Apollo Future Mobility Group Limited (Stock Code: 860) reported that its wholly owned subsidiary, AFM Ningbo, signed an agreement on 24 February 2026 with Ningbo Xingtongda Co., Ltd. and Hangzhou Furui Technology Partnership to establish a new joint venture in Ningbo, PRC. The joint venture will focus on sales of new energy vehicles, research and development, and manufacturing of auto parts, as well as sales of electric vehicle chargers.
The joint venture will have a registered capital of RMB100.00 million. AFM Ningbo will contribute RMB50.00 million (HK$56.00 million) for a 50% share, Ningbo Xingtongda will provide RMB45.00 million (HK$50.40 million) for 45%, and Hangzhou Furui Technology Partnership will invest RMB5.00 million (HK$5.60 million) for 5%. All parties plan to complete their capital contributions in cash by 30 June 2026.
Under the agreement, AFM Ningbo will hold the largest stake in the new entity and has the right to nominate three of the five directors, including the chairman. As a result, this newly formed company will become a consolidated subsidiary of Apollo Future Mobility Group Limited. The transaction is classified as a discloseable transaction and is subject to reporting and announcement requirements under Chapter 14 of the Listing Rules, but it does not require issuance of a shareholders’ circular or shareholders’ approval.
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