FAW Jiefang secures state funds, changes auditor for 2025

FAW Jiefang Group Co., Ltd. will receive a RMB 136m entrusted loan from its indirect controlling shareholder, China FAW Group Co., Ltd., using state-owned capital operating budget funds. This related-party transaction, approved by the board on September 26, 2025, with conflicted directors abstaining, aims to enhance operational efficiency and competitiveness, with an interest rate pegged to the People's Bank of China's demand deposit benchmark rate. China FAW Group Co., Ltd. will allocate the funds via FAW Asset Management Co., Ltd., with the loan maturing on October 8, 2035.

In a separate development, FAW Jiefang announced a change in its auditing firm for 2025, switching from BDO China Shu Lun Pan Certified Public Accountants LLP to ShineWing Certified Public Accountants (LLP). The board approved the appointment of ShineWing, which will handle both financial and internal control audits for 2025, with an estimated audit fee not exceeding RMB 1.436m. This change, effective upon shareholder approval, aims to ensure audit independence and objectivity after BDO China Shu Lun Pan Certified Public Accountants LLP served for eight consecutive years.