Share’s code： 000550         Share’s Name： Jiangling Motors     No.： 2023-013
                 200550                         Jiangling B



                    Jiangling Motors Corporation, Ltd.
       Public Announcement on Termination of Equity Transfer
                    Transaction of a Subsidiary

     Jiangling Motors Corporation, Ltd. and its Board members undertake
that the information disclosed herein is truthful, accurate and complete and
does not contain any false statement, misrepresentation or major omission.

      I. Brief Introduction
      The Board of Directors of Jiangling Motors Corporation, Ltd. (hereinafter
referred to as "Company" or "JMC") approved, in form of paper meeting hold from
April 30 to May 6, 2021, the proposal on sale of 100% of the equity of JMC Heavy
Duty Vehicle Co., Ltd., a wholly owned subsidiary of JMC, through the public
bidding process at Shanxi Property Rights Exchange. The base price of bidding
for the Transaction Equity is RMB 764,069,207 thousand, and the final transaction
price shall be determined by the delisting price of investors at the Shanxi Property
Rights Exchange.
      The Company has entrusted Shanxi Property Rights Exchange to perform the
public bidding and transfer procedures. The bidding announcement has expired on
August 9, 2021. At the expiration of the bidding announcement period, the
Transaction Equity is solicited to an intended transferee, Volvo Lastvagnar
Aktiebolag （ English name: Volvo Truck Corporation ） . After the expiration of
the bidding announcement period, Volvo Lastvagnar Aktiebolag paid the deposit
in accordance with the relevant trading rules of Shanxi Property Rights Exchange.
On August 23, 2021, by consensus, the Company signed the Equity Interest
Transfer Agreement Relating to 100% of the Equity Interests in JMC Heavy Duty
Vehicle Co., Ltd. (hereinafter referred to as “Equity Transfer Agreement”) with
Volvo Lastvagnar Aktiebolag. The base price payable for the Sale Interests under
this Agreement shall be RMB 781,400,000. This transaction does not constitute a
related party transaction.
      Please refer to the Public Announcement on Bidding for Sale of Subsidiary
Equity of JMC (Announcement No.: 2021-030), the Public Announcement on
Progress in Bidding for Sale of Subsidiary Equity of JMC (Announcement No.:
2021-047) published on May 8, 2021 and August 24, 2021 in the website
http://www.cninfo.com.cn for details.

     II. Reasons for the Termination of this Transaction
     Since the items required for government approval on the transaction were not
completed within the agreed time, the Company and Volvo Lastvagnar Aktiebolag
agree to terminate the transaction through negotiation.

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     III. Impact of the Termination of this Transaction on the Company
     This transaction does not carry out equity delivery, industrial and commercial
change and other procedures, the Company still holds 100% of the equity of
Jiangling Heavy Duty Vehicle Co., Ltd. Jiangling Heavy Duty Vehicle Co., Ltd.
has suspended production and sales, and the main current expenses are for staff
compensation and equipment maintenance costs.
     The Company will continue to actively promote the restructuring of Jiangling
Heavy Truck Co., Ltd., and make a timely announcement according to the process.

     It is hereby announced.

Board of Directors
Jiangling Motors Corporation, Ltd.
May 13, 2023




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