Wuling Motors Holdings Limited announced that its 65%-owned subsidiary, Liuzhou Wuling Liuji Motors Co., Ltd. (“Wuling Liuji”), entered into a Bill Discounting Agreement with Bank of Liuzhou on 25 March 2026. The facility, capped at RMB200.00 million and running until 11 March 2027, allows Wuling Liuji to discount bank-acceptance bills with maturities of less than six months.
Between 27 March and 15 July 2026, Wuling Liuji discounted 27 bank-acceptance bills—primarily drawn on small and medium-sized city commercial banks—with an aggregate face value of RMB86.94 million. After RMB0.31 million of discounting interest charged by Bank of Liuzhou, net proceeds received totaled RMB86.64 million. As of the announcement date, RMB33.08 million of these discounted bills remained outstanding; the balance will be offset against Bank of Liuzhou advances upon maturity.
Following Guangxi Guokong’s 67.44% acquisition of Bank of Liuzhou effective 1 January 2026, the bank became a connected person to Wuling Motors. The Board now considers the bill-discounting arrangements to constitute non-exempt financial assistance under Chapter 14A of the Hong Kong Listing Rules because the endorsed bills include an implicit “with recourse” provision, effectively creating pledged financial assistance. Required reporting, shareholder approval, and annual review procedures were not completed, resulting in a potential compliance breach.
Wuling Motors has immediately suspended further use of the facility pending full regulatory compliance. The internal audit department flagged the issue through routine checks, leading to an investigation and Board review. On 21 August 2026, external legal advisers delivered targeted training on Chapter 14A to directors and relevant staff. The company will conduct ongoing compliance training and periodic reviews of internal controls to prevent recurrence.
The Board maintains that the facility offered competitive, market-aligned discount rates and provided Wuling Liuji with flexible working-capital funding and treasury income. Nevertheless, all activities under the Bill Discounting Agreement will remain on hold until the company satisfies all Listing Rule requirements.