nor was he an executive. His passing is not expected to significantly impact Xinquan Automotive's production and operations, as the company's board, supervisors, and senior management will continue to perform their duties. Xinquan Automotive's controlling shareholder, Jiangsu Xinquan Zhihe Investment Co., Ltd. (Xinquan Investment), holds 127,153,572 shares, representing 25.86% of the company's total share capital. Tang held 51% of Xinquan Investment's equity, and these shares will undergo inheritance procedures.

The company confirmed that the inheritance process will not result in a change of control. Xinquan Automotive will fulfill its information disclosure obligations as the situation progresses.