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A few days ago, brilliance China announced that Executive Director and Chief Executive Officer Zhang Yue have been appointed Chairman of the Board, and Executive Director Zhang Wei has been appointed as a member of the Executive appointment Committee of the subsidiary of the Board, both of which will take effect from November 4, 2024.

According to the data, Zhang Yue, 40, has held different positions in a number of organizations, including member of the standing Committee of the Shenyang Dadong District Committee, Deputy District Governor of the District Government, Shenyang-EU Economic Development Zone Management Committee, Deputy Secretary of the Shenyang Municipal Party Committee of the Communist Youth League, Director of the Research Department of the Shenyang Municipal Party Committee and Director of the General Office. In December 2023, Zhang Yue was appointed General Manager of Shenyang Automobile Co., Ltd. (hereinafter referred to as "Shenyang Automobile") and General Manager of brilliance Automobile Group Holdings Co., Ltd. (hereinafter referred to as "brilliance Automobile"). In March 2024, he was appointed General Manager of brilliance Automobile Group Holdings Co., Ltd., and in April 2024, he was appointed as Executive Director and Chief Executive Officer, Remuneration Committee of the Board of Directors, nomination Committee and senior executives of subsidiary companies.

In addition, brilliance Automotive Group Holdings Limited has restated its irrevocable commitment, despite its recent restructuring, brilliance promised to abide by the original principles. Brilliance undertakes to ensure that its nominated directors hold relevant positions in the company and its subsidiaries and will not allow more than one brilliance employee to hold positions in the company. The renewed commitment is aimed at ensuring the independence of the management of the company and the transparency of the governance structure.

The chairman of the board of directors (Chairman of the board, Chairman for short) is also translated as "chairman", which refers to the top leader of a company, leading the board of directors. The chairman is also one of the directors, who is elected by the board of directors and leads the direction and strategy of the company on behalf of the board of directors.

On September 11, 2024, brilliance China announced that Wu Xiaoan had tendered his resignation as a member of the Executive Director, Chairman of the Board, nominating Committee of the Board, Remuneration Committee and senior executives of subsidiary companies, authorized representatives, agents of legal process, and all other positions in the company's subsidiaries and associates due to other matters, effective from September 11, 2024.

According to information, Wu Xiaoan has been chairman of the board of directors of brilliance China since June 18, 2002, and has been an executive director since January 11, 1994. he is also a member of Hua Chenguo Remuneration Committee, nomination Committee and subsidiary Executive appointment Committee. Wu Xiaoan has 28 years of experience in the automotive industry and is mainly responsible for the overall strategic planning and business development of brilliance China, serving as chairman of BMW brilliance from May 2003 to February 2022 and vice chairman of BMW brilliance since February 2022. He was a director of Huachen Renault from January 1994 to August 2016 and the chairman of Huachen Renault since January 2018. According to the financial report, Wu Xiaoan's annual salary is 8.683 million yuan in 2023.

Earlier, Wu Xiaoan was released on bail unconditionally after nearly 11 months of investigation. On August 8, 2023, brilliance China announced that officers of the Hong Kong Independent Commission against Corruption (ICAC) visited the company's principal place of business in Hong Kong to execute a search warrant. Wu Xiaoan, an executive director and chairman of the board of directors, was detained by the ICAC on 3 August for suspected breach of section 9 (1) (a) of the Prevention of bribery Ordinance, Chapter 201 of the laws of Hong Kong, and was released on bail without prosecution on 4 August.

On June 25, 2024, brilliance China issued an announcement that Wu Xiaoan, an executive director and chairman of the board of directors, was informed by the ICAC on 24 June 2024 that the ICAC had completed its investigation into Wu Xiaoan and confirmed that no further action would be taken against Wu Xiaoan. Brilliance China said Wu Xiaoan was released on bail unconditionally on June 24, 2024, and the case is now closed. The investigation did not have a significant adverse impact on the Group, and the Group's business and operations remained normal during the investigation period.

According to the data, brilliance Automobile Group holding Co., Ltd. was established in September 2002 with a registered capital of 800 million yuan. Brilliance Group is a large vehicle manufacturing enterprise controlled by Liaoning SASAC, which directly or indirectly controls and participates in four listed companies, and establishes brilliance BMW through its listed company brilliance China and BMW. On November 20, 2020, Shenyang Intermediate people's Court ruled that brilliance Group creditors' application for restructuring of brilliance Automobile Group was accepted, and brilliance Automobile Group officially entered the bankruptcy reorganization process. Previously, brilliance Group had three independent brands, namely, China, Golden Cup and Huasong, and two joint venture brands, brilliance BMW and brilliance Renault, but by 2024, brilliance Group had only brilliance BMW to support, and its shareholding had dropped from 50% to 25%.

The reorganization of brilliance Automobile Group has lasted for more than three years since it was ruled to accept bankruptcy restructuring in November 2020. After several years of twists and turns, the reorganization case finally entered the stage of implementation of the reorganization plan. On August 2, 2023, the Shenyang Intermediate people's Court has announced that it has approved the substantive merger and reorganization plan of 12 enterprises, including brilliance Automobile Group Holdings Co., Ltd., and terminated the reorganization procedures of 12 enterprises, including brilliance Automobile Group. On March 15, brilliance China announced that 100% stake in brilliance had been transferred to Shenyang Automobile, becoming a wholly-owned subsidiary of Shenyang Automobile.

Shenyang Automobile Co., Ltd. was established in February 2023, the legal representative and chairman is Liu Yanhui, with a registered capital of 4.88 billion yuan. Shenyang Automobile is set up to reorganize brilliance Group, and the actual controller is the State-owned assets Supervision and Administration Commission of Shenyang Municipal people's Government.

According to the interim results, brilliance China's income in the first half of 2024 was 518 million yuan, up 2.0% from the same period last year, while the profit attributable to shareholders was 1.473 billion yuan, down 60.65% from the same period last year. Brilliance China's main source of profits comes from the associate brilliance BMW Co., Ltd. According to the financial report, the associated company brought 2.734 billion yuan to brilliance China in the first half of 2024, down 27.29% from the same period last year, mainly from brilliance BMW, while the decline was due to the decline in brilliance BMW sales.

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