理想汽车为芯片子公司马赫心科技引入16.25亿元增资，投前估值150亿元，持股摊薄至约76%

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

Li Auto Inc.
理想汽車

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 2015)

DISCLOSEABLE TRANSACTION
IN RELATION TO
THE SUBSCRIPTION AND THE ADOPTION OF
THE MH INCENTIVE SCHEMES
INTRODUCTION
The Board is pleased to announce that on October 16, 2026, (i) MHX Technology (an indirectly
wholly-owned subsidiary of the Company as at the date of this announcement) and MHZX
Intelligent Technology entered into the Controlling Shareholder Subscription Agreement,
pursuant to which MHZX Intelligent Technology conditionally agreed to subscribe for
RMB42,826,552 increased registered capital of MHX Technology at an aggregate purchase
price of RMB1 billion; and (ii) MHX Technology, MHZX Intelligent Technology and the
Investors entered into the MHX Technology Capital Subscription Agreement, pursuant to which
the Investors conditionally agreed to subscribe for an aggregate of RMB26,766,595 increased
registered capital of MHX Technology at an aggregate purchase price of RMB625 million. This
round of equity financing of MHX Technology was led by Hangzhou Jingtao (杭州經韜), Lanchi
Ventures (藍馳創投) and Huaye Tiancheng (華業天成), with the participation of MiraclePlus (奇
績創壇).
In addition, under the MHX Technology Capital Subscription Agreement, MHX Technology and
MHZX Intelligent Technology agreed to grant to the Hangzhou Jingtao Additional Investor, on
the completion date applicable to Hangzhou Jingtao, the Hangzhou Jingtao Subscription Right,
pursuant to which the Hangzhou Jingtao Additional Investor may, on a one-off basis on or before
December 31, 2026, subscribe for additional increased registered capital of MHX Technology at
an implied purchase price of RMB23.35 per unit, for an aggregate subscription consideration of
not more than RMB500 million.
THE ADOPTION OF THE MH INCENTIVE SCHEMES
The Board further announces that, in connection with the Subscription, MHX Technology will
adopt the MH Incentive Scheme 1 for its employees and the MH Incentive Scheme 2 for its
senior management, with scheme mandate limits of 15% and 5%, respectively, of the enlarged
registered capital of MHX Technology upon completion of the Subscription (assuming no
exercise of the Hangzhou Jingtao Subscription Right). As MHX Technology is not a principal
subsidiary of the Company under Chapter 17 of the Listing Rules, the MH Incentive Schemes
do not constitute share schemes under Chapter 17 of the Listing Rules and are not subject to the
provisions of Chapter 17 of the Listing Rules.
1

LISTING RULES IMPLICATIONS
The Subscription constitutes a deemed disposal of equity interest in MHX Technology by the
Company under Rule 14.29 of the Listing Rules. As the MH Incentive Schemes involve the grant
of interests over the registered capital of MHX Technology, the adoption of the MH Incentive
Schemes also constitutes a possible disposal and/or deemed disposal of equity interest in MHX
Technology by the Company pursuant to Rule 14.32A of the Listing Rules. As the exercise of
the Hangzhou Jingtao Subscription Right is not at the discretion of the Group, pursuant to Rule
14.74(1) of the Listing Rules, the grant of the Hangzhou Jingtao Subscription Right is classified
as if the Hangzhou Jingtao Subscription Right had been exercised in full. Such transactions are
aggregated pursuant to Rule 14.23 of the Listing Rules.
Assuming (a) the Subscription is completed in full, (b) the Incentive Scheme 1 Mandate Limit
and the Incentive Scheme 2 Mandate Limit are fully utilised, and (c) the Hangzhou Jingtao
Subscription Right is exercised in full, the Company’s equity interest in MHX Technology
will be diluted from 100.00% to approximately 74.01%, representing a deemed disposal and/or
possible disposal of approximately 25.99% equity interest in MHX Technology by the Company,
and MHX Technology will remain a subsidiary of the Company. As the highest applicable
percentage ratio in respect of the aggregated transactions exceeds 5% but is less than 25%,
the Transactions constitute a discloseable transaction of the Company under Chapter 14 of the
Listing Rules and are subject to the reporting and announcement requirements under Chapter 14
of the Listing Rules, but are exempt from the circular and shareholders’ approval requirements
thereunder.
Completion of the Subscription is subject to the satisfaction and/or waiver of the conditions
precedent, and the Hangzhou Jingtao Subscription Right may or may not be exercised.
Accordingly, the Transactions may or may not proceed. Shareholders and potential
investors of the Company are advised to exercise caution when dealing in the securities of
the Company.
INTRODUCTION
The Board is pleased to announce that on October 16, 2026, (i) MHX Technology (an indirectly
wholly-owned subsidiary of the Company as at the date of this announcement) and MHZX
Intelligent Technology entered into the Controlling Shareholder Subscription Agreement, pursuant
to which MHZX Intelligent Technology conditionally agreed to subscribe for RMB42,826,552
increased registered capital of MHX Technology at an aggregate purchase price of RMB1
billion (the “ Controlling Shareholder Subscription ” ); and (ii) MHX Technology, MHZX
Intelligent Technology and the Investors entered into the MHX Technology Capital Subscription
Agreement, pursuant to which the Investors conditionally agreed to subscribe for an aggregate of
RMB26,766,595 increased registered capital of MHX Technology at an aggregate purchase price
of RMB625 million (the “Investor Subscription”, and together with the Controlling Shareholder
Subscription, the “ Subscription ” ). This round of equity financing of MHX Technology
contemplated under the MHX Technology Capital Subscription Agreement was led by Hangzhou
Jingtao (杭州經韜), Lanchi Ventures (藍馳創投) and Huaye Tiancheng (華業天成), with the
participation of MiraclePlus (奇績創壇).
In addition, under the MHX Technology Capital Subscription Agreement, MHX Technology and
MHZX Intelligent Technology have agreed to grant to the Hangzhou Jingtao Additional Investor,
on the completion date applicable to Hangzhou Jingtao, the Hangzhou Jingtao Subscription Right.
For details, see “The MHX Technology Capital Subscription Agreement – The Subscription” below
in this announcement.
2

THE MHX TECHNOLOGY CAPITAL SUBSCRIPTION AGREEMENT
The principal terms of the MHX Technology Capital Subscription Agreement are summarised
below:
Date:

October 16, 2026

Parties:
(a)

MHX Technology;

(b)

MHZX Intelligent Technology (as the controlling shareholder of MHX Technology); and

(c)

the Investor(s).

To the best of the Directors ’ knowledge, information and belief having made all reasonable
enquiry, each of the Investors and their respective ultimate beneficial owners are third parties
independent of the Company and its connected persons.
The Subscription
Pursuant to the MHX Technology Capital Subscription Agreement:
(a)

The Investors conditionally agreed to subscribe for an aggregate of RMB26,766,595 increased
registered capital of MHX Technology at an aggregate purchase price of RMB625 million,
of which (i) Hangzhou Jingtao agreed to subscribe for RMB8,565,310 registered capital for
RMB200 million; (ii) the Lanchi Ventures investors agreed to subscribe for RMB8,565,310
registered capital for RMB200 million; (iii) Huaye Tiancheng agreed to subscribe for
RMB8,565,311 registered capital for RMB200 million; and (iv) MiraclePlus III agreed to
subscribe for RMB1,070,664 registered capital for RMB25 million; and

(b)

MHX Technology and MHZX Intelligent Technology agreed to grant to Hangzhou Jingtao
and its affiliated funds (collectively, the “Hangzhou Jingtao Additional Investor”), on
the completion date applicable to Hangzhou Jingtao, a right (the “ Hangzhou Jingtao
Subscription Right”) to subscribe, on a one-off basis on or before December 31, 2026, for
additional increased registered capital of MHX Technology at an implied purchase price
of RMB23.35 per unit of registered capital, for an aggregate subscription consideration of
not more than RMB500 million. Upon exercise, any unexercised portion shall lapse. The
Hangzhou Jingtao Subscription Right shall automatically lapse if Hangzhou Jingtao does
not complete its subscription under the Investor Subscription or if the Hangzhou Jingtao
Subscription Right is not exercised on or before December 31, 2026. The equity interests
so acquired shall carry the same shareholder rights as those enjoyed by Hangzhou Jingtao
following completion of the Subscription.

Such increased registered capital of MHX Technology so subscribed is subject to certain transfer
restrictions including restrictions on transfer to competitors of the Group absent prior written
consent of MHX Technology, and a right of first refusal in favour of MHZX Intelligent Technology
when an Investor proposes to transfer out its then equity interests held in MHX Technology.

3

Consideration and basis of determination
The purchase price for the increased registered capital of MHX Technology payable by MHZX
Intelligent Technology and the Investors represents an implied pre-transaction valuation of MHX
Technology of RMB15 billion and an agreed post-transaction valuation of MHX Technology of
approximately RMB16.63 billion (calculated as the product of (i) the purchase price per unit of
increased registered capital of MHX Technology, being RMB23.35, and (ii) the total registered
capital of MHX Technology immediately upon the completion of the Subscription and the full
utilisation of the scheme mandate limits of the MH Incentive Schemes), without taking into
account any registered capital of MHX Technology which may be issued pursuant to the exercise
of the Hangzhou Jingtao Subscription Right.
Such price was determined after arm’s length negotiations between the parties after taking into
account the financial position, business performance and business prospects of MHX Technology,
with reference to:
(a)

the development prospects of the chip and domain controller industry, fuelled by the business
prospects and growth potential in the PRC market;

(b)

the advanced R&D progress and core technology capabilities of intelligent driving domain
controller of Li Auto Group as well as its extensive commercial coverage, including dynamic
data-flow architecture-based chips, and algorithm-compiler-OS-chip co-design; and

4

(c)

the validation through arm ’ s length negotiations with the Investors, which include
internationally recognised, reputable and sophisticated institutional investors with extensive
investment experience in the technology sector, taking into account:
(i)

the independent and comprehensive due diligence, commercial analysis and assessment
conducted by the Company’s management. As part of such assessment, the management
undertook a market comparable analysis and identified several peer companies for
benchmarking purposes. The selection of the comparable companies was based on a
number of objective criteria, including that: (i) the principal business activities of the
selected companies are focused on the research, development and commercialisation of
chip and domain controller; (ii) the selected companies are traded on major international
capital markets, including those in the United States and Hong Kong, which are
generally characterised by adequate market liquidity, transparency and established
regulatory disclosure standards; (iii) sufficient and reliable financial and operating
information of the selected companies that is publicly available to facilitate meaningful
comparison; and (iv) the selected companies exhibit high-growth characteristics in terms
of revenue growth and business expansion that are broadly comparable to the growth
profile and development stage of MHX Technology. The management also considered a
range of metrics derived from the selected comparable companies, together with MHX
Technology’s operational performance. Based on the foregoing analysis and assessment,
the management considered that the pre-transaction valuation of MHX Technology
as disclosed herein is supportable from a commercial perspective and is within the
valuation range implied by the selected comparable companies and transactions; and

(ii)

the assets and the intellectual property rights pertaining to the development of MHX
Technology’s core products to be transferred from the Group pursuant to the MHX
Technology Capital Subscription Agreement. The willingness of such Investors to
invest at the agreed purchase price provides independent market-based support for the
valuation of MHX Technology.

The subscription price under the Hangzhou Jingtao Subscription Right was determined on the
same basis as, and is equal to, the purchase price per unit of increased registered capital under the
Subscription.

5

Conditions precedent
Completion of the Investor Subscription is conditional upon the satisfaction (or written waiver
by the relevant Investor, which waiver shall be effective only in respect of that Investor) of the
following conditions precedent:
(a)

there being no PRC law, or judgment, ruling or injunction of any court, arbitral tribunal or
competent governmental authority, restricting, prohibiting or cancelling the Subscription,
and no pending litigation, arbitration, judgment or ruling which has or will have a material
adverse effect on the Subscription;

(b)

MHX Technology having obtained the required shareholders’ and board approvals for the
execution of the transaction documents and the Investor Subscription;

(c)

MHX Technology and MHZX Intelligent Technology having obtained all regulatory
and third-party approvals required for the execution and performance of the transaction
documents and the Investor Subscription;

(d)

the execution of all relevant transaction documents;

(e)

the representations and warranties given by MHX Technology and MHZX Intelligent
Technology under the MHX Technology Capital Subscription Agreement remaining true,
complete and accurate;

(f)

no event bearing material adverse effect on MHX Technology’s equity structure, assets,
financial condition or normal operations having occurred or existing since the date of the
MHX Technology Capital Subscription Agreement and up to the completion date;

(g)

the Investors having obtained all relevant authorisations and approvals for the Investor
Subscription; and

(h)

MHX Technology and MHZX Intelligent Technology having issued to the Investors a
confirmation letter confirming that all of the above conditions precedent have been satisfied.

Payment
Unless otherwise agreed, each Investor shall pay its respective purchase price in full in one
lump sum to the bank account designated by MHX Technology within 10 business days after
all conditions precedent under the MHX Technology Capital Subscription Agreement have been
satisfied (and in any event not later than 10 business days after the date of the MHX Technology
Capital Subscription Agreement).
No guarantee or security has been given or is required in connection with the Transactions.
THE CONTROLLING SHAREHOLDER SUBSCRIPTION AGREEMENT
The principal terms of the Controlling Shareholder Subscription Agreement are summarised below:
Date:

October 16, 2026

6

Parties:
(a)

MHX Technology; and

(b)

MHZX Intelligent Technology.

As at the date of this announcement, MHX Technology is held as to 100% by MHZX Intelligent
Technology, which is an indirectly wholly-owned subsidiary of the Company.
The Controlling Shareholder Subscription
Pursuant to the Controlling Shareholder Subscription Agreement, MHZX Intelligent Technology
conditionally agreed to subscribe for RMB42,826,552 increased registered capital of MHX
Technology at an aggregate purchase price of RMB1 billion (the purchase price per unit of
increased registered capital at RMB23.35). The Controlling Shareholder Subscription is entered
into in conjunction with, and at the same price per unit of registered capital as, the Investor
Subscription under the MHX Technology Capital Subscription Agreement.
Such increased registered capital of MHX Technology so subscribed is subject to certain transfer
restrictions including prior consent of the Investors in the event of proposed transfer by MHZX
Intelligent Technology exceeding certain percentage of its equity interests owned in MHX
Technology.
Considerations and basis of determination
The purchase price under the Controlling Shareholder Subscription Agreement was determined
on the same basis as, and is equal to, the purchase price per unit of increased registered capital
payable by the Investors under the MHX Technology Capital Subscription Agreement.
Conditions precedent
Completion of the Controlling Shareholder Subscription is conditional upon the satisfaction (or
written waiver by MHZX Intelligent Technology) of the following conditions precedent:
(a)

the representations and warranties given by each party under the Controlling Shareholder
Subscription Agreement remaining true, complete and accurate from the date of the
agreement up to completion, and there being no breach of the agreement;

(b)

MHX Technology having obtained the shareholder’s and board approvals for the execution
of the Controlling Shareholder Subscription Agreement, the Controlling Shareholder
Subscription and the corresponding amendments to its articles of association;

(c)

MHX Technology and MHZX Intelligent Technology having executed the Controlling
Shareholder Subscription Agreement and the other documents necessary for the Controlling
Shareholder Subscription; and

(d)

MHX Technology having confirmed to MHZX Intelligent Technology that the above
conditions precedent have been satisfied.

7

Payment
MHZX Intelligent Technology shall pay the purchase price in full in one lump sum to the bank
account designated by MHX Technology once all conditions precedent have been satisfied or
waived. Completion shall take place on the date of payment.
THE ADOPTION OF THE MH INCENTIVE SCHEMES
The Board further announces that, in connection with the Subscription, MHX Technology will
adopt the MH Incentive Scheme 1 and the MH Incentive Scheme 2 (together, the “MH Incentive
Schemes ” ) to provide incentives to its valuable employees and key contributors. As MHX
Technology is not a principal subsidiary of the Company under Chapter 17 of the Listing Rules,
neither the MH Incentive Scheme 1 nor the MH Incentive Scheme 2 constitutes a share scheme
under Chapter 17 of the Listing Rules and neither is subject to the provisions of Chapter 17 of the
Listing Rules. The principal terms of the MH Incentive Scheme 1 and the MH Incentive Scheme 2
are summarised below:
The MH Incentive Scheme 1
(a)

Purpose: to attract, retain and incentivise selected employees, management and core talent
considered essential to the long-term development and success of MHX Technology’s chip
and domain controller business, and to establish a long-term interest alignment mechanism
between such participants, MHX Technology and its shareholders through equity-based
incentives;

(b)

Term: the MH Incentive Scheme 1 shall remain in effect unless amended or terminated in
accordance with its terms, MHX Technology’s constitutional documents, the shareholders’
agreement of MHX Technology, and applicable law;

(c)

Eligible Participants: include but not limited to: (a) members of MHX Technology ’ s
management team; (b) core technology and product talent; (c) core business and professional
management talent; and (d) other key talent as determined by the MHX Technology Board;

(d)

Scheme Mandate Limit: the maximum equity interests in MHX Technology subject to the
MH Incentive Scheme 1 shall not exceed 15% of the enlarged total equity interests of MHX
Technology upon completion of the Subscription (assuming no exercise of the Hangzhou
Jingtao Subscription Right) (the “ Incentive Scheme 1 Mandate Limit” ). The Incentive
Scheme 1 Mandate Limit will be satisfied by new equity interests in MHX Technology to be
subscribed by the employee shareholding platform, such issuance to be completed no later
than 30 days after completion of the Subscription;

(e)

Types of awards: may include (a) restricted shares; (b) options; (c) interests in the employee
incentive platform; and (d) other long-term incentive instruments permitted by applicable
law; and

(f)

Subscription price, vesting and exercise conditions: to be determined by the general manager/
chief executive officer of MHX Technology and the management team of MHX Technology,
who have been irrevocably authorised by all shareholders and directors of MHX Technology
to formulate, administer and implement the incentive schemes (including, among others,
grants, vesting, amendment and cancellation), provided that the subscription price shall be
within the minimum price permitted by law.
8

The MH Incentive Scheme 2
The principal terms of the MH Incentive Scheme 2 are summarised below:
(a)

Purpose: to attract, incentivise and retain senior management of MHX Technology who have
a significant influence on or contribution to MHX Technology’s development;

(b)

Term: the MH Incentive Scheme 2 shall remain in effect for no more than 10 years from the
date of its approval by the shareholders of MHX Technology;

(c)

Eligible Participants: members of senior management of MHX Technology who play a key
role in leading business transformation, business model innovation and building sustainable
competitiveness, and who have significant influence and are irreplaceable;

(d)

Scheme Mandate Limit: the maximum equity interests in MHX Technology subject to the
MH Incentive Scheme 2 shall not exceed 5% of the enlarged total equity interests of MHX
Technology upon completion of the Subscription (assuming no exercise of the Hangzhou
Jingtao Subscription Right) (the “ Incentive Scheme 2 Mandate Limit” ). The Incentive
Scheme 2 Mandate Limit will be satisfied by new equity interests in MHX Technology
subsequent to completion of the Subscription;

(e)

Types of awards: restricted equity interests or share award in MHX Technology;

(f)

Grant price and unlocking: the grant price and grant conditions shall be determined by the
MHX Technology Board within the minimum price permitted by law. The restricted equity
interests and/or share awards shall be subject to certain lock up restrictions as determined by
the MHX Technology Board;

(g)

Administration: the MH Incentive Scheme 2 shall be administered by the MHX Technology
Board; and

(h)

Departure, repurchase and clawback: upon the departure of a participant or the occurrence of
specified misconduct, the relevant equity interests may be repurchased or forfeited, and gains
may be clawed back, in accordance with the terms of the MH Incentive Scheme 2.

REGISTERED CAPITAL RESERVE FOR FURTHER INCENTIVIZATION
Pursuant to the transaction documents, in addition to the equity incentives for employees and senior
management under the MH Incentive Schemes, MHX Technology may formulate equity incentive
arrangements for its directors or consultants, and may reserve an additional 3% of its enlarged
registered capital upon completion of the Subscription for such purpose (assuming full utilisation
of the Incentive Scheme 1 Mandate Limit and the Incentive Scheme 2 Mandate Limit and no
exercise of the Hangzhou Jingtao Subscription Right) (the “Additional MH ESOP Reserve”),
which is separate from the MH Incentive Schemes and is not reflected in the shareholding table
below.

9

CHANGE IN SHAREHOLDING STRUCTURE OF MHX TECHNOLOGY
The shareholding structure of MHX Technology immediately prior to and immediately upon
completion of the Transactions is set out below:

Shareholders of
MHX Technology

MHZX Intelligent Technology
Registered capital of MHX
Technology reserved pursuant
to the Incentive Scheme 1
Mandate Limit
Registered capital of MHX
Technology reserved pursuant
to the Incentive Scheme 2
Mandate Limit
Hangzhou Jingtao (杭州經韜)
Lanchi Ventures
(藍馳創投)
Huaye Tiancheng
(華業天成)
MiraclePlus
(奇績創壇)
Reserved for the Hangzhou
Jingtao Additional
Investor (Note 1)
Total

Immediately upon completion Immediately upon completion Immediately upon completion
of the Subscription and
of the Subscription and
of the Subscription and
the full utilisation of the
the full utilisation of the
the full utilisation of the
Incentive Scheme 1 Mandate Incentive Scheme 1 Mandate Incentive Scheme 1 Mandate
Limit (assuming the Incentive Limit and the Incentive
Limit and Incentive Scheme
Scheme 2 Mandate Limit is Scheme 2 Mandate Limit
2 Mandate Limit and full
Immediately prior to
not utilized and no exercise
(assuming no exercise of
exercise of the Hangzhou
the completion of the
of the Hangzhou Jingtao
the Hangzhou Jingtao
Jingtao Subscription Right
(Note 1)
Subscription
Subscription Right)
Subscription Right)
Unit of
Unit of
Unit of
Unit of
registered
registered
registered
registered
capital
capital
capital
capital
of MHX
of MHX
of MHX
of MHX
Technology Approximate Technology Approximate Technology Approximate Technology Approximate
(RMB)
%
(RMB)
%
(RMB)
%
(RMB)
%
500,000,000

100.00

542,826,552

80.25

542,826,552

76.24

542,826,552

74.01

–

–

106,798,715

15.79

106,798,715

15.00

106,798,715

14.56

–
–

–
–

–
8,565,310

–
1.27

35,599,572
8,565,310

5.00
1.20

35,599,572
8,565,310

4.85
1.17

–

–

8,565,310

1.27

8,565,310

1.20

8,565,310

1.17

–

–

8,565,311

1.27

8,565,311

1.20

8,565,311

1.17

–

–

1,070,664

0.16

1,070,664

0.15

1,070,664

0.15

–
500,000,000

–
100.00%

–
676,391,862

–
100.00%

–
711,991,434

–
100.00%

21,413,277
733,404,711

2.92
100.00%

10

Note:
(1)

Assuming the Hangzhou Jingtao Additional Investor exercises the Hangzhou Jingtao Subscription Right in
full for an aggregate subscription consideration of RMB500 million. Upon such exercise, Hangzhou Jingtao
and the Hangzhou Jingtao Additional Investor will together hold RMB29,978,587 registered capital of MHX
Technology, representing approximately 4.09% of the enlarged registered capital of MHX Technology.

(2)

The sum of unit of registered capital for certain column may not add up to the total due to rounding issues.

FINANCIAL IMPACT AND INTENDED USE OF PROCEEDS
Upon completion of the Subscription and the adoption of the MH Incentive Schemes, MHX
Technology will cease to be a wholly-owned subsidiary of the Company and will become an
approximately 76.24% owned subsidiary of the Company (assuming the Incentive Scheme 1
Mandate Limit and the Incentive Scheme 2 Mandate Limit are fully utilised, and no exercise of the
Hangzhou Jingtao Subscription Right).
Assuming further that the Hangzhou Jingtao Subscription Right is exercised in full, the Company’s
equity interest in MHX Technology will be further diluted to approximately 74.01%, and MHX
Technology will remain a subsidiary of the Company.
The financial results of MHX Technology will continue to be consolidated into the consolidated
financial statements of the Company.
Based on a preliminary assessment, the Company does not expect to record any gain or loss on the
transactions described in this announcement, the actual gain/loss amount (if any) to be recorded by
the Company will be subject to review by the Company’s auditor.
MHX Technology expects to receive proceeds of approximately RMB1,625 million from the
Subscription (comprising RMB1,000 million from MHZX Intelligent Technology under the
Controlling Shareholder Subscription and RMB625 million from the Investors under the Investor
Subscription) and, if the Hangzhou Jingtao Subscription Right is exercised in full, additional
proceeds of up to RMB500 million. Such proceeds are expected to be used for business expansion,
working capital, the acquisition of assets to be transferred to MHX Technology, research and
development and procurement of MHX Technology (and its subsidiaries), and other uses approved
by MHX Technology.

11

REASONS FOR AND BENEFITS OF THE TRANSACTIONS
The Company considers that the introduction of external equity financing into MHX Technology
through the MHX Technology Capital Subscription Agreement and the adoption of the MH
Incentive Scheme 1 and the MH Incentive Scheme 2 are commercially beneficial to the Company
and MHX Technology and in the interests of the Company and its shareholders as a whole for the
following reasons:
(a)

the chip and domain controller business represents a second growth curve for the Group,
complementing the Group’s core premium smart electric vehicle business. The establishment
of MHX Technology as a dedicated platform for such business will enable focused
management attention, dedicated capital allocation and independent corporate governance.
This structure positions MHX Technology to capitalize on broader industrial opportunities,
particularly in non-automotive sectors, and realize enhanced economies of scale;

(b)

the Subscription will provide MHX Technology with a significant amount of capital to fund
its research and development and commercialisation activities across the full chip value
chain, thereby leveraging external financing to mobilise capital investment and allowing a
more efficient deployment of the Group’s financial resources;

(c)

the participation of internationally recognised institutional investors is expected to enhance
the profile of MHX Technology among its potential customers, suppliers and strategic
partners and strengthen its position in negotiating and soliciting business;

(d)

the adoption of the MH Incentive Scheme 1 and the MH Incentive Scheme 2 will (i) provide
a competitive long-term incentive mechanism to attract, motivate and retain core technology
and engineering talent essential to MHX Technology ’ s success; and (ii) align the key
personnel’s interests with the long-term growth and value creation of MHX Technology;

(e)

the Company will continue to control and consolidate MHX Technology following completion
of the Transactions and could achieve strategic synergies between the Group and MHX
Technology through the sharing of R&D resources and achievements in chip technology and
autonomous driving, so that the Group retains the strategic benefits of the chip and domain
controller business; and

(f)

the introduction of external financing enables the value of MHX Technology and the
Group’s chip and domain controller business to be better reflected on their own merits, and
enables investors to appraise and assess the performance and potential of MHX Technology
separately and distinctly from those of the Group’s other businesses.

In addition, the grant of the Hangzhou Jingtao Subscription Right will provide MHX Technology
with the opportunity to raise additional funding of up to RMB500 million within a short period at
the same valuation as the Subscription, which reflects the confidence of Hangzhou Jingtao in the
prospects of MHX Technology, without imposing any obligation on the Group should the right
lapse.
The Directors (including the independent non-executive Directors) believe that the terms of the
Controlling Shareholder Subscription Agreement, the MHX Technology Capital Subscription
Agreement and the transactions contemplated thereunder, including the adoption of the MH
Incentive Schemes and the grant of the Hangzhou Jingtao Subscription Right, are fair and
reasonable, on normal commercial terms and in the interests of the Company and its shareholders
as a whole.
12

None of the Directors has any material interest in the Transactions, and none of them is required to
abstain from voting on the relevant Board resolutions.
LISTING RULES IMPLICATIONS
The Subscription, the adoption of the MH Incentive Schemes and the grant of the Hangzhou
Jingtao Subscription Right
The Subscription constitutes a deemed disposal of equity interest in MHX Technology by the
Company under Rule 14.29 of the Listing Rules. MHX Technology is not a principal subsidiary
of the Company under Chapter 17 of the Listing Rules and, accordingly, the MH Incentive
Scheme 1 and the MH Incentive Scheme 2 do not constitute share schemes under Chapter 17 of
the Listing Rules and are not subject to the provisions of Chapter 17 of the Listing Rules. As both
the MH Incentive Scheme 1 and the MH Incentive Scheme 2 involve the grant of interests over
the registered capital of MHX Technology, the adoption of the MH Incentive Scheme 1 and the
MH Incentive Scheme 2 also constitutes possible disposals and/or deemed disposals of equity
interest in MHX Technology by the Company pursuant to Rule 14.32A of the Listing Rules and
should be aggregated with (i) one another and (ii) the Subscription pursuant to Rule 14.23 of the
Listing Rules. Assuming (a) the Subscription is completed in full and (b) the Incentive Scheme 1
Mandate Limit and the Incentive Scheme 2 Mandate Limit are fully utilised, the Company’s equity
interest in MHX Technology will be diluted from 100.00% to approximately 76.24%, representing
a deemed disposal and/or possible disposal of approximately 23.76% of the equity interest in MHX
Technology by the Company.
The grant of the Hangzhou Jingtao Subscription Right constitutes the grant of an option by the
Group. As the exercise of the Hangzhou Jingtao Subscription Right is at the discretion of the
Hangzhou Jingtao Additional Investor and not the Group, pursuant to Rule 14.74(1) of the Listing
Rules, the grant is classified as if the Hangzhou Jingtao Subscription Right had been exercised
in full, and the percentage ratios have been calculated on the basis of the maximum subscription
consideration of RMB500 million. The grant of the Hangzhou Jingtao Subscription Right is
aggregated with the Subscription, the adoption of the MH Incentive Scheme 1 and the MH
Incentive Scheme 2 pursuant to Rule 14.23 of the Listing Rules. Assuming further the full exercise
of the Hangzhou Jingtao Subscription Right, the Company’s equity interest in MHX Technology
will be diluted to approximately 74.01%, representing a deemed disposal and/or possible disposal
of approximately 25.99% of the equity interest in MHX Technology.
As the highest applicable percentage ratio in respect of the aggregated transactions (including
the grant of the Hangzhou Jingtao Subscription Right) exceeds 5% but is less than 25%, the
Subscription, the adoption of the MH Incentive Scheme 1 and the MH Incentive Scheme 2 and
the grant of the Hangzhou Jingtao Subscription Right constitute a discloseable transaction of the
Company under Chapter 14 of the Listing Rules and are subject to the reporting and announcement
requirements under Chapter 14 of the Listing Rules, but are exempt from the circular and
shareholders’ approval requirements thereunder.
The Company will comply with the applicable requirements (including those applicable to
connected transactions) under the Listing Rules as appropriate when MHX Technology proposes to
grant awards to any participants pursuant to the MH Incentive Schemes and/or the Additional MH
ESOP Reserve.

13

INFORMATION ON THE PARTIES
THE COMPANY
The Company is a company controlled through weighted voting rights and incorporated in the
Cayman Islands with limited liability, with its American depositary shares listed on the Nasdaq
Global Select Market (Nasdaq: LI) and its Class A ordinary shares listed on the Main Board of
the Stock Exchange (Stock Code: 2015 (HKD Counter)). The principal activity of the Company
is investment holding. The principal businesses of the Company’s subsidiaries are research and
development, sales and after sales management, manufacturing of automobile and technology
development.
MHZX Intelligent Technology
Shanghai Mahe Zhixin Intelligent Technology Co., Ltd.* (上海馬赫智芯智能科技有限公司)
is a limited liability company established under PRC law on August 4, 2026. It is an indirectly
wholly-owned subsidiary of the Company. MHZX Intelligent Technology is principally engaged
in investment holding. MHZX Intelligent Technology will remain as the controlling shareholder of
MHX Technology upon completion of the Transactions.
MHX Technology
Shanghai Mahe Xin Technology Co., Ltd.* (上海馬赫心科技有限公司) is a limited liability
company established under PRC law on August 12, 2026. MHX Technology is an indirectly
wholly-owned subsidiary of the Company as at the date of this announcement, held through MHZX
Intelligent Technology.
MHX Technology is a company to be principally engaged in the design and sale of chip and
domain controller. Its business model will centre on a full-stack “ chip-controller-operating
system” technology and product system, with core technologies encompassing dynamic data-flow
architecture-based chips and algorithm-compiler-OS-chip co-design. MHX Technology has been
strategically established by the Group to serve as the primary platform for the Group’s chip and
domain controller businesses in the PRC.
As MHX Technology was only established on August 12, 2026, it has not yet commenced
substantive commercial operations as at the date of this announcement and accordingly has not
recorded any revenue or profit. As at the date of this announcement, MHX Technology had no asset
(total or net). It is expected that MHX Technology will gradually commence operation, including
recruiting talents and acquiring assets for its operation upon completion of the Subscription.

14

The Investors

Hangzhou Jingtao (杭州經韜)
Hangzhou Jingtao Enterprise Management Partnership (Limited Partnership)* (杭州經韜企業管理
合夥企業(有限合夥)) (“Hangzhou Jingtao”) is a limited partnership established under the laws
of the PRC. As at the date of this announcement, Hangzhou Jingtao is held as to approximately
82.33% and 17.67% by its limited partners, Hangzhou Chuangyi Weilai Equity Investment
Partnership (Limited Partnership)* (杭州創奕未來股權投資合夥企業(有限合夥)) ( “ Hangzhou
Chuangyi Weilai”) and Hangzhou Chuangyi Shenghua Equity Investment Partnership (Limited
Partnership)* (杭州創奕晟華股權投資合夥企業(有限合夥)) (“Hangzhou Chuangyi Shenghua”),
respectively. The general partner of each of Hangzhou Jingtao, Hangzhou Chuangyi Weilai and
Hangzhou Chuangyi Shenghua is Hangzhou Chuangsheng Enterprise Management Partnership
(Limited Partnership)* (杭州創昇企業管理合夥企業(有限合夥)) ( “ Hangzhou Chuangsheng ” ),
whose general partner is Hangzhou Jinglun Enterprise Management Co., Ltd.* (杭州經綸企業管理
有限公司) (“Hangzhou Jinglun”). Hangzhou Jinglun is owned as to 51% by Zuo Lingye (左凌燁),
and none of its other shareholders holds 30% or more of its equity interest. None of the limited
partners of Hangzhou Chuangyi Weilai and Hangzhou Chuangyi Shenghua holds 30% or more
partnership interest in Hangzhou Jingtao. Hangzhou Jingtao is a holding vehicle, and the principal
business of each of Hangzhou Chuangyi Weilai and Hangzhou Chuangyi Shenghua is private
equity investment.

Lanchi Ventures (藍馳創投)
The investors under the Lanchi Ventures group comprise (i) Shanghai Lanchi Xinhao Venture
Capital Partnership (Limited Partnership)* (上海藍馳新皓創業投資合夥企業(有限合夥))
(“Lanchi Xinhao”), whose general partner is Yangzhou Lanchi Yuze Investment Co., Ltd.* (揚州
藍馳禹澤投資有限公司); (ii) Hangzhou Lanchi Xinhan Venture Capital Fund Partnership (Limited
Partnership)* (杭州藍馳新瀚創業投資基金合夥企業(有限合夥)) ( “ Lanchi Xinhan ” ), whose
general partner is Yangzhou Pengze Investment Management Co., Ltd.* (揚州澎澤投資管理有限
公司); (iii) Jiaxing Chiyue Venture Capital Partnership (Limited Partnership)* (嘉興馳岳創業投
資合夥企業(有限合夥)) (“Jiaxing Chiyue”), whose general partner is Jiaxing Yinuo Investment
Co., Ltd.* (嘉興奕諾投資有限公司); and (iv) Cosmic Flare Limited (“Cosmic Flare”). Each of
Lanchi Xinhao, Lanchi Xinhan and Jiaxing Chiyue is a limited partnership established in the PRC
focusing on investment activities, and each of their general partners is wholly owned by Beijing
Lanchi Hechuang Management Consulting Co., Ltd.* (北京藍馳禾創管理諮詢有限公司), which is
owned as to 99% by Mr. Zhu Tianyu (朱天宇) and 1% by Ms. Liu Ji (劉吉). None of the limited
partners of Lanchi Xinhao or Lanchi Xinhan holds 30% or more partnership interest. As at the
date of this announcement, among the limited partners of Jiaxing Chiyue, Wuhu Gefei Songcan
Equity Investment Center (Limited Partnership)* (蕪湖歌斐頌燦股權投資中心(有限合夥)) and
Wuhu Gefei Xianghao Equity Investment Center (Limited Partnership)* (蕪湖歌斐祥浩股權投資
中心(有限合夥)) hold approximately 38.37% and 37.30% partnership interest, respectively; none
of the other limited partners holds 30% or more partnership interest. The general partner of each
of these two limited partners is Shanghai Gefei Masa Asset Management Co., Ltd.* (上海歌斐瑪
撒資產管理有限公司), which is ultimately controlled by Wang Jingbo (汪靜波), and none of their
respective limited partners holds 30% or more partnership interest in these two limited partners.
Cosmic Flare is a company incorporated in Hong Kong with limited liability, which is ultimately
controlled by Mr. Tan Jui Kuang (陳維廣). Lanchi Ventures is a venture capital firm that focuses
on early-stage technology start-ups.

15

Huaye Tiancheng (華業天成)
The investors under the Huaye Tiancheng (華業天成) group comprise (i) Anhui Huaye Qicheng
Equity Investment Partnership (Limited Partnership)* (安徽華業啟成股權投資合夥企業(有
限合夥)) ( “ Anhui Huaye Qicheng ” ) and (ii) Zhuhai Jintuo Zhicheng Investment Partnership
(Limited Partnership)* (珠海勁拓智成投資合夥企業(有限合夥)) ( “ Zhuhai Jintuo Zhicheng” ),
each a limited partnership established under the laws of the PRC. Anhui Huaye Qicheng is held
as to approximately 0.06% by its general partner, Zhuhai Hengqin Huaye Tiancheng Investment
Partnership (Limited Partnership)* (珠海橫琴華業天成投資合夥企業(有限合夥)) ( “ Hengqin
Huaye Tiancheng”), and as to approximately 99.94% by its 24 limited partners, none of which
holds 30% or more of the interests therein. Zhuhai Jintuo Zhicheng is held as to 10% by its general
partner, Hainan Huaye Xiwang Investment Co., Ltd.* (海南華業希望投資有限公司), which is
wholly owned by Shenzhen Huaye Tiancheng Investment Co., Ltd.* (深圳華業天成投資有限公司)
(“Shenzhen Huaye Tiancheng”), and as to 90% by its limited partner, Hengqin Huaye Tiancheng.
Hengqin Huaye Tiancheng is held as to 1% by its general partner, Shenzhen Huaye Tiancheng, and
as to 59% and 40% by its limited partners, Mr. Sun Yelin (孫業林) and Mr. Yang Huajun (楊華君),
respectively. Shenzhen Huaye Tiancheng is owned as to 65% and 35% by Mr. Sun Yelin and Mr.
Yang Huajun, respectively. Accordingly, the ultimate beneficial owners of each of Anhui Huaye
Qicheng and Zhuhai Jintuo Zhicheng are Mr. Sun Yelin and Mr. Yang Huajun. Huaye Tiancheng
primarily focuses on long-term equity investments in privately held companies engaged in the
next-generation information technology industry.

MiraclePlus (奇績創壇)
Beijing Qiji Chuangtan Phase III Venture Capital Fund Center (Limited Partnership)* (北京奇績
創壇三期創業投資基金中心(有限合夥)) (“MiraclePlus III”) is a limited partnership established
in the PRC focusing on venture capital investment, and a member of the MiraclePlus (奇績創壇)
group (“MiraclePlus”). The general partner of MiraclePlus III is Beijing Qiji Chuangtan Xingfang
Phase III Enterprise Management Center (Limited Partnership)* (北京奇績創壇行方三期企業管理
中心(有限合夥)) (“MiraclePlus III GP”), in which its general partner, Shanghai Qiji Chuangtan
Zhiyuan Enterprise Management Co., Ltd.* (上海奇績創壇智圓企業管理有限責任公司) ( “ Qiji
Zhiyuan”), holds 99.9% partnership interest. Qiji Zhiyuan is owned as to 99.9% by Dr. Lu Qi (陸
奇). Accordingly, MiraclePlus III GP is ultimately controlled by Dr. Lu Qi. As at the date of this
announcement, the largest limited partner of MiraclePlus III is Beijing Zhongguancun Science
City Phase III Technology Growth Equity Investment Partnership (Limited Partnership)* (北京
中關村科學城三期科技成長股權投資合夥企業(有限合夥)) ( “ ZGC Science City Fund III ” ),
holding approximately 66% partnership interest in MiraclePlus III. ZGC Science City Fund III
is held as to 99% by its limited partner, Beijing Haidian District State-owned Assets Investment
Group Co., Ltd.* (北京市海淀區國有資產投資集團有限公司) ( “ Haidian SOA Group ” ), and
as to 1% by its general partner, Beijing Zhongguancun Science City Technology Investment
Management Co., Ltd.* (北京中關村科學城科技投資管理有限公司), which is in turn owned as
to 80% by Beijing Zhongguancun Science City Innovation Development Co., Ltd.* (北京中關村
科學城創新發展有限公司) and as to 20% by Haidian SOA Group. Each of Haidian SOA Group
and Beijing Zhongguancun Science City Innovation Development Co., Ltd. is wholly owned by
Beijing Haidian District State-owned Capital Operation Co., Ltd.* (北京市海淀區國有資本運營有
限公司), which is in turn wholly owned by the State-owned Assets Supervision and Administration
Commission of the People’s Government of Haidian District, Beijing* (北京市海淀區人民政府國
有資產監督管理委員會). The other limited partners of MiraclePlus III, none of which holds 30%
or more partnership interest in MiraclePlus III, are (i) Shenzhen Shiji Kaihua Investment Fund Co.,
Ltd.* (深圳市世紀凱華投資基金有限公司), holding approximately 14.67% partnership interest;
(ii) Beijing Xinyi Zhuoyue Technology Co., Ltd.* (北京新異卓越科技有限公司), a wholly-owned
16

subsidiary of Douyin Co., Ltd.* (抖音有限公司), holding approximately 11% partnership interest;
and (iii) Chongqing Chezhiyuan Venture Capital Co., Ltd.* (重慶車之轅創業投資有限公司),
an indirect wholly-owned subsidiary of the Company, holding approximately 7.33% partnership
interest. MiraclePlus is an early-stage venture capital and start-up accelerator platform founded by
Dr. Lu Qi.
Save for Chongqing Chezhiyuan Venture Capital Co., Ltd.*, which is a subsidiary of the Company,
to the best of the Directors’ knowledge, information and belief having made all reasonable enquiry,
all of the abovementioned individuals and entities are third parties independent of the Company
and its connected persons.
Completion of the Subscription is subject to the satisfaction and/or waiver of the conditions
precedent, and the Hangzhou Jingtao Subscription Right may or may not be exercised.
Accordingly, the Transactions may or may not proceed. Shareholders and potential investors
of the Company are advised to exercise caution when dealing in the securities of the
Company.
DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall have
the following meanings:
“Board”

the board of directors of the Company

“Company”

Li Auto Inc. (理想汽車) (formerly known as “Leading Ideal
Inc.” and “CHJ Technologies Inc.”), a company with limited
liability incorporated in the Cayman Islands on April 28, 2017

“connected person(s)”

has the meaning ascribed to it under the Listing Rules

“Director(s)”

the director(s) of the Company

“Group”

the Company and its subsidiaries

“Hangzhou Jingtao”

Hangzhou Jingtao Enterprise Management Partnership (Limited
Partnership)* (杭州經韜企業管理合夥企業(有限合夥))

“Hangzhou Jingtao
Additional Investor”

Hangzhou Jingtao and its affiliated funds, each of which
shall be an independent third party of the Company and its
connected persons

“Hong Kong”

the Hong Kong Special Administrative Region of the PRC

“Investor(s)”

the entities set out in “The Investors” in this announcement,
being the subscriber(s) (other than MHZX Intelligent
Technology) under the MHX Technology Capital Subscription
Agreement

17

“Listing Rules”

the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited

“MH Incentive Scheme 1”

the employee equity incentive scheme of MHX Technology to
be adopted in connection with the Transactions, the principal
terms of which are set out in the section headed “The Adoption
of the MH Incentive Schemes” in this announcement

“MH Incentive Scheme 2”

the restricted equity incentive scheme of MHX Technology for
its senior management to be adopted in connection with the
Transactions, the principal terms of which are set out in the
section headed “The Adoption of the MH Incentive Schemes”
in this announcement

“MH Incentive Schemes”

the MH Incentive Scheme 1 and the MH Incentive Scheme 2

“MHX Technology”

Shanghai Mahe Xin Technology Co., Ltd.* (上海馬赫心科技
有限公司), a limited liability company established under PRC
law and an indirectly wholly-owned subsidiary of the Company
as at the date of this announcement

“MHX Technology Board”

the board of directors of MHX Technology

“MHX Technology Capital
Subscription Agreement”

the capital increase agreement in relation to MHX Technology
dated October 16, 2026 entered into among MHX Technology,
MHZX Intelligent Technology and the Investors

“MHZX Intelligent
Technology”

Shanghai Mahe Zhixin Intelligent Technology Co., Ltd.* (上
海馬赫智芯智能科技有限公司), a limited liability company
established under PRC law and an indirectly wholly-owned
subsidiary of the Company as at the date of this announcement

“PRC” or “China”

the People ’ s Republic of China, which for the purpose of
this announcement excludes Hong Kong, the Macau Special
Administrative Region of the PRC and Taiwan

“RMB”

Renminbi, the lawful currency of the PRC

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“Subscription”

the Investor Subscription pursuant to the MHX Technology
Capital Subscription Agreement and the Controlling
Shareholder Subscription pursuant to the Controlling
Shareholder Subscription Agreement

18

“Transactions”

together, the Subscription, the adoption of the MH Incentive
Schemes and the grant of the Hangzhou Jingtao Subscription
Right

“%”

per cent

*

For identification purposes only

By order of the Board
Li Auto Inc.
Li Xiang
Chairman
Hong Kong, October 16, 2026

As of the date of this announcement, the Board of the Company comprises Mr. Li Xiang, Mr.
Ma Donghui and Mr. Li Tie as executive directors; Mr. Wang Xing and Mr. Fan Zheng as
non-executive directors; and Mr. Zhao Hongqiang, Mr. Jiang Zhenyu and Prof. Xiao Xing as
independent non-executive directors.

19

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性
或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴
該等內容而引致的任何損失承擔任何責任。

Li Auto Inc.
理想汽車

（於開曼群島註冊成立以不同投票權控制的有限責任公司）

（股份代號：2015）

有關認購事項及採納馬赫激勵計劃
之
須予披露交易
緒言
董事會欣然宣佈，於2026年10月16日，(i)馬赫心科技（於本公告日期為本公司
的間接全資附屬公司）與馬赫智芯智能科技訂立控股股東認購協議，據此，馬赫
智芯智能科技有條件同意以總購買價人民幣10億元認購馬赫心科技新增註冊資
本人民幣42,826,552元；及(ii)馬赫心科技、馬赫智芯智能科技與投資者訂立馬
赫心科技資本認購協議，據此，投資者有條件同意以總購買價人民幣625百萬元
認購馬赫心科技新增註冊資本合計人民幣26,766,595元。馬赫心科技本輪股權融
資由杭州經韜、藍馳創投及華業天成領投，並由奇績創壇參與。
此外，根據馬赫心科技資本認購協議，馬赫心科技與馬赫智芯智能科技已同意
於適用於杭州經韜的完成日期向杭州經韜額外投資者授出杭州經韜認購權，據
此，杭州經韜額外投資者可於2026年12月31日前，按隱含購買價每單位人民幣
23.35元一次性認購馬赫心科技的額外新增註冊資本，總認購代價不超過人民幣
500百萬元。

採納馬赫激勵計劃
董事會進一步宣佈，就認購事項而言，馬赫心科技將為其僱員採納馬赫激勵計
劃一，及為其高級管理層採納馬赫激勵計劃二，計劃授權限額分別為於認購事
項完成後馬赫心科技經擴大註冊資本的15%及5%（假設杭州經韜認購權未獲行
使）。由於馬赫心科技並非《上市規則》第十七章項下的本公司主要附屬公司，馬
赫激勵計劃並不構成《上市規則》第十七章項下的股份計劃，亦不受《上市規則》
第十七章的條文規限。

1

《上市規則》之涵義
認購事項根據《上市規則》第14.29 條構成本公司視作出售馬赫心科技的股權。
由於馬赫激勵計劃涉及授出馬赫心科技的註冊資本權益，採納馬赫激勵計劃亦
根據《上市規則》第14.32A條構成本公司可能出售及 ╱ 或視作出售馬赫心科技
的股權。由於杭州經韜認購權的行使並非由本集團酌情決定，根據《上市規則》
第14.74(1)條，杭州經韜認購權的授出被分類為猶如杭州經韜認購權已獲悉數行
使。該等交易根據《上市規則》第14.23條合併計算。
假設(a)認購事項已悉數完成、(b)激勵計劃一授權限額及激勵計劃二授權限額已
悉數動用，及(c)杭州經韜認購權已獲悉數行使，本公司於馬赫心科技的股權將
由100.00%攤薄至約74.01%，相當於本公司視作出售及 ╱ 或可能出售馬赫心科
技約25.99%的股權，而馬赫心科技將仍為本公司的附屬公司。由於該等合併交
易的最高適用百分比率超過5%但低於25%，交易事項構成本公司《上市規則》第
十四章項下的須予披露交易，須遵守《上市規則》第十四章項下的申報及公告規
定，惟獲豁免遵守通函及股東批准規定。
認購事項的完成須待先決條件獲達成及 ╱ 或豁免後方可作實，而杭州經韜認購
權可能或可能不會獲行使。因此，交易事項可能或可能不會進行。本公司股東
及潛在投資者在買賣本公司證券時務請謹慎行事。

緒言
董事會欣然宣佈，於2026年10月16日，(i)馬赫心科技（於本公告日期為本公司的
間接全資附屬公司）與馬赫智芯智能科技訂立控股股東認購協議，據此，馬赫智
芯智能科技有條件同意以總購買價人民幣10億元認購馬赫心科技新增註冊資本人
民幣42,826,552元（「控股股東認購事項」）；及(ii)馬赫心科技、馬赫智芯智能科技
與投資者訂立馬赫心科技資本認購協議，據此，投資者有條件同意以總購買價人
民幣625百萬元認購馬赫心科技新增註冊資本合計人民幣26,766,595元（「投資者認
購事項」，連同控股股東認購事項，統稱「認購事項」）。馬赫心科技資本認購協議
項下擬進行的馬赫心科技本輪股權融資由杭州經韜、藍馳創投及華業天成領投，
並由奇績創壇參與。
此外，根據馬赫心科技資本認購協議，馬赫心科技與馬赫智芯智能科技已同意於
適用於杭州經韜的完成日期向杭州經韜額外投資者授出杭州經韜認購權。有關詳
情，請參閱本公告下文「馬赫心科技資本認購協議 － 認購事項」一節。

馬赫心科技資本認購協議
馬赫心科技資本認購協議的主要條款概述如下：
日期： 2026年10月16日
2

訂約方：
(a) 馬赫心科技；
(b) 馬赫智芯智能科技（作為馬赫心科技的控股股東）；及
(c) 投資者。
據董事作出一切合理查詢後所知、所悉及所信，各投資者及其各自的最終實益擁
有人均為獨立於本公司及其關連人士的第三方。
認購事項
根據馬赫心科技資本認購協議：
(a) 投資者有條件同意認購馬赫心科技新增註冊資本合計人民幣26,766,595元，
總購買價為人民幣625百萬元，其中(i)杭州經韜同意以人民幣200百萬元認購
人民幣8,565,310元的註冊資本；(ii)藍馳創投投資者同意以人民幣200百萬元
認購人民幣8,565,310元的註冊資本；(iii)華業天成同意以人民幣200百萬元認
購人民幣8,565,311元的註冊資本；及(iv)奇績創壇三期同意以人民幣25百萬
元認購人民幣1,070,664元的註冊資本；及
(b) 馬赫心科技與馬赫智芯智能科技同意於適用於杭州經韜的完成日期，向杭州
經韜及其關聯基金（統稱「杭州經韜額外投資者」）授出一項權利（「杭州經韜
認購權」），可於2026 年12 月31 日前，按隱含購買價每單位註冊資本人民幣
23.35元一次性認購馬赫心科技的額外新增註冊資本，總認購代價不超過人民
幣500 百萬元。於行使後，任何未行使的部分將告失效。倘杭州經韜未完成
其於投資者認購事項項下的認購，或倘杭州經韜認購權未於2026年12月31日
前行使，杭州經韜認購權將自動失效。據此收購之股權將附帶與杭州經韜於
認購事項完成後所享有者相同的股東權利。
據此認購的馬赫心科技新增註冊資本受若干轉讓限制所規限，包括未經馬赫心科
技事先書面同意不得轉讓予本集團競爭對手的限制，以及當投資者擬轉讓其屆時
持有的馬赫心科技股權時，馬赫智芯智能科技所享有的優先購買權。
代價及釐定基準
應由馬赫智芯智能科技及投資者支付的馬赫心科技新增註冊資本購買價，相當於
馬赫心科技的隱含投前估值人民幣150 億元，以及馬赫心科技的協定投後估值約
人民幣166.3 億元（計算方法為(i)馬赫心科技每單位新增註冊資本購買價人民幣
23.35元與(ii)緊隨認購事項完成及悉數動用馬赫激勵計劃的計劃授權限額後的馬
赫心科技註冊資本總額之乘積），且不計及因杭州經韜認購權獲行使而可能發行的
任何馬赫心科技註冊資本。
3

該價格乃由各訂約方經公平磋商，考慮馬赫心科技的財務狀況、業務表現及業務
前景並參考以下各項後釐定：
(a) 受中國市場的業務前景及增長潛力帶動，芯片及域控制器行業的發展前景；
(b) 理想汽車集團智能駕駛域控制器的先進研發進展及核心技術能力及其廣泛的
商業覆蓋，包括基於動態數據流架構的芯片和算法 － 編譯器 － 操作系統 －
芯片協同設計；及
(c) 經與投資者（包括在科技領域擁有豐富投資經驗之國際認可、享有盛譽且資
深的機構投資者）進行公平磋商後確認，其中已考慮：
(i)

本公司管理層所進行之獨立且全面的盡職審查、商業分析及評估。作為
相關評估的一部分，管理層進行了市場可比分析，並選定若干同業公司
作基準比較用途。挑選可比公司乃基於多項客觀準則，其中包括：(i)所
選公司的主要業務活動專注於芯片及域控制器的研究、開發及商業化；
(ii)所選公司於主要國際資本市場（包括美國及香港）買賣，該等市場通常
具備充足的市場流動性、高透明度及完善的監管披露標準；(iii)所選公司
具備充足且可靠的公開財務及營運資料，以促進有意義的比較；及(iv)所
選公司在收入增長及業務擴張方面展現出高增長特徵，大體上與馬赫心
科技的增長狀況及發展階段相若。管理層亦考慮從所選可比公司得出的
一系列指標，以及馬赫心科技的營運表現。基於上述分析及評估，管理
層認為，本公告所披露的馬赫心科技投前估值從商業角度而言乃可予支
持，並處於所選可比公司及交易隱含的估值範圍內；及

(ii) 根據馬赫心科技資本認購協議，將由本集團轉讓的與開發馬赫心科技核
心產品有關的資產及知識產權。該等投資者願意按協定購買價進行投
資，為馬赫心科技的估值提供了獨立的市場化支持。
杭州經韜認購權項下的認購價乃按與認購事項項下每單位新增註冊資本的購買價
相同的基準釐定，且等於該購買價。
先決條件
投資者認購事項的完成須待下列先決條件獲達成（或由相關投資者書面豁免，而
有關豁免僅就該投資者生效）後，方可作實：
(a) 概無任何中國法律或任何法院、仲裁庭或主管政府機關的判決、裁決或禁制
令限制、禁止或取消認購事項，且概無對認購事項產生或將會產生重大不利
影響的未決訴訟、仲裁、判決或裁決；
(b) 馬赫心科技已就簽署交易文件及投資者認購事項取得所需的股東及董事會批
准；
(c) 馬赫心科技及馬赫智芯智能科技已就簽署及履行交易文件及投資者認購事項
取得所需的所有監管及第三方批准；
(d) 所有相關交易文件均已簽署；
(e) 馬赫心科技及馬赫智芯智能科技在馬赫心科技資本認購協議項下作出的聲明
及保證維持真實、完整及準確；
4

(f) 自馬赫心科技資本認購協議日期起至完成日期止，概無發生或存在對馬赫心
科技的股權架構、資產、財務狀況或正常營運產生重大不利影響的事件；
(g) 投資者已就投資者認購事項取得所有相關授權及批准；及
(h) 馬赫心科技及馬赫智芯智能科技已向投資者發出確認函，確認上述所有先決
條件均已獲達成。
付款
除非另有協定，各投資者須於馬赫心科技資本認購協議項下的所有先決條件獲達
成後10個營業日內（且在任何情況下不得遲於馬赫心科技資本認購協議日期後10
個營業日），將其各自的購買價一筆過全數支付至馬赫心科技指定的銀行賬戶。
概無就交易事項提供或須提供任何擔保或抵押。

控股股東認購協議
控股股東認購協議的主要條款概要如下：
日期： 2026年10月16日
訂約方：
(a) 馬赫心科技；及
(b) 馬赫智芯智能科技。
於本公告日期，馬赫心科技由馬赫智芯智能科技全資擁有，而馬赫智芯智能科技
為本公司的間接全資附屬公司。
控股股東認購事項
根據控股股東認購協議，馬赫智芯智能科技有條件同意以總購買價人民幣10億元
（每單位新增註冊資本購買價人民幣23.35元）認購馬赫心科技新增註冊資本人民幣
42,826,552元。控股股東認購事項乃與馬赫心科技資本認購協議項下的投資者認
購事項一併訂立，且每單位註冊資本價格相同。
據此認購的馬赫心科技新增註冊資本受若干轉讓限制所規限，包括倘馬赫智芯智
能科技擬轉讓其於馬赫心科技所持超過若干百分比的股權，須事先取得投資者同
意。
5

代價及釐定基準
控股股東認購協議項下的購買價，乃按與馬赫心科技資本認購協議項下投資者應
付每單位新增註冊資本購買價相同的基準釐定，並與之相等。
先決條件
控股股東認購事項的完成須待下列先決條件獲達成（或由馬赫智芯智能科技書面
豁免）後，方可作實：
(a) 各方於控股股東認購協議項下作出的聲明及保證，自協議日期起至完成日期
止均屬真實、完整及準確，且概無違反協議；
(b) 馬赫心科技已就訂立控股股東認購協議、控股股東認購事項及對其公司章程
的相應修訂取得股東及董事會批准；
(c) 馬赫心科技及馬赫智芯智能科技已簽立控股股東認購協議及控股股東認購事
項所需的其他文件；及
(d) 馬赫心科技已向馬赫智芯智能科技確認上述先決條件均已獲達成。
付款
待所有先決條件達成或豁免後，馬赫智芯智能科技須一次性向馬赫心科技指定的
銀行賬戶悉數支付購買價。完成應於付款日期作實。

採納馬赫激勵計劃
董事會進一步宣佈，就認購事項而言，馬赫心科技將採納馬赫激勵計劃一及馬赫
激勵計劃二（統稱為「馬赫激勵計劃」），旨在為其寶貴的員工及關鍵貢獻者提供激
勵。由於根據《上市規則》第十七章馬赫心科技並非本公司的主要附屬公司，馬赫
激勵計劃一及馬赫激勵計劃二均不構成《上市規則》第十七章項下的股份計劃，且
均不受《上市規則》第十七章的條文所規限。馬赫激勵計劃一及馬赫激勵計劃二的
主要條款概述如下：

6

馬赫激勵計劃一
(a) 目的： 旨在吸引、凝聚及激勵被視為對馬赫心科技芯片及域控制器業務的長
期發展與成功至關重要的選定僱員、管理層及核心人才，並透過股權激勵於
該等參與者、馬赫心科技及其股東之間建立長期利益一致機制；
(b) 期限： 除非根據其條款、馬赫心科技的章程文件、馬赫心科技的股東協議及
適用法律予以修訂或終止，否則馬赫激勵計劃一應維持有效；
(c) 合資格參與者： 包括但不限於：(a)馬赫心科技管理團隊的成員；(b)核心技術
及產品人才；(c)核心業務及專業管理人才；及(d)由馬赫心科技董事會釐定的
其他關鍵人才；
(d) 計劃授權限額： 受限於馬赫激勵計劃一的馬赫心科技股權最高數目，不得超
過於認購事項完成後馬赫心科技經擴大總股權的15%（假設杭州經韜認購權未
獲行使）
（「激勵計劃一授權限額」）。激勵計劃一授權限額將由僱員持股平台
認購的馬赫心科技新股權所滿足，有關發行將不遲於認購事項完成後30日完
成；
(e) 獎勵類型： 可包括(a)受限制股份；(b)購股權；(c)於僱員激勵平台的權益；
及(d)適用法律允許的其他長期激勵工具；及
(f) 認購價、歸屬及行使條件： 將由馬赫心科技的總經理 ╱ 首席執行官及馬赫心
科技的管理團隊釐定，彼等已獲馬赫心科技全體股東及董事不可撤回地授權
制定、管理及實施激勵計劃（其中包括授出、歸屬、修訂及註銷），惟認購價
須在法律允許的最低價格範圍內。

7

馬赫激勵計劃二
馬赫激勵計劃二的主要條款概要如下：
(a) 目的： 吸引、激勵及凝聚對馬赫心科技發展有重大影響或貢獻的馬赫心科技
高級管理層；
(b) 期限： 馬赫激勵計劃二自馬赫心科技股東批准日期起計，有效期不超過10
年；
(c) 合資格參與者： 於帶領業務轉型、業務模式創新及構建可持續競爭力方面發
揮關鍵作用，且具有重大影響力及無可替代的馬赫心科技高級管理層成員；
(d) 計劃授權限額： 受限於馬赫激勵計劃二的馬赫心科技股權最高數目，不得超
過於認購事項完成後馬赫心科技經擴大總股權的5%（假設杭州經韜認購權未
獲行使）
（「激勵計劃二授權限額」）。激勵計劃二授權限額將由認購事項完成
後馬赫心科技的新股權所滿足；
(e) 獎勵類型： 馬赫心科技的受限股權或股份獎勵；
(f) 授出價格及解除限制： 授出價格及授出條件須由馬赫心科技董事會在法律允
許的最低價格範圍內釐定。受限股權及 ╱ 或股份獎勵須受限於馬赫心科技董
事會釐定的若干禁售限制；
(g) 行政管理： 馬赫激勵計劃二由馬赫心科技董事會管理；及
(h) 離職、回購及追討： 參與者離職或發生特定不當行為時，可根據馬赫激勵計
劃二的條款回購或沒收相關股權，並可追討收益。

用於進一步激勵的註冊資本儲備
根據交易文件，除馬赫激勵計劃項下為僱員及高級管理層提供的股權激勵外，馬
赫心科技可為其董事或顧問制定股權激勵安排，並可就此於認購事項完成後預留
經擴大註冊資本的額外3%（假設激勵計劃一授權限額及激勵計劃二授權限額獲悉
數動用且杭州經韜認購權未獲行使）
（「額外馬赫ESOP儲備」），額外馬赫ESOP儲
備獨立於馬赫激勵計劃，且不反映於下文的股權表。

8

馬赫心科技的股權架構變動
馬赫心科技於緊接交易事項完成前及緊隨交易事項完成後的股權架構載列如下：

馬赫心科技股東

馬赫智芯智能科技
根據激勵計劃一授權限額
預留的馬赫心科技註冊資本
根據激勵計劃二授權限額
預留的馬赫心科技註冊資本
杭州經韜
藍馳創投
華業天成
奇績創壇
預留予杭州經韜額外
投資者（附註1）
總計

緊隨認購事項完成及悉數動
緊隨認購事項完成及悉數
用激勵計劃一授權限額後 緊隨認購事項完成及悉數動 動用激勵計劃一授權
（假設激勵計劃二授權限額 用激勵計劃一授權限額及激 限額及激勵計劃二授權
未動用及杭州經韜認購權 勵計劃二授權限額後（假設 限額，以及杭州經韜
緊接認購事項完成前
未獲行使）
杭州經韜認購權未獲行使） 認購權獲悉數行使後（附註1）
馬赫心科技
馬赫心科技
馬赫心科技
馬赫心科技
註冊資本單位
概約 註冊資本單位
概約 註冊資本單位
概約 註冊資本單位
概約
（人民幣元） 百分比 （人民幣元） 百分比 （人民幣元） 百分比 （人民幣元） 百分比
500,000,000

100.00

542,826,552

80.25

542,826,552

76.24

542,826,552

74.01

–

–

106,798,715

15.79

106,798,715

15.00

106,798,715

14.56

–
–
–
–
–

–
–
–
–
–

–
8,565,310
8,565,310
8,565,311
1,070,664

–
1.27
1.27
1.27
0.16

35,599,572
8,565,310
8,565,310
8,565,311
1,070,664

5.00
1.20
1.20
1.20
0.15

35,599,572
8,565,310
8,565,310
8,565,311
1,070,664

4.85
1.17
1.17
1.17
0.15

–
500,000,000

–
100.00%

–
676,391,862

–
100.00%

–
711,991,434

–
100.00%

21,413,277
733,404,711

2.92
100.00%

附註：
(1)

假設杭州經韜額外投資者悉數行使杭州經韜認購權，總認購代價為人民幣500 百萬元。
於有關行使後，杭州經韜及杭州經韜額外投資者將合共持有馬赫心科技註冊資本人民幣
29,978,587元，約佔馬赫心科技經擴大註冊資本的4.09%。

(2)

若干欄的註冊資本單位總和可能與總計不符，乃由於四捨五入所致。

9

財務影響及所得款項擬定用途
認購事項完成以及採納馬赫激勵計劃後，馬赫心科技將不再為本公司的全資附屬
公司，並將成為本公司擁有約76.24%權益的附屬公司（假設激勵計劃一授權限額
及激勵計劃二授權限額獲悉數動用，且杭州經韜認購權未獲行使）。
進一步假設杭州經韜認購權獲悉數行使，本公司於馬赫心科技的股權將進一步攤
薄至約74.01%，而馬赫心科技將仍為本公司的附屬公司。
馬赫心科技的財務業績將繼續併入本公司的合併財務報表。
經初步評估，本公司預期不會就本公告所述的交易錄得任何收益或虧損，本公司
將錄得的實際收益 ╱ 虧損金額（如有）須待本公司核數師審閱。
馬赫心科技預期將自認購事項收取約人民幣1,625百萬元的所得款項（包括根據控
股股東認購事項自馬赫智芯智能科技收取的人民幣1,000百萬元，及根據投資者認
購事項自投資者收取的人民幣625百萬元），且倘杭州經韜認購權獲悉數行使，將
收取最高達人民幣500 百萬元的額外所得款項。該等所得款項預期將用於業務擴
張、營運資金、收購將轉讓予馬赫心科技的資產、馬赫心科技（及其附屬公司）的
研發及採購，以及馬赫心科技批准的其他用途。

進行交易事項的理由及裨益
本公司認為，透過馬赫心科技資本認購協議為馬赫心科技引入外部股權融資，以
及採納馬赫激勵計劃一及馬赫激勵計劃二，對本公司及馬赫心科技具有商業裨
益，且符合本公司及其股東的整體利益，理由如下：
(a) 芯片及域控制器業務為本集團的第二增長曲線，與本集團核心的高端智能電
動汽車業務相輔相成。將馬赫心科技設立為該業務的專屬平台，將可實現集
中的管理關注、專項資本配置及獨立的企業管治。此架構使馬赫心科技能夠
把握更廣泛的產業機遇，尤其是在非汽車領域，並實現規模經濟效益的提
升；
(b) 認購事項將為馬赫心科技提供大額資金，以支持其覆蓋整個芯片價值鏈的研
發及商業化活動，從而借助外部融資開展資本投入，並使本集團財務資源配
置更加高效；

10

(c) 國際知名機構投資者的參與，預期將提升馬赫心科技在其潛在客戶、供應商
及戰略合作夥伴中的形象，並增強其在洽談及拓展業務方面的地位；
(d) 採納馬赫激勵計劃一及馬赫激勵計劃二將(i)提供具競爭力的長期激勵機制，
以吸引、激勵及凝聚馬赫心科技成功不可或缺的核心技術及工程人才；及(ii)
使關鍵人員的利益與馬赫心科技的長期增長及價值創造保持一致；
(e) 本公司將於交易事項完成後繼續控制馬赫心科技並將其入賬合併，且可通過
共享芯片技術及自動駕駛方面的研發資源及成果，實現本集團與馬赫心科技
之間的戰略協同效應，從而使本集團保留芯片及域控制器業務的戰略效益；
及
(f) 引入外部融資使馬赫心科技及本集團芯片及域控制器業務的價值得以按其本
身優勢更充分體現，並使投資者能夠獨立於本集團其他業務之外，另行評估
及判斷馬赫心科技的表現及潛力。
此外，授出杭州經韜認購權將為馬赫心科技提供於短期內按與認購事項相同的估
值籌集高達人民幣500 百萬元的額外資金的機會，這反映了杭州經韜對馬赫心科
技前景的信心，且倘該權利失效，概不會對本集團施加任何義務。
董事（包括獨立非執行董事）認為，控股股東認購協議、馬赫心科技資本認購協議
以及其各自項下擬進行的交易（包括採納馬赫激勵計劃及授出杭州經韜認購權）的
條款屬公平合理、乃按一般商業條款訂立，並符合本公司及其股東的整體利益。
概無董事於交易事項中擁有任何重大權益，亦毋須就相關董事會決議案放棄投票。

11

《上市規則》之涵義
認購事項、採納馬赫激勵計劃及授出杭州經韜認購權
根據《上市規則》第14.29 條，認購事項構成本公司視作出售馬赫心科技的股權。
根據《上市規則》第十七章，馬赫心科技並非本公司的主要附屬公司，因此，馬赫
激勵計劃一及馬赫激勵計劃二並不構成《上市規則》第十七章項下的股份計劃，且
不受《上市規則》第十七章的條文所規限。由於馬赫激勵計劃一及馬赫激勵計劃二
均涉及授出馬赫心科技註冊資本的權益，故採納馬赫激勵計劃一及馬赫激勵計劃
二亦根據《上市規則》第14.32A條構成本公司可能出售及 ╱ 或視作出售馬赫心科
技的股權，且應根據《上市規則》第14.23條與(i)彼此；及(ii)認購事項合併計算。
假設(a)認購事項悉數完成；及(b)激勵計劃一授權限額及激勵計劃二授權限額獲悉
數動用，本公司於馬赫心科技的股權將由100.00%攤薄至約76.24%，相當於本公
司視作出售及 ╱ 或可能出售約23.76%的馬赫心科技股權。
授出杭州經韜認購權構成本集團授出購股權。由於行使杭州經韜認購權乃由杭州
經韜額外投資者而非本集團酌情決定，根據《上市規則》第14.74(1)條，有關授出
乃猶如杭州經韜認購權已獲悉數行使般分類，且各項百分比率乃按最高認購代價
人民幣500百萬元為基準計算。根據《上市規則》第14.23條，授出杭州經韜認購權
與認購事項、採納馬赫激勵計劃一及馬赫激勵計劃二合併計算。進一步假設杭州
經韜認購權獲悉數行使，本公司於馬赫心科技的股權將攤薄至約74.01%，相當於
視作出售及 ╱ 或可能出售於馬赫心科技的約25.99%股權。
由於有關該等合併交易（包括授出杭州經韜認購權）的最高適用百分比率超過5%
但低於25%，認購事項、採納馬赫激勵計劃一及馬赫激勵計劃二以及授出杭州經
韜認購權構成本公司根據《上市規則》第十四章項下的須予披露交易，並須遵守
《上市規則》第十四章項下的申報及公告規定，惟獲豁免遵守其項下的通函及股東
批准規定。
當馬赫心科技擬根據馬赫激勵計劃及 ╱ 或額外馬赫ESOP儲備向任何參與者授出
獎勵時，本公司將於適當時候遵守《上市規則》的適用規定（包括適用於關連交易
的規定）。

12

訂約方資料
本公司
本公司為一家於開曼群島註冊成立並受不同投票權控制的有限責任公司，其美國
存託股份於納斯達克全球精選市場上市（納斯達克：LI），及其A類普通股於聯交
所主板上市（股份代號：2015（港幣櫃台））。本公司的主要業務為投資控股。本公
司附屬公司的主要業務為研發、銷售及售後管理、汽車製造以及技術開發。
馬赫智芯智能科技
上海馬赫智芯智能科技有限公司為一家於2026年8月4日根據中國法律成立的有限
責任公司。該公司為本公司的間接全資附屬公司。馬赫智芯智能科技主要從事投
資控股。於交易事項完成後，馬赫智芯智能科技將仍為馬赫心科技的控股股東。
馬赫心科技
上海馬赫心科技有限公司為一家於2026年8月12日根據中國法律成立的有限責任
公司。於本公告日期，馬赫心科技為本公司通過馬赫智芯智能科技持有之間接全
資附屬公司。
馬赫心科技為一家將主要從事芯片及域控制器設計及銷售的公司。其業務模式將
以全棧「芯片 － 控制器 － 操作系統」技術及產品體系為中心，核心技術涵蓋基於
動態數據流架構的芯片及算法 － 編譯器 － 操作系統 － 芯片協同設計。馬赫心科
技由本集團戰略性設立，旨在作為本集團於中國的芯片及域控制器業務之主要平
台。
由於馬赫心科技於2026年8月12日才成立，於本公告日期，其尚未展開實質性商
業營運，因此並無錄得任何收入或利潤。於本公告日期，馬赫心科技並無任何資
產（總額或淨額）。預期馬赫心科技將於認購事項完成後逐步展開營運，包括為其
營運招募人才及收購資產。

13

投資者

杭州經韜
杭州經韜企業管理合夥企業（有限合夥）
（「杭州經韜」）為根據中國法律成立的有
限合夥企業。於本公告日期，杭州經韜分別由其有限合夥人杭州創奕未來股權投
資合夥企業（有限合夥）
（「杭州創奕未來」）及杭州創奕晟華股權投資合夥企業（有
限合夥）
（「杭州創奕晟華」）持有約82.33%及17.67%的權益。杭州經韜、杭州創奕
未來及杭州創奕晟華各自的普通合夥人為杭州創昇企業管理合夥企業（有限合夥）
（「杭州創昇」），其普通合夥人為杭州經綸企業管理有限公司（「杭州經綸」）。杭
州經綸由左凌燁持有51%的權益，且概無其他股東持有其30%或以上的股權。杭
州創奕未來及杭州創奕晟華的有限合夥人概無持有杭州經韜30%或以上的合夥權
益。杭州經韜為一家控股實體，而杭州創奕未來及杭州創奕晟華各自的主要業務
均為私募股權投資。

藍馳創投
藍馳創投集團的投資者包括(i)上海藍馳新皓創業投資合夥企業（有限合夥）
（「藍馳
新皓」），其普通合夥人為揚州藍馳禹澤投資有限公司；(ii)杭州藍馳新瀚創業投資
基金合夥企業（有限合夥）
（「藍馳新瀚」），其普通合夥人為揚州澎澤投資管理有限
公司；(iii)嘉興馳岳創業投資合夥企業（有限合夥）
（「嘉興馳岳」），其普通合夥人
為嘉興奕諾投資有限公司；及(iv)Cosmic Flare Limited（「Cosmic Flare」）。藍馳
新皓、藍馳新瀚及嘉興馳岳各為在中國成立、專注於投資活動的有限合夥企業，
而其各自的普通合夥人均由北京藍馳禾創管理諮詢有限公司全資擁有，該公司由
朱天宇先生擁有99%及劉吉女士擁有1%。藍馳新皓或藍馳新瀚的有限合夥人概無
持有30%或以上的合夥權益。於本公告日期，嘉興馳岳的有限合夥人中，蕪湖歌
斐頌燦股權投資中心（有限合夥）及蕪湖歌斐祥浩股權投資中心（有限合夥）分別
持有約38.37%及37.30%合夥權益；其他有限合夥人概無持有30%或以上的合夥
權益。該兩名有限合夥人各自的普通合夥人為上海歌斐瑪撒資產管理有限公司，
後者最終由汪靜波控制，且彼等各自的有限合夥人概無於該兩名有限合夥人持有
30%或以上的合夥權益。Cosmic Flare為在香港註冊成立的有限公司，最終由陳維
廣先生控制。藍馳創投為一家專注於早期科技初創企業的創投公司。

14

華業天成
華業天成集團的投資者包括(i)安徽華業啟成股權投資合夥企業（有限合夥）
（「安徽
華業啟成」）及(ii)珠海勁拓智成投資合夥企業（有限合夥）
（「珠海勁拓智成」），各
自均為根據中國法律成立的有限合夥企業。安徽華業啟成約0.06%權益由其普通
合夥人珠海橫琴華業天成投資合夥企業（有限合夥）
（「橫琴華業天成」）持有，約
99.94%權益由其24名有限合夥人持有，當中概無一方持有當中30%或以上權益。
珠海勁拓智成10%權益由其普通合夥人海南華業希望投資有限公司持有（該公司
由深圳華業天成投資有限公司（「深圳華業天成」）全資擁有），90%權益由其有限
合夥人橫琴華業天成持有。橫琴華業天成1%權益由其普通合夥人深圳華業天成持
有，59%及40%權益分別由其有限合夥人孫業林先生及楊華君先生持有。深圳華
業天成分別由孫業林先生及楊華君先生擁有65%及35%。因此，安徽華業啟成及
珠海勁拓智成各自的最終實益擁有人為孫業林先生及楊華君先生。華業天成主要
專注於對從事下一代信息技術行業的非上市公司進行長期股權投資。

奇績創壇
北京奇績創壇三期創業投資基金中心（有限合夥）
（「奇績創壇三期」）為在中國成
立、專注於創業投資的有限合夥企業，且為奇績創壇集團（「奇績創壇」）的成員。
奇績創壇三期的普通合夥人為北京奇績創壇行方三期企業管理中心（有限合夥）
（「奇績創壇三期普通合夥人」），其普通合夥人上海奇績創壇智圓企業管理有限
責任公司（「奇績智圓」）於其中持有99.9%合夥權益。奇績智圓由陸奇博士擁有
99.9%。因此，奇績創壇三期普通合夥人最終由陸奇博士控制。於本公告日期，
奇績創壇三期的最大有限合夥人為北京中關村科學城三期科技成長股權投資合夥
企業（有限合夥）
（「中關村科學城三期基金」），持有奇績創壇三期約66%合夥權
益。中關村科學城三期基金由其有限合夥人北京市海淀區國有資產投資集團有限
公司（「海淀國資集團」）持有99%，及由其普通合夥人北京中關村科學城科技投
資管理有限公司持有1%（該公司進而由北京中關村科學城創新發展有限公司擁有
80%及由海淀國資集團擁有20%）。海淀國資集團及北京中關村科學城創新發展有
限公司各自均由北京市海淀區國有資本運營有限公司全資擁有，而後者又由北京
市海淀區人民政府國有資產監督管理委員會全資擁有。奇績創壇三期的其他有限
合夥人（概無持有奇績創壇三期30%或以上的合夥權益）為：(i)深圳市世紀凱華投
資基金有限公司，持有約14.67%合夥權益；(ii)北京新異卓越科技有限公司（抖音
有限公司的全資附屬公司），持有約11%合夥權益；及(iii)重慶車之轅創業投資有
限公司（本公司的間接全資附屬公司），持有約7.33%合夥權益。奇績創壇為由陸
奇博士創立的早期創投及初創企業加速器平台。
除重慶車之轅創業投資有限公司為本公司附屬公司外，就董事作出一切合理查詢
後所深知、盡悉及確信，上述所有人士及實體均為獨立於本公司及其關連人士的
第三方。
認購事項的完成須待先決條件獲達成及 ╱ 或豁免後方可作實，而杭州經韜認購權
可能或可能不會獲行使。因此，交易事項可能或可能不會進行。本公司股東及潛
在投資者在買賣本公司證券時務請謹慎行事。
15

釋義
於本公告內，除文義另有所指外，下列詞彙具有以下涵義：
「董事會」

指

本公司董事會

「本公司」

指

理 想 汽 車（ 前 稱「 L e a d i n g I d e a l I n c . 」及「 C H J
Technologies Inc.」），一家於2017年4月28日在開曼
群島註冊成立的有限責任公司

「關連人士」

指

具有《上市規則》賦予其之涵義

「董事」

指

本公司董事

「本集團」

指

本公司及其附屬公司

「杭州經韜」

指

杭州經韜企業管理合夥企業（有限合夥）

「杭州經韜額外
投資者」

指

杭州經韜及其關聯基金，各為本公司及其關連人士
的獨立第三方

「香港」

指

中國香港特別行政區

「投資者」

指

本公告「投資者」一節所載的實體，即馬赫心科技資
本認購協議項下的認購方（馬赫智芯智能科技除外）

「《上市規則》」

指

香港聯合交易所有限公司證券上市規則

「馬赫激勵計劃一」

指

馬赫心科技就交易事項而將採納的僱員股權激勵計
劃，其主要條款載於本公告「採納馬赫激勵計劃」一
節

「馬赫激勵計劃二」

指

馬赫心科技就交易事項而將採納、面向其高級管理
層的受限股權激勵計劃，其主要條款載於本公告「採
納馬赫激勵計劃」一節

16

「馬赫激勵計劃」

指

馬赫激勵計劃一及馬赫激勵計劃二

「馬赫心科技」

指

上海馬赫心科技有限公司，為根據中國法律成立的
有限責任公司，於本公告日期為本公司的間接全資
附屬公司

「馬赫心科技董事會」

指

馬赫心科技的董事會

「馬赫心科技資本認購
協議」

指

馬赫心科技、馬赫智芯智能科技與投資者於2026 年
10月16日就馬赫心科技訂立的增資協議

「馬赫智芯智能科技」

指

上海馬赫智芯智能科技有限公司，為根據中國法律
成立的有限責任公司，於本公告日期為本公司的間
接全資附屬公司

「中國」

指

中華人民共和國，就本公告而言，不包括香港、中
國澳門特別行政區及台灣

「人民幣」

指

中國法定貨幣人民幣

「聯交所」

指

香港聯合交易所有限公司

「認購事項」

指

馬赫心科技資本認購協議項下的投資者認購事項及
控股股東認購協議項下的控股股東認購事項

「交易事項」

指

認購事項、採納馬赫激勵計劃及授出杭州經韜認購
權的統稱

「%」

指

百分比
承董事會命
理想汽車
董事長
李想

香港，2026年10月16日

於本公告日期，本公司董事會成員包括執行董事李想先生、馬東輝先生及李鐵先
生，非執行董事王興先生及樊錚先生以及獨立非執行董事趙宏強先生、姜震宇先
生及肖星教授。
17