JAC plans A-share offering for smart EV platform, addresses executive compensation

Anhui Jianghuai Automobile Group Corp. (JAC) plans to issue A-shares to specific investors, following Shanghai Stock Exchange approval on December 10, 2025. The offering aims to raise up to 3.5 bn yuan to fully fund its "High-end Smart Electric Platform Development Project." This initiative, with a total investment of 5.87 bn yuan, focuses on developing a new generation of high-end smart electric platforms and a series of intelligent vehicles, including sedans, SUVs, and MPVs. The first model, the S800, launched in May 2025.

The company's board of directors, including chairman Li Ming and vice general manager Ma Cuibing, previously held positions at Jiangqi Holdings and received salaries from the holding company. This arrangement, which did not comply with regulations, has been rectified. Their labor relations transferred to JAC, and salaries are paid by the company as of February 2025. Ma Cuibing will no longer serve as a senior executive from November 18, 2025.

JAC reported a net loss attributable to shareholders of 1.43 bn yuan for the first nine months of 2025. The company's asset-liability ratio was high at 75.26% as of June 30, 2025. This equity offering aims to strengthen JAC’s capital structure and enhance its financial resilience to support its strategic shift toward intelligent and new energy vehicles in a highly competitive market.