Hong Kong-listed Wuling Motors Holdings Limited has released a supplemental announcement to its 2025 annual report detailing share-based incentives, related-party transactions and investment activities.
Share Option Scheme • Headroom: The scheme allows for 98.94 million shares to be granted, equal to 3% of issued share capital (excluding treasury shares) at 31 December 2025. • Individual cap: No participant may receive options exceeding 1% of shares in issue within any 12-month period. • Vesting timetable: 30% of each grant becomes exercisable after 24 months from grant date, a further 30% after 36 months and the remaining 40% after 48 months, all within a five-year window. • Life: The scheme expires on 10 November 2027; remaining life stood at one year and 314 days as of year-end 2025. • All previously granted options lapsed by end-2024 after performance targets were missed; fresh grants require approval from Guangxi SASAC.
Continuing Connected Transactions The group confirmed that, apart from seven framework/ master agreements already disclosed (covering tenancy, energy, consignment, after-sales services, equipment purchase and vehicle export), no other related-party dealings fall under Chapter 14A of the Hong Kong Listing Rules. Full compliance with Chapter 14A was affirmed.
Material Securities Investments As at 31 December 2025, investment holdings totalled RMB 562.50 million, or 5.4% of total assets: • RMB 22.50 million in an unlisted equity stake in Liuzhou Lingte, classified as Equity Instrument at FVTOCI. No dividends were received in 2025. • RMB 540.00 million in principal-guaranteed structured deposit products recorded as Financial Assets at FVTPL.
Structured Deposit Portfolio • Between 3 July 2025 and 2 March 2026, subsidiaries Wuling Industrial and Liuzhou Zhuotong subscribed to 77 principal-guaranteed structured deposits from nine licensed PRC banks, with a combined principal of RMB 17.75 billion and tenors of roughly two weeks to 1.5 months. • Only Hua Xia Bank products remained outstanding at 31 December 2025; all matured by February 2026. • Interest income recognised in 2025 from these products was RMB 16.99 million. • Subscriptions ceased in early March 2026 pending enhanced internal-control measures and staff training.
Risk Management Framework Key limits include: – Aggregate structured deposits capped below 5% of total assets (internal threshold aligned with Listing Rule size tests). – Investments confined to principal-guaranteed, short-term products from licensed PRC banks. – Maximum tenor generally six months; any non-deposit investment above RMB 30 million requires board-level approval. Liquidity is managed through rolling cash-flow forecasts, ensuring that only idle funds are invested and that maturities align with operational needs. Counterparty exposure is diversified and limited to regulated PRC banks with sound credit profiles.
Outlook Management views the equity stake in Liuzhou Lingte as strategically aligned with core engine development, while treasury investments are intended to enhance returns on surplus cash without impairing liquidity. The board will maintain oversight of investment activities and internal controls as the share option scheme approaches its 2027 expiry.
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