Pursuant to a commitment letter received on 17 Oct 2008 from Shanghai Automotive Industry Corporation (Group), the controlling shareholder of the company, the group will extend the lock-up period on its 1,631,447,548 restricted shares of the company by two additional years. The shares were originally scheduled to be released on 24 Oct 2008.

Thus, the controlling shareholder will not sell the above-mentioned restricted shares via the secondary market prior to 23 Oct 2010.

Board of Directors
20 Oct 2008


Source: Shanghai Stock Exchange

Date: 20 Oct 2008

CN01/BJ/JL/NK/KM