Qingling Motor Co., Ltd. (01122), a financial leasing company and a dealer entered into three repurchase agreements with roughly the same terms

According to Zhitong Finance App, Qingling Auto Co., Ltd. (01122) issued an announcement. On September 22, 2026, the company, the financial leasing company and the dealer signed a total of three repurchase agreements with roughly the same terms.

A leased property is a batch of new energy vehicles leased by a dealer from a financial leasing company under a financial lease contract, with a total number of vehicles of 65 vehicles; and lease claims that the financial leasing company has against the dealer under the financial lease contract corresponding to the leased property (including unpaid rent due and unpaid rent, principal and retention price of all unexpired rent, but not including other expenses, penalties, damages, etc. under the financial lease contract), as well as the relevant rights established by the financial leasing company to control the leased property (including but not limited to the financial leasing company's allocation to the dealer in respect of the relevant leasing property) Corresponding mortgage claims).

In response to national policies and government requirements, the company actively explores technological innovation and business model transformation for NEV, promotes the deep integration of the NEV smart connected vehicle industry chain, innovation chain and capital chain, and cultivates and expands the NEV commercial vehicle industry and market. Currently, although the company's new energy commercial vehicle sales are growing rapidly in the light commercial vehicle industry, overall sales are still low. Based on the fact that NEVs are generally expensive to buy, the way customers use NEVs has gradually changed from the previous model of buying a car to a car rental model. Therefore, the leasing model has become an important way to drive sales of new energy commercial vehicles.

To this end, the company draws on the financial leasing model commonly used by domestic automobile companies and strengthens cooperation with financial institutions such as commercial banks and financial leasing companies to provide repurchase obligations for customers or dealers to purchase the Group's NEVs. In this regard, the repurchase obligation under the repurchase agreement is essentially that the company provides performance and credit enhancement guarantees for the sale of its own products; it is not simply providing a financing guarantee for a third party.

After considering (including) that the repurchase obligation provided by the Company under the repurchase agreement is a guarantee measure commonly used in the automobile industry's financial leasing business, which is conducive to driving the company's NEV vehicle sales and expanding the sales scale and market share of the Company's NEV vehicles; the Company has the right to monitor leased property through technical means such as the Internet of Vehicles to reduce the risk of damage and loss of the leased property and the dealer's failure to return the corresponding leased property to the Company, and the Company still has the right to require dealers to purchase leased property according to the current situation; the Company will establish a digital monitoring platform for vehicle operation, Rental rates, usage efficiency, payment recovery, etc. are monitored, and data is shared with financial leasing companies; the Company will expand the used car subleasing or sales business, as well as aftermarket business such as vehicle maintenance and remanufacturing, which will help promote the Company to expand the used car business and increase profits; the dealer must pay a performance guarantee to the Company under the repurchase agreement to offset any difference the dealer should pay to the Company; and the Company can collect the full amount of sales capital in advance, so that the Group's capital liquidity and flexibility have been improved. The directors believe that the terms of the repurchase agreement (including but not limited to performance of contracts) Security deposit and repurchase price) and the transactions to be carried out under it are fair and reasonable, and conform to the overall interests of the Company and shareholders.