Haima Auto approves over-budget related party transactions

Haima Automobile [SZSE:000572] has announced the approval of resolutions from its 12th Board of Directors' seventh meeting, addressing over-budget related-party transactions for 2024. The confirmed transactions amounted to 52.99 million yuan, exceeding the initially projected 43.05 million yuan by 9.94 million yuan. These transactions primarily involve dealings with Haima Investment Group and its subsidiaries, all under the same controlling entity. The excess expenditure arose primarily due to increased deposit interest paid to Haima Finance as well as higher-than-expected revenue from the company's vehicle management services. The board, including independent directors, deemed the transactions fair and necessary for the company's operations and interests, with related director Jing Zhu abstaining from the vote.