Ningbo Joyson Electronic Corp. (JOYSON ELEC) has raised the 2026 annual transaction cap under its Procurement Framework Agreement with Ningbo PIA Automation Holding Corp. (PIA) from RMB221.90 million to RMB400.40 million. The adjustment, approved by the board on 30 March 2026, is intended to accommodate higher demand for intelligent manufacturing equipment and related software services. The framework covers purchases from the group’s Hong Kong listing date (6 November 2025) through 31 December 2027.

Management cited three main factors behind the uplift: 1. Existing orders: Acceptance of assembly lines already under execution is expected to be recognised in 2026. 2. New projects: Planned launches will require additional customised assembly lines, boosting equipment demand. 3. Historical usage: Transaction volumes have consistently trended up—RMB134.10 million in 2023, RMB331.30 million in 2024 and RMB343.60 million in 2025, the last equating to 96% of the 2025 cap.

All pricing and other commercial terms of the agreement remain unchanged and continue to follow the company’s market-based comparison mechanism.

Regulatory status: As PIA is a 30%-controlled company of Joyson Group—JOYSON ELEC’s controlling shareholder—the transactions constitute continuing connected transactions under Chapter 14A of the Hong Kong Listing Rules. With the revised cap, the highest applicable percentage ratio exceeds 0.1% but remains below 5%; therefore, the dealings require announcement and annual review but are exempt from circular and independent shareholders’ approval.

Board review: Chairman Wang Jianfeng and three other directors holding positions in Joyson Group or PIA abstained from voting. Independent directors concurred that the revision is on normal commercial terms and in the interests of both the company and its shareholders.

Company profile: JOYSON ELEC develops intelligent vehicle technologies, including smart cockpits, connectivity, autonomous driving, energy management and safety systems. PIA supplies intelligent manufacturing equipment across automotive, industrial and consumer sectors. Joyson Group, controlled by Mr Wang Jianfeng, remains the ultimate controlling shareholder of both entities.