Grand Baoxin Auto Group Limited (the Group) announced the resignation of Rongcheng (Hong Kong) CPA Limited (formerly known as CL Partners CPA Limited) as its auditor with effect from November 6, 2025. According to the company announcement, the resignation was primarily due to additional audit work arising from personnel changes and realignment of certain dealership outlets, leading to disagreements on the audit timetable and fees.

Rongcheng confirmed that, aside from these circumstances, there are no other issues that need to be brought to the attention of shareholders or creditors. The board and its audit committee also confirmed that there are no remaining areas of disagreement with the departing auditor. Grand Baoxin Auto Group Limited is in the process of appointing a new auditor and will announce the appointment once finalized.

Prior to its resignation, Rongcheng had been working on the audit of the consolidated financial statements for the year ended December 31, 2024. The company is currently assessing the impact on the publication schedule for its audited annual results for 2024 and will provide an update as soon as possible.