Changan Automobile Halts Original Capital Increase Plan for Changan Tech, Eyes Market-Driven Financing

Changan Automobile announced on July 31 that it has decided to terminate the previously planned capital increase and share expansion scheme for its wholly-owned subsidiary, Chongqing Changan Technology Co., Ltd. Due to Changan Technology's faster-than-expected progress in intelligent technology innovation, Changan Automobile is adjusting its original plan to accelerate the company’s market-oriented financing process and further drive its development, aiming to launch a new round of market-based financing as soon as possible. Under the original plan, Changan Automobile, China Changan Automobile Group, and Chenzhi Group were set to jointly invest RMB 3 billion through a non-public agreement to participate in the capital increase. Following the adjustment, these two parties will continue to participate in the new financing arrangement.