Ankai Automobile major shareholder to reduce stake for operational needs

Anhui Ankai Automobile Co., Ltd. (Ankai Automobile) announced today that its major shareholder, Anhui Provincial Investment Group Holdings Co., Ltd., plans to reduce its stake in the company. Provincial Investment Group currently holds 59,850,231 shares, representing 6.37% of Ankai Automobile's total share capital.

The planned reduction involves up to 9,395,100 shares, which is no more than 1% of the company's total share capital. Sales will be conducted through centralized bidding over 90 natural days, starting 15 trading days after the pre-disclosure announcement. The specific selling price will be determined by market prices at the time of sale.

Provincial Investment Group stated the reason for the share reduction is "operational needs." The company clarified that Provincial Investment Group is not a controlling shareholder and the planned reduction will not lead to a change in the company's control or significantly impact its governance or ongoing operations.