BAIC BluePark board approves funding for new energy vehicle projects

On November 10, 2025, BAIC BluePark New Energy Technology’s board of directors approved several key financial and governance initiatives. The board sanctioned its subsidiary, Beijing New Energy Vehicle Co., Ltd., to use self-owned funds and bank acceptance drafts for partial payments on proceeds-funded projects, with subsequent equal-amount replacements from designated proceeds. This strategy aims to enhance capital efficiency and reduce financial costs without impacting project progress or shareholder interests.

The total proceeds from the 2023 private placement were 6,045,107,283.30 yuan. After deducting issuance costs, the net proceeds amounted to 6,030,361,519.14 yuan. These funds are allocated across various new energy vehicle development projects. In a related move, the board also approved the temporary use of up to 85,000,000.00 yuan in idle proceeds for working capital, with a maximum term of 12 months.

Additionally, the board decided to place the remaining proceeds in agreed-upon deposits for up to 12 months to maximize storage returns while ensuring funds are readily available. Amendments to the company's Articles of Association were also passed, to be submitted for shareholder approval at the upcoming extraordinary general meeting on November 26, 2025.