SG Automotive ends share offering, overhauls governance

Liaoning SG Automotive Group announced on November 11, 2025, the termination of its 2024 non-public offering of A-share shares to specific targets, including controlling shareholder Ms. Liang Zi. All related application documents have been withdrawn. The decision, approved by the board of directors, supervisory board, and an independent directors' special meeting, cited the current external environment, company circumstances, and development plans. The company stated the move would not adversely affect operations or shareholder interests.

In parallel with the offering termination, the company is implementing a significant corporate governance overhaul. This includes the proposed abolition of the Supervisory Board, with its functions to be assumed by the board of directors' audit committee. This change, along with revisions to the company's articles of association and other governance policies, will be voted on at the third extraordinary shareholder meeting on November 18, 2025.

Additionally, the company plans to re-appoint Beijing Dehao International Certified Public Accountants (Special General Partnership) as its auditor for 2025 financial statements and internal controls, with an audit fee of CNY 1.65 million. Meanwhile, the company's October 2025 production and sales report shows a substantial year-on-year decrease in total vehicle production and sales.