GAC Group announces new general manager, approves bn yuan loan

Guangzhou Automobile Group Co., Ltd. (GAC Group) has appointed Mr. Guan Xianqing as its new general manager, with his term aligning with the current board. Mr. Feng Xingya will step down from the role but will continue as chairman and chairman of the board's strategy committee. Mr. Guan Xianqing currently serves as chairman of GAC Toyota Motor Co., Ltd. and GAC Aion New Energy Automobile Co., Ltd., among other positions, and holds 110,300 shares of the company’s A-shares.

The board also approved the appointment of Ms. Wang Dan as chief accountant (financial officer) and several new deputy general managers: Mr. Gao Rui, Ms. Jiang Xiuyun, Mr. Zheng Heng, Mr. Huang Yongqiang, and Mr. Chen Jiaca. These appointments are effective for the remainder of the current board term. Notably, Ms. Wang Dan holds 576,968 A-shares, Mr. Gao Rui holds 120,000 A-shares, and Mr. Zheng Heng holds 277,479 A-shares.

In financial matters, the board approved a proposal for the company and its subsidiaries to apply for a loan not exceeding 1.226 billion yuan from the China Development Bank, with a term of three to five years and interest rates referencing the LPR and relevant policies. The board also approved revisions to the "Guangzhou Automobile Group Co., Ltd. Professional Manager Compensation and Performance Assessment Management Measures" and the "Guangzhou Automobile Group Co., Ltd. Enterprise Asset Transaction Management Measures." Finally, Mr. Zhang Zongsheng will retire and no longer serve as a member of the company's executive committee.