Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-09-13 03:54Core Viewpoint - Guangzhou Automobile Group Co., Ltd. (the "Company") has approved several resolutions during its board meeting on September 12, 2025, including the issuance of corporate bonds and medium-term notes to enhance financing channels and improve debt structure [1][3][25]. Group 1: Corporate Bond Issuance - The Company plans to issue corporate bonds not exceeding RMB 15 billion to broaden financing channels, improve debt structure, and reduce financing costs [3][25]. - The bond issuance will be conducted in accordance with relevant laws and regulations, and the specific issuance details will be determined based on market conditions [27][26]. - The bonds will have a face value of RMB 100, a fixed interest rate determined by market conditions, and a maturity of up to 10 years [28][29]. Group 2: Medium-Term Note Issuance - The Company also intends to issue medium-term notes not exceeding RMB 15 billion to diversify financing options and avoid over-reliance on a single financing channel [5][37]. - Similar to the corporate bonds, the medium-term notes will have a face value of RMB 100, a fixed interest rate, and a maturity of up to 10 years [38][40]. - The funds raised will be used for repaying interest-bearing debts, equity investments in the technology sector, and supplementing working capital [44]. Group 3: Authorization and Governance Changes - The board has proposed to authorize the management to handle all matters related to the registration and issuance of the corporate bonds and medium-term notes [7][48]. - The Company has also approved changes to its registered capital, reducing it from RMB 10,463,957,657 to RMB 10,197,065,900 due to stock option grants and share buybacks [51]. - The supervisory board will be abolished, with its responsibilities transferred to the audit committee [52].