AUTO ITALIA Holdings Limited (SEHK: 00720) has announced the signing of a strategic framework agreement on August 20, 2026, involving B-On Global S.à r.l., the company itself, and the Administrative Committee of Jiangsu Changzhou Economic Development Zone. This tripartite collaboration aims to jointly develop a new energy mobile commerce ecosystem in Changzhou City, Jiangsu Province, within the People's Republic of China, marking the initiative's first pilot location for nationwide rollout.
Under the terms of this strategic framework agreement, B-On Global will be tasked with selecting a renowned consumer retail brand, whether domestic or international, to serve as its strategic partner. Meanwhile, B-On Global and AUTO ITALIA will collectively oversee the complete customization of mobile commercial vehicle exterior designs, the development of artificial intelligence operating systems, vehicle manufacturing, sales and delivery processes, as well as subsequent operational and maintenance management. The Jiangsu Changzhou Economic Development Zone, acting as the core regional coordinator, will be responsible for mobilizing regional resources within Changzhou to facilitate compliant commercial operations of these vehicles and effectively bridge asset owners with end-stage operators.
The initial cooperation period under this strategic framework agreement will span three years, with provisions allowing for extension upon mutual consent. Specific details concerning vehicle sales transactions, special leasing arrangements, revenue-sharing mechanisms, operational and maintenance services, global business expansion initiatives, and other related matters will be determined separately through dedicated agreements among the involved parties.
In conjunction with the strategic framework agreement, Hudson Automotive Technology (Chongqing) Co., Ltd., an indirect wholly-owned subsidiary of AUTO ITALIA, entered into a customized vehicle development commission agreement on the same date with a wholly-owned subsidiary of the Jiangsu Changzhou Economic Development Zone. Under this arrangement, Hudson Automotive Technology has been commissioned to undertake the bespoke development of pure electric intelligent mobile coffee shops, including solution design, complete vehicle modification, prototype manufacturing, and compliance adjustments.
The Jiangsu Changzhou Economic Development Zone functions as a Chinese government body overseeing the management of the Jiangsu Changzhou Economic Development Zone. B-On Global operates as a European intelligent solutions provider specializing in new energy commercial vehicles, delivering comprehensive solutions for global urban mobility and logistics transportation. Additionally, B-On Global has entered into a conditional agreement with a major shareholder of AUTO ITALIA to acquire interests in 1.3 billion shares of the company, a transaction that remains pending completion.